F2-M7 - Special Purpose Frameworks

Question 1

_______ presentations include financial statements prepared using the cash basis, the modified cash basis, and the income tax basis.

Answer 1

OCBOA

Question 2

Other financial statement presentations include __________________ financial statements and personal financial statements.

Answer 2

OCBOA (other comprehensive basis of accounting)

Question 3

Revenue recognition for _____ basis is Realized or realizable and earned

Answer 3

Accrual Basis

Question 4

revenue recognition for accrual basis is ________ or _________- and _________

Answer 4

Realized or realizable and earned

Question 5

Expense recognition for ________ basis is Incurred/owed/benefit received

Answer 5

Accrual Basis

Question 6

_______ basis is when revenue is recognized when cash is received

Answer 6

Cash basis

Question 7

_______ basis is when expense is recognized when cash is paid

Answer 7

Cash basis

Question 8

Which statement is not required by OCBOA

Answer 8

Statement of Cash flow

Question 9

The financial statement should __________ than GAAP Financials

Answer 9

Have different titles

Question 10

What is the equation for converting cash basis revenues to accrual basis revenue

Answer 10

Cash basis + Ending AR - Beginning AR - Ending Unearned Revenue + Beg U/R

Question 11

What is the equation for converting cash paid for purchases to COGS

Answer 11

Cash paid for Revs + Ending A/P - Beg A/P - Ending Inv + Beg Inv. = COGS

Question 12

What is the equation for converting expense to accrual basis

Answer 12

Cash paid for operating exp + ending Accrual liability - Beg Accrued liability - Ending Prepaid Exp + Beg Prepaid exp