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Fin > F3 > Flashcards

F3 Flashcards

1
Q

checkbook balance determines:

A

cash on balance sheet

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2
Q

a legal right of offset requires:

A

a company with different bank accounts to offset overdrawn accounts with positive balances in other accounts of the SAME BANK to arrive at cash

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3
Q

cash is:

A

unrestricted (petty cash, anything that matures within 3 months)

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4
Q

cash in bond sinking fund is:

A

restricted

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5
Q

overdraft in separate bank should be reported as _____ on the balance sheet

A

current liability (not in cash)

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6
Q

NSF check stands for:

A

non sufficient funds (dont include in checkbook balance)

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7
Q

the reconciling items for the balance per the bank statement:

A

deposits in transit, outstanding checks, bank errors

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8
Q

the reconciling items for the balance per books:

A

service charges, NSF checks, credit memos (customer collections via wire transfer), interest income, and errors made by the company

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9
Q

bank draft should be included in:

A

cash and cash equivalents

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10
Q

estimating bad debts on the aging analysis of AR balances focuses on the BS and emphasizes the valuation of assets. It results in:

A

good matching of revenue and expense

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11
Q

the specific write off method overstates the collectible amount of AR by not allowing for those that become uncollectible. It results in:

A

poor matching of revenue and expense

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12
Q

Estimating bad debts based on sales emphasizes the income statement and results in:

A

good matching of revenue and expense

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13
Q

after year end adjustment, the uncollectible accounts expense calc and JE:

A

beginning balance AFUA + provision for year (uncollectible accounts expense)+ recovery of previous write-offs - uncollectible AR written off = ending balance AFUA before adjustment - estimated uncollectible accounts per aging = difference

JE to reflect difference

provision for uncollectible accounts expense
AFUA

answer: provision + adjustment

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14
Q

discounting annual note after holding for 6 months:

A

face of note * interest rate on note = maturity value of note - (maturity value of note * discount by bank (new interest rate * 1/2) ) = proceeds from bank

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15
Q

calculation of bad debt in AFUA account:

A

Beginning AFUA + bad debt expense - actual bad debt writeoff = ending AFUA

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16
Q

Factoring receivables without recourse is a sales transaction that:

A

transfers the risk of uncollectible accounts to the buyer

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17
Q

Factoring receivables with recourse is a sales transaction that:

A

leaves the risk of uncollectible accounts with the seller

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18
Q

Assigning receivables is the process of:

A

obtaining a loan by transferring to the lender the debtor’s right to cash collected on receivables

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19
Q

Pledging receivables is the process of:

A

obtaining a loan using the receivables as collateral

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20
Q

during an accounting period using the direct writeoff method, cash collections from customers would equal sales adjusted by:

A

deducting AR written off and deducting the increase in AR balance

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21
Q

under the direct write off method, how is net income and working capital affected?

A

both decreased

Bad debt expense
AR

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22
Q

under allowance method, how is net income and working capital affected?

A

neither affected (net AR remains the same)

AFUA
AR

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23
Q

a collection of a previously written-off account receivable would ____ the allowance account. JE?

A

increase

Cash
AFUA

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24
Q

approach 1 net proceeds at discount:

A

face of note * interest rate on note = maturity value of note - (maturity value of note * discount by bank for remaining months = proceeds from bank

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25
Q

approach 2 net interest revenue (expense)

A

interest revenue on note - interest expense from bank = net interest income (expense)

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26
Q

calculate total interest revenue on 5 year note with present value of ordinary annuity:

A

note / PVOA (interest rate, 5 periods) = annual payments * number of payments (5) = total payments - (discounted note payments (annual payment * (PVOA(yield rate, 5 periods))) = total interest over 5 years

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27
Q

under the aging method of calculating uncollectible accounts, the balance in the allowance account is determined by:

A

multiplying receivables by the uncollectible percentage

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28
Q

under the percentage of receivables method the ending balance in the allowance account is equal to:

A

total estimated uncollectible amount

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29
Q

Substance over form:

A

choice relates to reliability, which is a primary quality of decision usefulness. info must be valid, and economic substance is more important than legal form

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30
Q

the JE for a write off of a specific account receivable under the allowance method is:

A

AFUA
AR

(no effect on total assets)

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31
Q

the lower of cost or market method should be applied to inventory in:

