Misc

Question 1

When can you net cash

Answer 1

ONLY IF FROM SAME BANK

Question 2

EQUITY INVESTMENT CHANGES B/C OF A CHOICE TO NO LONGER CONSOLIDATE INTEREST

Answer 2

ELECTION DATE BEGINS

Question 3

POSTDATED CHECKS

Answer 3

TREAT AS NOT CASHED

Question 4

CASH DIVIDEND JE

Answer 4

Cash DR

Investment CR

Question 5

OFF BALANCE SHEET TRANSACTIONS

Answer 5

RECOURSE OBLIGATIONS

Question 6

CONTRA ASSET

Answer 6

DIRECT EFFECT OF ACTUAL ASSET

Question 7

ALLOWANCE BALANCE

Answer 7

AR - AGED AR

Question 8

INCOME BONDS REPORT INTEREST PAYMENT

Answer 8

AS EARNED

Question 9

WHAT EFFECTS SINKING FUNDS

Answer 9

PAYMENT IN AND REVENUES EARNED

Question 10

ZERO COUPON

Answer 10

1 - INTEREST AT MATURITY
2 - INTEREST EXPENSE RECORD ONLY
3- NO CASH OUTLAY FOR INTEREST

Question 11

INTEREST RATE FACTOR

Answer 11

PRICE/ANNUITY RATE

Question 12

DEBT ISSUANCE REGISTRATION COSTS

Answer 12

ALWAYS CAPITALIZED AND AMORTIZED SEPERATELY

Question 13

HOW IS ACCRUED INTEREST FOR ISSUANCE AND DATED RECORDED

Answer 13

NEVER DIRECTLY ON BONDS PAYABLE

CREDITED TO INTEREST PAYABLE OR INTEREST EXPENSE ; THEN DEBIT OUT

Question 14

bond issuance costs

Answer 14

always amortized

Question 15

how to use appropriations

Answer 15

always reverse out

Question 16

TOTAL INCOME TAX EXPENSE

Answer 16

CURRENT + DEFERRED EXPENSES

Question 17

FVO OPTION AND EQUITY METHOD

Answer 17

ONE OR THE OTHER

Question 18

MARKT
COST
INCOME

Answer 18

IDENTICAL ITEMS
REPLACEMENT COST
PV OF ITEMS

Question 19

CONTROL TO NON-CONTROL

Answer 19

MUST READJUST TO FMV

Question 20

DIVIDENDS IN ARREARS

Answer 20

DISCLOSED ONLY

Question 21

WHERE ARE GENERAL CAPITAL ASSETS

Answer 21

GOVERNMENTAL FUNDS

Question 22

RENEWAL PERIOD AMORTIZATION

Answer 22

LESSER OF
1 ) LEASE TERM + OPTION
2) USEFUL LIFE

Question 23

INTANGIBLES ARE ALWAYS EXCHANGED AT

Answer 23

FMV

Question 24

FRANCHISOR RECOVERS FULL AMT IF

Answer 24

1 - INTIAL CASH PAYMENT NON-REFUDABLE
2 - NO FRANCHISOR FUTURE SERVICES
3 - NO UNCOLLECTIBLES
4 - MUST HAPPEN BY LAST DAY OF F/S

Question 25

FRANCHISEE EXPENSE

Answer 25

REVENUE % TO FRANCHISOR

Question 26

DIRECT RESPONSE ADV

Answer 26

CAPITALIZED

Question 27

ACCRUALS EFFECT CF HOW

Answer 27

NO EFFECT MUST BE EXPENSES TO EFFECT

Question 28

EMPLOYEE ADVANCES

Answer 28

ASSET DR | CASH CR

Question 29

PAYABLES | ACCRUALS

Answer 29

COMPLETED SERVICES | NOT YET PAID

Question 30

EFFECT TAX RATE

Answer 30

TAX EXPENSE / PRETAX INCOME

Question 31

TEMP/ PERM DIF DISCLOSURE

Answer 31

NOTHING PERMANENT

Question 32

FORWARD | FUTURE

Answer 32

CALL - BUY | PUT - SELL

Question 33

REPLACEMENT COST CAN ONLY BE USED

Answer 33

BETWEEN COST AND CEILING

Question 34

PERIOD OF RISING PRICE WHICH HAS THE GREATEST CV

Answer 34

PERPETUAL - NOTHING IS REVERSED UNTIL END OF THE PERIOD

Question 35

SINGLE STEP I/S

Answer 35

CONTINUING OPERATIONS ONLY

Question 36

FINANCIAL CONDITION VALUATION

Answer 36

ALWAYS FMV

Question 37

FINANCIAL CONDITION 1 - BUISNESS ACTIVITY 2 - SOLE PROP.

