NINJA 1

Question 0

2ndary qualitative characteristics

Answer 0

Comparability
Understandability
Timeliness
Verifiability

Question 1

Primary Qualitative characteristics

Answer 1

Relevance

Faithful representation

Question 2

Elements of relevance

Answer 2

Predictive value
Confirmatory value
Materiality

Question 3

Characteristics of faithful representation

Answer 3

Completeness
Neutrality
Free from error

Question 4

Characteristics of reliability

Answer 4

Faithful rep
Verifiable
Neutral

Question 5

Historical cost
Current (replacement) cost
Current MV

Answer 5

Reported amt

Equivalent asset purchased now

SP in orderly liquidation

Question 6

Financing activity

Answer 6

Deals with liab & SE

Dividends pd
Sale TS
Financed amt of equipment
Bank overdraft (GAAP)

Question 7

Operating activity

Answer 7

Bank overdraft (IFRS)
Int & div

Cash from op act = NI + dep exp + GW impairment loss

Question 8

Investing activity

Answer 8

Transactions other than those related to op results
Any g/l of income

Downpmt of equipment
AR sales & tax

Question 9

Comprehensive income

Answer 9

= NI + OCI

NI = IDEA
OCI = PUFE(R)

Question 10

When is the 10K due?

Answer 10

75 days - accelerated filers

90 days - others

Question 11

When is the 10Q due?

Answer 11

40 days - accelerated filers

Question 12

OCBOA bases

Answer 12

1. Cash basis
2. Tax (income) basis
3. Regulatory basis
4. Contractual basis

Question 13

Cash to accrual

Answer 13

Payables/unearned rev/AP = -

Ppd exp/AR = +

Question 14

Personal FS

Answer 14

1. Statement of financial condition

2. Statement of changes in net worth