CH 17. - Reporting the Results of Operations & IFRS Financial Statements Flashcards
__________ is filed quarterly for the first three quarters of the fiscal year and provides interim financial statements that are reviewed (not audited) by an independent CPA.
Form 10-Q
___________ is an expense that is included in operating income.
Depreciation
____________ is equivalent to a payment of dividends and is a direct reduction of equity. It is not included in the income statement.
Proprietor’s draw (owner’s draw)
Cost of Goods Manufactured (Formula)
Beginning Inventory \+ Cost of Goods Manufactured = Cost of Goods Available for Sale - Ending Inventory = Cost of Goods Sold
When reporting ___________ from disposal of a discontinued segment, all items from the measurement date through the date of sale are included.
the gain or loss
Form S-1
Registers shares on a national exchange
Filed prior to the initial public offering.
Form 10-Q
Reports quarterly financial performance and disclosures
Filred first three quarters of every fiscal year.
Form 10-K
Reports annual financial performance and disclosures.
Filed after the fourth quarter of every fiscal year.
Form 8-K
Reports major business event or material transaction.
Filed within four days of major event or transaction.
Management considerations in going concern assessment
- Financial position
- Sources of liquidity
- Obligations due or anticipated within one year
- Funds needed to operate entity for one year
- Other factors (eg, labor difficulties, loss of significant supplier or customer)
- Mitigating factors (eg, stock issuances, reduction of nonessential expenditures)
The purpose __________ is to report overall enterprise performance. __________ summarizes all changes in equity from non-owner source
Comprehensive income