Answer 37

1 - SEPERATE ASSETS/LIABILITIES | 2 - COMBINED

Question 38

SEC | FASB

Answer 38

DISCLOSURES | PRINCIPLES

Question 39

PHYSICAL CAPITAL

Answer 39

REPLACEMENT COST

Question 40

10-K 10-Q 8-K

Answer 40

ANNUAL QUARTERLY CURRENT 45 DAYS REG; 40 DAYS ACCELERATED

Question 41

NEW INFO REQUIRES

Answer 41

PROSPECTIVE TREATMENT

Question 42

RETROSPECTIVE APPLICATION HITS

Answer 42

ASSETS LIABILITIES RE * REMEMBER EFFECTS MUST BE NET OF TAX

Question 43

BEP NUMERATOR

Answer 43

INCOME FROM CONTINUING OPERATIONS (NO EXTRA)

Question 44

DILUTIVE | ANTIDILUTIVE

Answer 44

MKT > EXERCISE | MKT

Question 45

ITERMIN INVENTORY SALES

Answer 45

BASED ON ESTIMATES

Question 46

SUBSEQUENT EVENTS

Answer 46

ANYTHING BEFORE FINAL REPORT

Question 47

CONSOLIDATIONS DEBT ISSUANCE EQUITY ISSUANCE

Answer 47

DEBT AMORT EQUITY HITS APIC

Question 48

CONSOLIDATED BARGAIN PURCHASE

Answer 48

GAIN AT DATE RECEIVED

Question 49

SHAREHOLDERS EQUITY

Answer 49

COMBINED ASSETS - COMBINED LIABILITIES - NCI

Question 50

PARENTS EQUITY

Answer 50

PARENT EQUITY + BARGAIN + NCI EQUITY

Question 51

GOODWILL WITH NCI

Answer 51

INCLUDED FULL AMOUNT OF SUB

Question 52

DECONSOLIDATION

Answer 52

FMV OR CASH REC + FMV OF RETAINED INTEREST + CV OF NCI - CV OF SUBSIDIARY

Question 53

PURCHASE OF NCI

Answer 53

PARENT EQUITY + SUB EQUITY - PAYMENT FOR NCI

Question 54

COMBINED | CONSOLIDATED

Answer 54

``` SAME PARENT (PARENT NOT IN F/S) PARENT IN F/S ```

Question 55

SALE OF ASSETS CONSOLIDATIONS

Answer 55

1 - PARENT REPORTS ASSET AT SAME VALUE 1A - PARENT REPORTS DEPRECIATION AS THE SAME 2A - SUB RECEIVES ASSET AT RECEIVING PRICE - PARENT GAIN 2B - GAIN/ ASSET LIFE OFFSETS GAIN IN YEAR AND DEPRECIATION IN FUTURE YEARS

Question 56

INTEREST CAPPED

Answer 56

ASSETS HELD FOR USE DURING WORK IN PROGRESS; ONCE COMPLETED EXPENE HELD FOR SALE IS ALWAYS EXPENSED

Question 57

INTEREST CAPPED LAND

Answer 57

IF PART OF BUILDING CONSTRUCTION CAP

Question 58

ASSET HELD FOR SALE MEASURED AT

Answer 58

LOWER OF CV OR FMV LESS COST TO SELL

Question 59

LOSS ON IMPAIRMENT IS REPORTED AS

Answer 59

PART OF ACCUMULATED DEP.

Question 60

IFRS DOES NOT DEPRECIATED

Answer 60

HELD FOR SALE OR INVESTMENT UNDER FMV

Question 61

INVOLUNTARY CONVERSION GAIN

Answer 61

PAYMENT - CV

Question 62

REVALUTION IFRS INTANGIBLES NEED TO TO HAVE

Answer 62

DEFINITIVE LIFES

Question 63

INTERNAL USE SOFTWARE

Answer 63

CAPITALIZED AND AMORTIZED

Question 64

periodic inventory perpetual inventory

Answer 64

weighted average moving average

Question 65

FOB destinations additional costs to prep item for delivery

Answer 65

buyer assumes the payment

Question 66

periodic and perpetual are the same under

Answer 66

FIFO only!

Question 67

overstated ending inventory

Answer 67

understated COGS current year following year overstated COGS when reversed out

Question 68

be aware of the relationship between EI and COGS

Answer 68

BI + purchases - EI = COGS

Question 69

Cost of Goods Available for sale

Answer 69

EI + COGS