A

interim FS

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32
Q

________ declines in inventory market value should be reflected in interim FS in the period incurred

A

Permanent never temporary

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33
Q

Agricultural products and precious metals may be stated at above cost by using net selling price less cost of disposal because:

A
  1. there is a ready market for such items

2. there is unit interchangeability

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34
Q

for Agricultural products and precious metals revenue is recognized at:

A

time of production (not time of sale)

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35
Q

FOB destination means that tile passes when received by the buyer, and that packaging, shipping, and handling are costs of:

A

the seller

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36
Q

FOB shipping point means that title passes when the goods leave the seller’s location and that shipping is a cost of:

A

the buyer

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37
Q

Under GAAP, LIFO most closely approximates the current:

A

COGS

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38
Q

FIFO most closely approximates the current:

A

ending inventory

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39
Q

the moving average method assumes the company has perpetual records. A new weighted average cost is computed after:

A

each purchase and issues are priced at the latest weighted average cost

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40
Q

During periods of rising prices, when the FIFO inventory method is used, a perpetual inventory system results in an ending inventory cost that is:

A

the same as in a periodic inventory system

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41
Q

Companies generally use a ______ flow of goods to prevent keeping old inventory on hand

A

FIFO

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42
Q

dollar value LIFO most likely gives the:

A

lowest ending inventory when product lines are subject to specific price increases

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43
Q

Dollar value LIFO calculation:

A

end of year cost / base year cost = annual cost index * annual layers = dollar value LIFO

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44
Q

consignor must include consigned goods in his own inventory, at his cost plus:

A

warehousing costs of consignor before goods are transferred to consignee plus shipping costs to consignee

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45
Q

lower of cost or market rule:

A

step 1: compare floor with ceiling and replacement cost (use middle amount)
step 2: compare middle amount with cost. use lower of the two

ceiling: selling price
floor: net selling price = selling price - cost of disposal

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46
Q

a disadvantage of the periodic inventory system is that the COGS amount used for financial reporting purposes includes both:

A

the cost of inventory sold and inventory shortages

(at year end perpetual records can be compared to actual inventory per physical count and inventory shortages can be identified)

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47
Q

average pricing method is another phase for:

A

weighted average pricing (total cost / total units)

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48
Q

when the current market value of the inventory is less than the fixed price in a purchase commitment, the loss must be recognized at the time of:

A

the decline in price, a liability must be recognized on the BS and a description of the losses must be described in the footnotes

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49
Q

net realizable value is:

A

selling price - costs to complete and sell

lower cost or market celing

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50
Q

lower cost or market floor:

A

Net realizable value - profit margin

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51
Q

freight in is a cost of inventory and expensed when:

A

inventory is sold

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52
Q

IFRS requires the use of __________ to value inventory

A

lower of cost or net realizable value

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53
Q

a loss is only recorded under purchase commitment in which the purchaser is:

A

obligated to purchase a fixed number of units

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54
Q

Under _____, reverasals of inventory write-downs are prohibited.

A

GAAP

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55
Q

Under ____, reversals of an inventory write-down for subsequent recoveries of inventory value

A

IFRS

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56
Q

A company using a ______ inventory system must estimate inventory and COGS in interim FS because they do not continously update inventory amounts throughout the year

A

periodic

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57
Q

the _______ method is a way to estimate values under a periodic system using gross profit percentages from previous reporting periods and applying that percentage to current period sales revenue

A

gross profit method

estimates COGS and backs into EI

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58
Q

The proper amount to capitalize to land, includes:

A

cost of land + cost to raze the building - sale of scrap materials + cost to demolish building (anything to get the land ready for use)

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59
Q

excavation costs are treated as:

A

part of the cost of the building

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60
Q

any cost incurred to ________ a plant asset is capitalized

A

acquire and make ready (insurance, testing and prep for use, shipping)

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61
Q

capitalized interest equals:

A

the smaller of the total interest incurred or the avoidable interest

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62
Q

avoidable interest equals:

A

the interest on the weighted average amount of accumulated expenditures

63
Q

Since the carrying value of the damaged portion of the building is known and is uninsured, the component method is used and:

A
  • a loss in the amount of the carrying value of the damaged portion of the building must be recognized
64
Q

the refurbishing costs create:

