Deck2 Flashcards
(11 cards)
What is the formula for NCV of inventory
Sales amount - Disposal Cost = NCV
When do recognize a gain when you have an exchange of nonmonetary assets?
- Exchange with commercial substance and Fair Value is known
- Exchange without commercial substance and boot received. The formula is ={Cash RecievedBoot/Cash ReceivedBoot + FMV of Asset received} * Gain
What are the elements of cost for Land purchased by an entity? CCLIDS
Contract price Commissions Legal Fees Insurance (title) Demo of old building Subtract Proceeds from sale of salvage
To capitalize cost associated with existing property, plant and equipment, one of the following three conditions must be met. Increase PEE
Increase
Productivity
Enhanced quality
Extend useful life
Describe a non-accelerated filer for SEC reporting
What is the market cap value
What is number of days for deadline for 10-K
What is number of days for deadline for 10-Q
0-$74,999,999 market cap
10-K -90 days
10-Q -45 days
Describe a accelerated filer for SEC reporting
What is the market cap value
What is number of days for deadline for 10-K
What is number of days for deadline for 10-Q
75,000,000-$699,999,999 market cap
10-K -75 days
10-Q -40 days
Describe a large accelerated filer for SEC reporting
What is the market cap value
What is number of days for deadline for 10-K
What is number of days for deadline for 10-Q
700,000,000- and above market cap
10-K -60 days
10-Q -40 days
When a contingency is probable and the amount is estimable the accounting treatment is?
Record Liability
When a contingency is probable and the amount is not estimable the accounting treatment is?
Disclose in notes
When a contingency is possible the accounting treatment is?
Disclose in notes
When a contingency is remote the accounting treatment is?
No Disclosure
