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Nicole Peck
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Decks in this class (70)
Chapter 2 Journal Entries
Accrued assets revenues,
Accrued liabilities expenses,
Estimated liabilities
18
cards
Chapter 4 Section 3: Fixed Assets
How are donated fixed assets reco...,
Define fixed asset,
Where do gains and losses from th...
6
cards
Chapter 3 Journal Entries
Unrealized loss available for sale,
Sell available for sale securities,
Record
20
cards
Chapter 4 Journal Entries
Reclassification of short term de...,
Sales on credit net method,
Sales on credit gross method
28
cards
Chapter 5 Journal Entries
Lessee rent expense in operating ...,
Lessor rental income from operati...,
Lessor refundable deposit
26
cards
Chapter 6 Journal Entries
Pension plan contributions,
Prior service cost recognition,
Record deferred tax asset from pr...
18
cards
Chapter 7 Journal Entries
Retained earnings appropriation r...,
Eliminated deficit in retained ea...,
Treasury stock cost method origin...
24
cards
Chapter 8 Journal Entries
Record budget,
Reverse budget,
Accrual of real property taxes le...
33
cards
Chapter 9 Journal Entries
Donate materials,
Donated materials that will benef...,
Unrestricted pledges with implied...
12
cards
Chapter 10 Journal Entries
Admission of a new partner with b...,
Admission of a new partner with b...,
Admission of a new partner with g...
20
cards
Chapter 1 Section 1: Accounting Standards and Conceptual Frameworks
Who is ultimately responsible for...,
What is the single source of auth...,
What standard setters contribute ...
17
cards
Chapter 1 Section 2: Income Statement
What is the presentation order of...
1
cards
Chapter 1 Section 3: Income from Continuing Operations
What categories is the multistep ...,
What type of expense is freight in,
What type of expense is freight out
4
cards
Chapter 1 Section 4: Discontinued Operations and Exit or Disposal Activities
What are the three losses or gain...,
When are assets tested for impair...,
What is required for something to...
6
cards
Chapter 1 Section 5: Extraordinary Items
What are the two requirements for...,
What if it only meets one require...,
How does ifrs report extraordinar...
3
cards
Chapter 1 Section 6: Accounting Changes and Error Corrections
What are the three types of accou...,
Give a few examples of changes in...,
What is going from non gaap to ga...
8
cards
Chapter 1 Section 7: Comprehensive Income
Define comprehensive income,
Components of comprehensive income,
Define other comprehensive income
15
cards
Chapter 1 Section 8: Balance Sheet and Disclosures Overview
What is the summary of significan...,
How do gaap and ifrs deal with re...,
What related party disclosures do...
3
cards
Chapter 1 Section 9: Interim Financial Reporting
Is interim reporting required und...,
What accounting principles should...,
What is the emphasis of interim s...
4
cards
Chapter 1 Section 10: Segment Reporting
What are the tests for reportable...,
What if a segment wasnt reportabl...,
Formula for segment profit or loss
3
cards
Chapter 1 Section 11: SEC Reporting Requirements
Form 10 k,
Form 10 q,
Form 11 k
10
cards
Chapter 2 Section 1: Timing Issues
What is matched to what according...,
How do you recognized revenue und...,
What do you call cash received be...
41
cards
Chapter 2 Section 2: Long-Term Construction Contracts
What methods for reporting long t...,
Describe the completed contract m...,
What are the progress billings an...
5
cards
Chapter 2 Section 3: Accounting for Installment Sales
When is the installment method used,
When is revenue recognized under ...,
What is the formula for gross profit
9
cards
Chapter 2 Section 4: Accounting for Nonmonetary Exchanges
What categories does gaap classif...,
In an exchange that has commercia...,
How is fair value applied
7
cards
Chapter 2 Section 5: Financial Reporting and Changing Prices
Define historic costwhat is its c...,
Define nominal dollarswhat is its...,
What are the four ways to measure...
7
cards
Chapter 2 Section 6: Foreign Currency Accounting
Define foreign currency transactions,
Define foreign currency translations,
Define reporting currency
9
cards
Chapter 2 Section 7: Other Financial Statement Presentations
What are the most common ocboa ot...,
What statements are required for ...,
What is recorded on the pure cash...
6
cards
Chapter 3 Section 1: Marketable Securities
Define and classify trading secur...,
Define and classify available for...,
Define and classify held to matur...
9
cards
Chapter 3 Section 2: Business Combinations/Consolidations
What is the focus of consolidated...,
When do you consolidate,
How do you handle vertical chains
4
cards
Chapter 3 Section 3: Cost Method
How do you handle cash dividends ...,
How do you handle investee earnings,
What if the value of the stock go...
3
cards
Chapter 3 Section 4: Equity Method
When do you use the equity method,
What goes into and out of the inv...,
How are stock dividends handled
7
cards
Chapter 3 Section 5: Consolidated Financial Statements
Are there exceptions to the over ...,
What are the two main principles ...
2
cards
Chapter 3 Section 6: Acquisition Method
What are the two distinct charact...,
What are the items that need to b...,
How do you calculate investment i...
9
cards
Chapter 3 Section 7: Intercompany Transactions
What is eliminated regarding inte...,
How do you adjust for inventory s...