A

a new asset and must be capitalized

65
Q

Interest costs incurred during the construction period of machinery to be used by a firm as a fixed asset should be:

A

capitalized as part of the historic cost of acquiring the fixed asset

66
Q

Interest costs on the fixed asset subsquent to the construction peirod as well as all interest costs on the routine manufacture of machinery for sale to customers should be:

A

expensed in the IS for the period incurred

67
Q

The cost of equipment includes:

A

costs related to:

  • invoice price - cash discounts and other discounts
  • freight-in
  • installation charges
  • sales
  • federal excise taxes
  • necessary to get asset to proper place, at the intended time and in condition for its intended use
68
Q

leasehold improvements are capitalized and then amortized over:

A

the lesser of the life of the improvements or the remaining term of the lease

69
Q

when capitalizing a note in the cost of equipment, all notes payable are required to be reported at the present value of the payments to be made, computed using:

A

the market rate of interest

70
Q

Under IFRS, revaluation gains and losses are calculated as the difference between:

A

fair value and carrying value (cost - AD)

only revaluation surplus would be reported in OCI

revaluation loss would be reported in NI

71
Q

calculation for amount of interest to be capitalized:

A

weighted average expenditures = payment * number of months related to the year / 12 + etc.

weighted average expenditures * interest rate = amount of interest to be capitalized

total interest on construction loan > amount of interest to be capitalized : the full amount of interest to be capitalized is used

72
Q

Under IFRS, if a revalued asset becomes impaired, the impairment is recorded by:

A

first reducing any revaluation surplus to zero, with further impairment losses reported on the income statement

73
Q

impairment loss is considered when:

A

carrying value of building > the recoverable amount

74
Q

Under IFRS, if an individual fixed asset is revalued, then the entire class of fixed assets to which that asset belongs must be:

A

revalued

75
Q

if borrowings are not tied specifically to the construction of an asset, the weighted average interest rate for the:

A

other borrowings of the company should be used

(face value note 1 / note 1+2) * interest rate) + (face value note 2 / note 1+2) * interest rate) = capitalized interest

76
Q

if borrowings are tied to the specific construction, the rate on:

A

those borrowings would be used

77
Q

interest should only be capitalized in connection with:

A

discrete manufacturing activity

78
Q

interest incurred to acquire land should be:

A

expensed when incurred

79
Q

architect fees are charged to:

A

building

80
Q

a sewage system is a:

A

land improvement

81
Q

total expenditures must be divided by two to arrive at:

A

average accumulated expenditures

82
Q

if the average accumulated expenditures outstanding > amount of the specific borrowing, interest on the excess is computed based on:

A

the interest rate for other borrowings of the company

83
Q

under the revaluation model of IFRS, the reversal of a revaluation is recognized in:

A

profit or loss (if it was a loss in prior period that was recognized in NI)

OCI (if it was a surplus in prior period that was recognized in OCI)

remaining would be recognized in:

NI if loss

OCI if surplus

84
Q

the lump sum purchase price must be allocated among the assets based on:

A

the portion of the total fair value

85
Q

Capitalize costs that improve _________ of a fixed asset

A

quality, efficiency, or productive capacity

86
Q

total purchased price of assets includes:

A

any apprasial costs

87
Q

base for depreciation using sum of the years digits method:

A

purchase price - salvage value = base (doesnt change in dep calc)

88
Q

depreciation schedule for sum of the years digits method (4 years):

A

year 1: fraction (4/10) * base = depreciation expense
year 2: fraction (3/10) * base = depreciation expense
year 3: fraction (2/10) * base = depreciation expense
year 4: fraction (1/10) * base = depreciation expense

(base doesnt change in dep calc)

89
Q

salvage value is not included in the calculation for:

A

double declining

90
Q

accumlated depreciation calc:

A

beginning AD + depreciation for the year - retirements = ending AD

91
Q

both _________ are based on the straight line depreciation method

A

group and composite depreciation

92
Q

the group method depreciation is for:

A

groups of similar assets

93
Q

the composite method depreciation is for:

A

a collection of dissimilar assets

94
Q

calculation of depletion amount per unit

A

total cost / estimated tons = per unit depletion amount

depletion amount per unit would be the same

95
Q

depletion amount per unit would be the same every year unless:

A

additional expenditures were incurred

96
Q

questions indicating that a certain number of units is produced and a different amount is sold, ask about the depreciation expense for the period. in those questions, you would use:

A

the number of units sold

97
Q

IFRS requires ______ depreciation

A

component

98
Q

under component depreciation, the machinery, component, and inspection cost are recognized and depreciated:

A

separately

99
Q

depletion base equals:

A

purchase price + development costs + estimated restoration costs - expected salvage value = depletion base

100
Q

when an impairment occurs, what is the JE?

