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FAR NOTES to PASS!!! > CH1 - Notes > Flashcards

CH1 - Notes Flashcards

1
Q

Single Step I/S

A

any revenues - expenses

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2
Q

GAAP verus IFRS difference in RE

A

IFRS has a revaluation surplus

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3
Q

Accumulated OCI losses and treasury stock purchase reduce

A

SE

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4
Q

Deficits are reported on F/S where

A

component of SE

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5
Q

Infrequent OR unusual events

A

seperate from income from continuing operations

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6
Q

IFRS operating activities difference

A

interest and dividends are included

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7
Q

Deferred tax balances are classified how

A

Between Current and noncurrent

ASSETS and LIABILITIES can be netted

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8
Q

Construction Cost in Excess of Billings =

Billings in Excess of Construction Costs =

A

ASSET

LIABILITY

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9
Q

Subsequent to year end but before issuance of financial statements changes

A

ALWAYS ADJUST

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10
Q

Cost sharing defined pension plan allocated liabilities and expenses how

A

proportionately

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11
Q

Appropriations are what type of revenues

A

NON OPERATING

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12
Q

Imposed Taxes

Derived Taxes

A

Property and wealth taxes

Personal Income Taxes

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13
Q

Realization

Recognition

A

Assets are exchanged for cash

Recordance on the books

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14
Q

Recorded Assets as the following
Continuing Operation
Disposal

A

1 - Historical Cost

2 - NRV (celing sp - disposal)

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15
Q

Single Source of GAAP

Financial Reporting Framework

A

FASB Codification; update standards makes rules

AICPA

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16
Q

Discontinued operations report G/L when

A

in the year they occur

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17
Q

Change in principle inseparable from a change in estimate

A

Prospective!!! When in doubt rely on prospective

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18
Q

Change in Accounting principle
Balance Sheet
I/S

A

Retrospective - Restate
Prior year only variance
Must go through all income statements to achieve correct RE adjustment on balance sheet

19
Q

Cummulative effect of change in accounting principle

A

Adjust RE

20
Q

Changes in an entity

A

Restatement

21
Q

Discontinued Operations

A

must be the sale of a division or component; otherwise recorded in continuing operations

22
Q

2 Quarters for tax

A

Total of both quarters * most current rate

- prior recordance

23
Q

Reporting Segment need to not disclose

A

Segment CF

24
Q

LIFO
FROM
TO

A

Retrospectively

Prospectively

25
Q

Interim Permanent Loss then subsequent recovery

A

recognize loss in quarter if redeemed credit quarter of redemption up to amount of prior loss

26
Q

Disclose major customer data of

A

10% more of segment revenue

27
Q

REVIEW SEG reporting Rules

A

. Revenue is 10% or more of the combined segment revenue (including intersegment revenue).

  1. Operating profit (loss) is 10% or more of the greater of the absolute combined segment profit or loss.
  2. Identifiable assets are 10% or more of the combined segment assets
28
Q

Articulation F/S

A

interrelated

29
Q

Public State University

Private State University

A

GAAP

FASB

30
Q

Valuation account is classified as

A

neither liability nor asset

31
Q

SEC was created under

A

1934 SEC Act

32
Q

Financial Capital

Physical Capital

A

holding G/L

seperate element of equity

33
Q

Decrease in liability how does that effect REVENUE

A

increase in REVENUE; this is not a cash flow question

34
Q

10Q is due how many days after quarter

A

40

35
Q

Networth Formula

A

CA - CL
SUBTRACT
(Historical CA - Historical CL) * Tax Rate

36
Q

S-k

S-x

A

instructions

F/S submission to SEC

37
Q

Lie insurance value

A

cash surrender - loans against

38
Q

Price Earning Ration

A

1 - compute EPS

2 - EPS / Current MKT Price

39
Q

Consolidation Relies on the concept of

A

economic entity

40
Q

Allowance for Uncollectibles Quick Ratio

A

included

41
Q

Personal F/S

A

Statements of Net Worth & Statements of Financial Condition

42
Q

Personal Taxes disallows this deduction

A

capital expenditures deduction

43
Q

Personal estimated taxes are presented

A

between liabilities and net worth

44
Q

Segment Reporting Sales to external customers

A

reportable segments are 75% of external sales

FAR NOTES to PASS!!! (15 decks)

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