2
cards
Chapter 3 Section 8: Combined Financial Statements/Push Down Accounting
When are combined financial state...,
What is push down accounting
2
cards
Chapter 4 Section 1: Working Capital and Its Components
Define working capital,
Quick ratio,
What is the relationship between ...
27
cards
Chapter 4 Section 2: Inventories
What if the seller ships the wron...,
What happens in a sale with a rig...,
Explain the parties in a consignm...
15
cards
Chapter 4 Section 4: Depreciable Assets and Depreciation
What requirements does ifrs have ...,
How are gains and losses treated ...,
What is the calculation for strai...
8
cards
Chapter 4 Section 5: Fixed Asset Impairment
How do you calculate impairment o...
1
cards
Chapter 5 Section 1: Present Value and Annuities
What are the six types of present...,
What does the present value of 1 ...,
What does the future value of 1 t...
5
cards
Chapter 5 Section 2: Accounting for Leases
Who are the two parties in a leas...,
What are the types of leases and ...,
What is a lease bonus and how is ...
26
cards
Chapter 5 Section 3: Long-Term Liabilities and Bonds Payable
Define bond indenture,
Define stated nominal or coupon i...,
Define market effective interest ...
29
cards
Chapter 6 Section 1: Pension Plans
What does it mean to have a contr...,
What does funding mean,
What is the difference between ac...
22
cards
Chapter 6 Section 2: Postretirement Benefits Other Than Pensions
What conditions must be satisfied...,
Define accumulated postretirement...,
How do you calculate the net post...
4
cards
Chapter 6 Section 3: Other Deferred Compensation and Benefits
Define postemployment benefits,
Do you accumulate sick pay and va...,
How does ifrs handle sick pay and...
3
cards
Chapter 6 Section 4: Accounting for Income Taxes
What are the two types of differe...,
What is the total income tax expe...,
How do you calculate tax expense
12
cards
Chapter 7 Section 1: Stockholder's Equity
What are the five major component...,
Define legal capital,
Define common stock
39
cards
Chapter 7 Section 2: Earnings per Share
Who is required to present eps un...,
What is the difference between a ...,
What does a simple structure repo...
12
cards
Chapter 7 Section 3: Statement of Cash Flows
What are the three sections and w...,
Are bank overdrafts included in c...,
What are the two methods for the ...
15
cards
Chapter 7 Section 4: Ratios
Working capital,
Current ratio,
Acid test ratio
20
cards
Chapter 8 Section 1: Governmental Accounting Overview
What are the objectives of govern...,
What are funds,
Who oversees governmental account...
28
cards
Chapter 8 Section 2: Modified Accrual Accounting
Define budgetary activity and enc...,
Explain bae bae,
Explain budgetary accounts
11
cards
Chapter 8 Section 3: Deferred Outflows and Inflows of Resources
Define deferred inflows and outfl...,
How are derivatives reported,
How are changes in the value of d...
4
cards
Chapter 8 Section 4: Governmental Funds
What are the sources of revenue f...,
What are the expenditure types fo...,
Outline the balance sheet for the...
18
cards
Chapter 8 Section 5: Proprietary Funds
What sort of things happen in the...,
When are restricted grant revenue...,
When are operating revenues recog...
13
cards
Chapter 8 Section 6: Fiduciary Funds
Is the statement of cash flows fo...,
How are assets usually valued in ...,
Outline the statement of fiduciar...
10
cards
Chapter 9 Section 1: Governmental Accounting
What are the two types of account...,
What goes into basic financial st...,
What is required for reporting in...
35
cards
Chapter 9 Section 2: Not-For-Profit Accounting
What is the overall emphasis for ...,
What are the required financial s...,
What is the nfp version of equity
24
cards
Chapter 10 Section 1: Fair Value Measurement
Define fair value,
What market do you use to determi...,
What are the three approaches to ...
4
cards
Chapter 10 Section 2: Partnerships
How are assets and liabilities va...,
What are the three ways to create...,
Explain the exact method
8
cards
Chapter 10 Section 3: Variable Interest Entities
Define variable interest entity,
Define primary beneficiary,
What are characteristics of a vie
4
cards
Chapter 10 Section 4: Asset Retirement Obligation
How do you handle revisions to th...
1
cards
Chapter 10 Section 5: Troubled Debt Restructuring
How are gains accounted for by th...,
How are gains accounted for by th...,
How does the creditor account for...
4
cards
Chapter 10 Section 6: Other Liabilities and Debt Covenants
Are sales taxes an expense to the...,
Explain payroll deductions,
Explain unemployment and employer...
4
cards
Chapter 10 Section 7: Estimated and Accrued Liabilities
What is the calculation for estim...
1
cards
Chapter 10 Section 8: Contingencies
What do you do with the various d...,
What value do you use for a je fo...,
What do you do with gain continge...
3
cards
Chapter 10 Section 9: Subsequent Events
What are recognized subsequent ev...,
What are unrecognized subsequent ...,
What if you reissue your financia...
3
cards
Chapter 10 Section 10: Financial Instruments
What risk is required to be discl...,
Define underlying,
Define notional amount
15
cards
Chapter 10 Section 12: Liquidation Basis of Accounting
How is the liquidation basis applied,
What adjustments do you make for ...,
What financial statements are req...
4
cards
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CPA: FAR
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