Deck34 Flashcards
Can Cash be translated using the Weighted Average Exchange Rage?
No
Encumbrances would not appear in which Fund?
Enterprise - (It is more often used in Governmental fund types like General, Special Revenue and Capital Projects)
The introductory section of the CAFR does not contain:
The Auditor’s opinion
_____ ______ Funds usually disburse monies to people or organizations outside of the governmental entity.
Private Purpose
Hedge of Foreign Currency Risk can be (a)Fair Value Hedge (b) Cash Flow Hedge (c)Both
(c) Both
When consolidated statements are prepared, ______% of all reciprocal accounts are eliminated, regardless of the ownership fraction.
100
For large stock dividends (>25%), _____ ______ is Debited for ______ Value.
Retained Earnings, Par
How are troubled debt stuctures (TDR’s) treated under IAS?
Same as GAAP
Are subsidiary dividends ever considered part of consolidated dividends?
NO
The liability for General Obligation bonds should be recorded in the :
Government wide financial statements
Is confirmatory value an enhancing qualitative characteristic?
NO
Are R & D costs expensed as incurred?
Yes - only registrations cost (and legal fees) are capitalized
How can the number of days in an operating cycle be estimated?
Number of days sales in inventory + Number of days sales in trade accounts receivable
Under IFRS can LIFO be used for SME’s?
No. Just FIFO and Weighted Average
Which investments can be elected to be measured at Fair Value?(a) Held for Trading (b) Held to Maturity
(b) Held to Maturity - Investments Held for Trading MUST be measured at FV so there is no option to elect
