F2 Subsequent Events

Question 1

Per GAAP rules, public companies need to disclose any business segment that has customers that make up ____% or more of the combined revenue, internal and external, of all operating segments.

Answer 1

10%, do no omit the eliminations and can either be 10% of assets or 10% of absolute revenue.

Question 2

All material accounting policies should be disclosed. True or False?

Answer 2

True

Question 3

Form 10-K is the _______ report filed by US registered companies

Answer 3

annual, 60 days after end of reporting period for large accelerated filers.

Question 4

10-Q is the ______ report file by US register companies

Answer 4

quarterly or interim financials. “Q” for quarterly, 40 days for large accelerated filers.

Question 5

Increasing numerator of current ratio will increase or decrease the ratio?

Answer 5

increase

Question 6

The debt to assets ratio is = ?

Answer 6

total liabilities / total assets, an increase in assets and liability by same amount or 1:1 would increase the ratio.

Question 7

Level 1 measurements are …

Answer 7

most reliable fair value measurement

Question 8

Level 2 measurements …

Answer 8

quoted prices in active markets for identical assets or liabilities only

Question 9

Level 3 measurements is

Answer 9

based on management assumptions

Question 10

Bonus method decreases or increases the individual partners accounts without changing total net assets. True or False

Answer 10

True

Question 11

Quick Ratio

Answer 11

Cash + NR + Mktble Securities divide by current liabilities

Question 12

MD&A is not required to be presented in exhibit prepared using XBRL. True / False?

Answer 12

True. Only BS, stmt of comprehensive income, all footnotes and any applicable financial statement schedules.

Question 13

AR Turnover formula

Answer 13

Sales (net) / Average AR (net)

Question 14

An XBRL financial statement exhibit filing requirements contain Forms 3,4, and 5. True or False?

Answer 14

False. Forms 3,4,and 5 are required to be filed by directors, officers, or beneficial owners of more than 10%. They are not part of the company’s financial statements to be exhibited using XBRL.

Question 15

Public companies need to disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales. True or False?

Answer 15

True.

Question 16

When forming a partnership, tangible assets like property or equipment would be recorded at _____ value at the date of the investment.

Answer 16

market

Question 17

Income tax basis would include the non deductible portion of expenses such as meals and entertainment in the calculation of income. true or false

Answer 17

true. it would not be excluded

Question 18

$700M = large accelerated
$700M - 75M = accelerated
$75M - less = smaller
ARE guidelines for what type of filers?

Answer 18

For SEC filers

Question 19

What is the purpose of information presented in notes to the financial statements?

Answer 19

To provide disclosures required b generally accepted accounting principles.

Question 20

Conversion of cash basis to accrual basis =

Answer 20

+add ending AR
- subtract beginning AR
- subtract ending unearned revenue
+ add beginning unearned revenue