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Decks in this class (38)

FAR 1.1 - Standards & Conceptual Framework
Has legal authority to establish ...,
Was established by the securities...,
All companies that issue securiti...
15  cards
FAR 1.2 - Income Statement & Balance Sheet
Reports operating revenues and ex...,
Presentation of income from conti...,
This type of balance sheet distin...
3  cards
FAR 1.3 & 1.4 - Revenue Recognition
In order to properly apply the re...,
A modification to a contract is t...,
No cash considerations in contrac...
14  cards
FAR 1.5 - Income statement: Discontinued Operations
Items reported within discontinue...,
A component classified as held fo...
2  cards
FAR 1.6 - Accounting Changes & Error Corrections
Changes in accounting estimates r...,
Changes in accounting principle r...,
What are two exceptions to a chan...
5  cards
FAR 1.7 - Statement If Comprehensive Incine
Comprehensive income includes all...,
Net income other comprehensive in...,
Net income includes
5  cards
FAR 1.8 - Adjusting Journsl Entries
Cash is received before revenue i...,
Cash is paid before the expense i...,
Cash is received after the revenu...
5  cards
FAR 2.1 - Notes To Financial Statements
The preferred presentation is to ...,
The summary of significant accoun...,
Vulnerability due to concentratio...
3  cards
FAR 2.2 - Subsequnt Events
Recognized subsequent events prov...,
Non recognized subsequent events ...,
Do recognized subsequent events r...
8  cards
FAR 2.3 - Fair Value Measurements
The price that would be received ...,
Does fair value include the trans...,
The market with the greatest volu...
12  cards
FAR 2.4 - Segment Reporting
Which of the following is an enti...,
Public business entities must report,
Does segment reporting apply to p...
6  cards
FAR 2.5 - SEC Reporting Requirements
When a company issues new securit...,
When and by who must a form 10k b...,
What are the filing deadlines for...
13  cards
FAR 2.6 - Special Purpose Frameworks
Under the cash basis financial st...,
Under the modified cash basis fin...,
Under the tax basis financial sta...
6  cards
FAR 2.7 - Ratio Analysis
What are the 4 key financial rati...,
Measures of a firm s short term a...,
Current ratio calculation
31  cards
FAR 2.8 - Partnerships
The three method to account for f...,
Under the bonus method the bonus ...,
Under the bonus method the bonus ...
5  cards
FAR 3.1 - Cash & Cash Equivalents
If restricted cash is associated ...,
If restricted cash is associated ...,
What two items would need to be a...
4  cards
FAR 3.2 - Trade Receivables
Accounts receivables from purchas...,
Accounts receivables from persons...,
What does 2 10 n 30 discount mean
14  cards
FAR 3.3 - Inventory
Title passes to the buyer when th...,
Title passes to the buyer when th...,
Which is freight in and which is ...
18  cards
FAR 3.4 - PP&E Cost Basis
Ppe is recorded at historical cos...,
When land has been purchased for ...,
Land improvements are depreciable...
4  cards
FAR 3.5 - Depreciation & Disposal
The process of averaging the econ...,
If the average service life of th...,
This depreciation method provides...
12  cards
FAR 3.6 - Nonmonetary Transactions
Gains and losses are always recog...,
How is the new asset received bas...,
In exchanges lacking commercial s...
6  cards
FAR 3.7 - Intangibles
Long lived legal rights and compe...,
Intangible assets acquired from o...,
The general rule for internally d...
15  cards
FAR 3.8 - Impairment
For finite live intangible assets...,
How is the impairment loss calcul...,
For indefinite live assets if the...
6  cards
FAR 4.1 - Financiaal Instruments
Debt securities should be classif...,
This type of debt security is val...,
This type of debt security is val...
18  cards
FAR 4.2 - Equity Method
The equity method is used to acco...,
Consolidated statements should be...,
A company is presumed to be able ...
7  cards
FAR 4.3 - Basic Conolidation Concept
An investor owning more than 50 o...,
The portion of the equity of a su...,
An entity that does not have equi...
4  cards
FAR 4.4 & 4.5 - Acquisition Method
The investment is valued at,
The year end consolidating journa...,
Non controlling interest is calcu...
5  cards
FAR 4.6 - Intercompany Transactions
100 percent of intercompany trans...,
In eliminating intercompaany tran...,
In eliminating intercompaany tran...
3  cards
FAR 4.8 - Goodwill, Including Impairment
Under the acquisition method good...,
Under the equity method goodwill ...,
There is a goodwill impairment if
3  cards
FAR 5.1 - Payables & Accrued Liabilities
This method of accounting for pay...,
Under this method of accounting f...,
If invoices are paid within the d...
17  cards
5.2 - Contingencies & Commitments
An existing condition involving u...,
How are gain contingencies treated,
How are loss contingencies treate...
3  cards
5.3 - Long-term Liabilities
This is the use of money over a p...,
This annuity payments are made at...,
What is the formula to calculate ...
9  cards
5.4 & 5.5 - Bonds
The interest to be paid to the in...,
The rate of interest actually ear...,
If the market yield effective rat...
17  cards
5.6 - Troubled Debtrestructuring & Extinguishmet
For transfer of assets how does t...,
For assets transferred how does t...,
The gain or loss on extinguishmen...
4  cards
FAR 6.1 & 6.2 - Leases
The lessee accounts for a lease a...,
The lessor accounts for the lease...,
If the lease meets an one of the ...
13  cards
FAR 6.3 - Derivatives & Hedge Accounting
Financial instrument that derives...,
A specified price rate or other v...,
A specified unit of measure
26  cards
FAR 6.4 - Foreign Currency Accounting
Transactions with a foreign entit...,
The conversion of financial state...,
This method of exchange rate is t...
12  cards
FAR 6.5 & 6.6 - Income Taxes
Intrapersonal tax allocation incl...,
Impact current taxes and never af...,
Impact current and deferred taxes
25  cards

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