A

impairment loss

AD

101
Q

composite life calculation:

A

estimated cost - salvage value = depreciable cost

total depreciable cost / total annual depreciation = composite life of assets

102
Q

Gains or losses on disposal of fixed assets are recognized during:

A

the period incurred based on recorded amount (NBV) + accrued costs for installed engine = adjusted NBV - insurance proceeds = gain or loss on disposal

(repairs are expensed and not included in NBV calc)

103
Q

in all depreciaton methods except declining balance, salvage value is subtracted from an asset’s cost in arriving at the depreciation base. If salvage value is improperly excluded from the depreciation computation, depreciation will be ______ and net income ______ for straightline method and the production or use method and sum of years digits method

A

overstated, understated

104
Q

sum of the years digits depreciation starts at a level higher than straight line and declines at:

A

a constant rate to the depreciation base

105
Q

double-declining depreciation starts at a level higher than sum of years digits and declines:

A

rapidly to the depreciation base, but not at a constant rate

106
Q

depreciable property constructed on leased land is depreciated over:

A

the life of the property or the term of the lease

whichever is shorter

107
Q

under the units of production depreciation method, the cost of a fixed asset is allocated to expense based on:

A

the number of units produced during the period relative to the total number of units expected to be produced over the asset’s life. the total number of units over the asset’s life must be able to be estimated

108
Q

a transaction of a nonmonetary exchange that lacks commercial substance under US GAAP is an exception to the general rule of:

A

basing the measurement value of the exchange on fair value

109
Q

Because cash is less than 10% of the total consideration, a proportional amount of:

A

the gain is recognized, (losses have never been calculated by a proportion)

110
Q

when there is no boot, transactions that lack commercial substance are recorded at: carrying value and no gain is recognized

A

carrying value and no gain or loss is recognized

111
Q

when there is boot, transactions that lack commercial substance are recorded at:

A

a proportional amount of the gain

112
Q

in order to have commercial substance, either:

A
  1. the risk, timing, and amount of the expected future cash flows from the asset transferred differs significantly from the risk, timing, and the asset received or
  2. the entity specific value (based on the company’s expectations of value of the asset and not that of the marketplace) of the asset received differs significantly (in relation to the fair values of the assets exchanged) from the asset transferred
113
Q

under the rule of conservatisim, losses are recognized in all nonmonetary exchanges when:

A

BV exceeds the FV of the asset given up. an asset’s cash equivalent price is the asset’s fair value. assets should not be valued at more than fair value, so when BV exceeds FV, the asset should be recorded at the lower fair value. when a loss is recorded, the asset received is recorded at the BV of the asset given up plus any cash paid minus any cash received minus the loss recognized

114
Q

in any exchange, all realized losses are __________ in accordance with the principle of conservatism.

A

fully recognized

115
Q

if boot is received in an exchange of similar assets, realized gains are:

A

partially recognized

116
Q

under IFRS, exchanges of dissimilar assets are regarded as exchanges that generate revenue and:

A

all gains and losses are recognized.

117
Q

under IFRS, _____ are recognized on nonmonetary exchanges of similar assets.

A

no gains, only losses

118
Q

a portion of a gain can only be deferred for nonmonetary exchanges that don’t contain commercial substance, meaning the amount and timing of future cash flows did not change as a result of this exchange, and only if:

A

boot is received as a minor component (less than 25%) of this transaction

119
Q

if a nonmonetary exchange has commercial substance, the transaction is accounted for using:

A

the fair value of the asset surrendered or received, whichever is more evident

120
Q

when a fixed asset is sold (voluntarily or involuntarily), :

A

gain or loss is recognized as part of income from continuing operations

121
Q

Gains or losses on fixed assets (including involuntary conversions are recognized during the period incurred based on:

A

recorded amount (net book value) + any costs associated with the transaction

122
Q

When a transaction involving a nonmonetary exchange lacks commercial substance, the reported amount of the nonmonetary asset surrendered is used to:

A

record the newly acquired asset

123
Q

when a transaction has commercial substance, the___________ approach is used to record the newly acquired asset

A

the fair value

124
Q

when the entity’s future cash flows are expected to change as a result of the exchange of nonmonetary assets, this exchange is:

A

having commercial substance

125
Q

the timing of future cash flows of the asset received differing significantly from the configuration of the future cash flows of the asset transferred is evidence of:

A

an exchange with commercial substance

126
Q

goodwill acquired in an arms-length transaction is ________, but internally created goodwill is ________ because an objective measure of its value is difficult to obtain

A

capitalized, expensed

127
Q

for software developed internally, costs incurred in the preliminary project stage are:

A

expensed under US GAAP

128
Q

for software developed internally, costs after the preliminary project stage are:

A

capitalized and depreciated over the economic life of the product

129
Q

If the sum of undiscounted expected future cash flows is less than the carrying amount, __________ needs to be recognized

A

an impairment loss or expense

130
Q

legal costs related to the unsuccessful defense of a patent must be:

A

expensed

131
Q

legal costs related to the successful defense of a patent must be:

A

capitalized

132
Q

Under IFRS, if the patent has been granted, it is generally appropriate to capitalize:

A

the related design costs (NOT GAAP)

133
Q

intangible assets should be amortized over the lesser of:

A

the useful economic life (cash flows) or the legal life

134
Q

under GAAP, the only acceptable method of accounting for research and development is a direct charge to expense, except for: ___________________ that are capitalized and depreciated over their useful life

A

materials, equipment, or facilities that have alternate future uses

135
Q

software maintenance costs are ______ and software modification costs are ______

A

expensed, capitalized and amortized

136
Q

goodwill is recognized in the balance sheet when:

A

it has been created from a business acquisition

137
Q

under the acquisition method, goodwill is a representation of ________________________ and is not recognized solely because:

A

an acquired company’s fair value over the fair value of the entity’s net assets , the fair market value of a company’s assets exceeds the book value of the company’s assets

138
Q

under GAAP, unless the tangible assets associated with the research and development (R&D) expenses have __________________-, the costs associated with R&D expenses are direct charged as an expense on the income statement

A

alternative future uses or the work is undertaken on behalf of others under a contractual agreement

139
Q

under the revaluation model, if one asset within a class is accounted for using this model, then:

A

all assets within the same class must follow this model

140
Q

exceptions to the R&D expensed when incurred rule:

A
  1. materials, equipment, or facilities that have alternate future uses
  2. research and development costs are undertaken on behalf of others under a contractual arrangement
141
Q

since the equipment can only be used for this project it should be:

A

expensed immediately

142
Q

costs related to the planning, design, coding, and testing of software that are incurred until tech feasibility has been reached will be recorded as:

A

R&D expense

143
Q

once a company has achieved tech feasibility, any subsequent costs are:

A

captialized

144
Q

Under GAAP, subsequent reversal of intangible asset impairment losses is prohibited unless:

A

the intangible asset is held for sale

145
Q

at a reporting unit level, when the fair value is less than the carrying amount, a loss on impairment is booked on:

A

the income statement (debit) and a reduction in goodwill (credit) booked to BS

146
Q

the recoverability test is only performed on:

A

intangible assets with a limited life (patents)

147
Q

the recoverability test compares undiscounted future cash flows to the carrying value of the asset. if:

A

the carrying value is greater, than a fair value test would be performed

if undiscounted future cash flows are greater, there is no impairment

148
Q

under IFRS, impairment exists when:

A

the carrying value of a fixed asset exceeds the fixed asset’s recoverable amount.

149
Q

what is the recoverable amount?

A

the greater of the asset’s fair value less costs to sell and the asset’s fair value in use (present value of future cash flows)

150
Q

the carrying amount of fixed assets should be tested for recoverability at least annually or:

A

whenever events or changes in circumstances indicate the carrying amount may not be recoverable

151
Q

Under GAAP, long lived assets that are impaired can only have their carrying value restored if:

A

they are held for disposal

152
Q

subsequent reversal of an impairment loss is prohibited under:

A

GAAP

153
Q

reversal of impairment loss is permitted under

A

IFRS

Fin (4 decks)

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