Special Purpose Frameworks Flashcards
How to adjust prepaid insurance from cash-basis to accrual-basis
How to calculate accrual net income cash collection?
What are the key rules for when cash-basis understates net income compared to accrual-basis for AR and Accrued Expenses?
How to calculate accrued interest payable when given interest expense and cash paid?
How do you adjust accrual-based sales to calculate cash basis sales with allowances
How do you calculate cash basis sales using the T-account method?
How do you convert cash basis net income to accrual basis net income?
How do you adjust accrual basis net income to cash basis net income with prepaids and payables?
How do you calculate cash-basis income or loss from scratch
Cash to Accrual NI = Accrual to Cash expenses
Cash to Accrual Expenses = Accrual to Cash NI
Cash to Accrual NI = Accrual to Cash expenses
Cash to Accrual Expenses = Accrual to Cash NI
Converting Cash basis and accrual Basis net income blueprint
Converting accrual to cash expenses blueprint
Same as cash to accrual NI
To Cash expenses (Left)
To Accrual expenses (Right)
How do you convert accrual-based operating expenses to cash paid for operating expenses
How do you calculate accrual-basis interest expense from cash payments?
How do you convert cash receipts to accrual-based revenue relative to the beginning and ending balances of accounts receivable and unearned revenue (contract liability)?
What is the general rule for converting accrual-basis revenue to cash-basis revenue with uneearned revenue
Converting accrual basis net income to cash basis blueprint
Which method is used to record credit losses under the income tax basis of accounting, and why are the other options incorrect?
Which basis of accounting is NOT considered an Other Comprehensive Basis of Accounting (OCBOA), and why?
How do you calculate patient service revenue on an accrual basis when given cash collections, accounts receivable, and unearned fees?
Which title is NOT appropriate for financial statements prepared on the modified cash basis, and why?
How do income tax basis financial statements differ from GAAP financial statements?
Which statements about the modified cash basis of accounting are correct, and why?
1)The modified cash basis of accounting employs some elements of accrual accounting.
2)To be acceptable, modifications to the cash basis of accounting must have substantial support in practice.
When preparing financial statements using the cash or modified cash basis of accounting, which title is least likely to be appropriate, and why?
Are financial statements prepared on a cash basis modified to accrue income taxes in accordance with the modified cash basis of accounting? Why or why not?
What does substantial support require for modifications to the pure cash basis in the modified cash basis of accounting
In financial statements prepared on the income tax basis, how should the nondeductible portion of expenses like meals and entertainment be reported?
How do you adjust cash receipts to calculate accrual-based revenue using beginning and ending amounts
