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Tanner Rasmussen
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Decks in this class (143)
Conceptual Framework
0
cards
Assumptions/Accounting Principles
Define allocation,
Which attributes are used to meas...,
When calculating present value wi...
5
cards
Fair Value Framework
Define fair value,
What is the principle market,
What is the most advantageous market
8
cards
Recognition and Measurement of Fair Value
What are the three approaches to ...,
If you elect to use fair value ho...,
T f you can divide a financial in...
3
cards
Fair Value- Inputs and Hierarchy
How many levels are in the fair v...,
Define a level 1 for the fair val...,
Define a level 2 for the fair val...
5
cards
Fair Value Disclosures
What is the difference between re...,
Required disclosures for recurrin...,
Required disclosures for nonrecur...
3
cards
IFRS for SME
T f goodwill must be amortized un...,
Under ifrs for sme which methods ...,
Which inventory method is not all...
4
cards
Income Statement
Freight out expense not billed to...,
Where is income tax expense repor...,
How should changes to new account...
7
cards
Statement of Comprehensive Income
How is the statement of comprehen...,
What are the components of oci,
How is aoci presented
4
cards
Statement of Cash Flows
What is the purpose of the statem...,
T f the statement of cash flows i...,
What accounts comprise cash for t...
21
cards
Notes to the Financial Statements
What are some basic note disclosures,
What is in management discussion ...,
Define purchasing power gain
4
cards
Risks and Uncertainties
Sources of risk and uncertainty c...,
What would be included in the ris...,
Why are estimates a risk
8
cards
Subsequent Events
Define subsequent events,
When are you required to recogniz...,
Examples of subsequent events
4
cards
Exit or Disposal Activities and Discontinued Operations
How do you calculate the gain or ...,
Disclosure requirements for dispo...,
Define assets held for disposal
9
cards
Ratios- Liquidity/Solvency and Operational
How are ratios are tested,
Purpose of a liquidity ratio,
Purpose of operational ratios
7
cards
Consolidated Financial Statements
Types of questions on the cpa exam,
What is the objective of consolid...,
When do you have control
7
cards
Consolidation at Acquisition
What types of questions,
Tools,
Decomposition tool
6
cards
Consolidation Subsequent to Acquisition
What calculation can be used to c...,
What calculation can be used to c...,
T f if the cost method is used th...
3
cards
Consolidation Less than 100% Ownership
Where does noncontrolling interes...,
What is the calculation of noncon...,
What is the calculation income to...
4
cards
Intercompany Transactions and Balances- Introduction
T f all intercompany transactions...,
Tools,
In a intercompany payable receiva...
4
cards
Intercompany Inventory Transactions
Tools
1
cards
Intercompany Fixed Asset Transactions
T f a gain or loss can be recogni...,
T f the assets carrying value dep...,
Cpa questions on the subject
6
cards
Intercompany Bond Transactions
What is going to be overstated by...
1
cards
IFRS Consolidations
Difference between control,
Differences in vies,
Differences in accounting policies
5
cards
Combined Financial Statements
When do you combine financial sta...,
What is the process of combining ...,
If a subsidiary owns equity in th...
3
cards
Variable Interest Entity
How do you know when a vie needs ...,
What is a vie,
What are the characteristics of a...
4
cards
SEC- Role and Standard Setting
T f does the sec have the authori...,
What is edgar,
Who makes up the sec
14
cards
Earnings Per Share
Tested on cpa exam,
What are the two measures for eps,
What is the formula for basic eps
13
cards
Segment Reporting
What does the cpa exam focus on,
What is an operating segment,
Which segments are reportable thr...
9
cards
Interim Reporting Principles
T f interim financial statements ...,
T f the sec requires interim repo...,
T f if there are expenses that be...
5
cards
Interim Reporting- Details and IFRS
What are the four exceptions as i...,
How do you account for accounting...,
How are the financial statement p...
4
cards
Cash, Modified Cash, Income Tax
What are types of special reporti...,
Key points to know,
What are cash basis financial sta...
6
cards
Private Company Council
What do you need to know,
What does the pcc do,
How do we define a private company
7
cards
Cash
Types of questions,
Define cash,
What is a cash equivalent
11
cards
Bank Reconciliations
Bank reconciliation per bank balance,
Book reconciliation
2
cards
Accounts Receivable- Accounting and Reporting
Define accounts receivable,
Tested,
How is ar presented on the balanc...
9
cards
Uncollectible- Direct Write-off and Allowance
What are the two methods for unco...,
Two ways to estimate allowance fo...,
What is the income statement appr...
5
cards
Allowance- Income Statement and Balance Sheet Approach
What are the methods to estimate ...,
What is the difference between th...
2
cards
Notes Receivable
Need to know,
What is the difference between no...
2
cards
Criteria for Sales of Receivables
Need to know,
Why do companies sale ar,
Who are the parties involved
8
cards
Factoring, Assignment, and Pledging
Need to know,
What is the type of transfer of a...,
What is factoring receivables
7
cards
Notes Receivable- Impairment
When is a loan impaired for a not...,
Entry to record impairment
2
cards
Introduction to Inventory
What do you need to know,
What is included in ending inventory,
Inventory includes
8
cards
Periodic Inventory System and Cost-Flow Assumption
What is the cost flow assumption,
Inventory quantities can be track...,
What is a periodic accounting system
9
cards
Dollar Value LIFO
Why do companies use dollar value...,
Equation for conversion index,
What are the steps to computing d...
3
cards
Gross Margin Method
When is the gross margin method used,
What is the gross margin method,
Keys to answer gross margin quest...
6
cards
Retail Inventory Method
What is the retail method,
How do you calculate inventory me...,
Basic structure to calculate endi...
7
cards
Dollar Value LIFO
Is this heavily tested,
What is the order for calculating...
2
cards
Subsequent Measurement of Inventory
When do you write down inventory,
How do you measure the write down,
When you have a write down when d...
6
cards
Inventory Errors
Tip
1
cards
Loss on Purchase Commitments
When do you take a loss on a purc...
1
cards
Categories and Presentation
Need to know,
What is the criteria for classify...,
What is the only asset in ppe tha...
5
cards
Capitalized Costs
What does capitalized mean,
What costs can be capitalized
2
cards
Valuation of PPE
If no cash was given at considera...,
Assume that an asset was purchase...,
Assume that an asset was purchase...
8
cards
Interest Capitalization
When can interest be capitalized,
When can interest be capitalized,
How much interest can be capitalized
6
cards
Interest Capitalization Limits
T f interest capitalized is not l...,
When determining interest rates w...,
When aae interest bearing debt al...
5
cards
Post Acquisition Expenditures
When can you capitalize after acq...,
What are examples of costs that w...,
What are additions
4
cards
Non-Accelerated Depreciation
What are the non accelerated depr...,
Service hours method equation,
Unit of output equation
3
cards
Accelerated Depreciation Methods
Sum of the years degits,
Double declining balance equation,
With double declining balance do ...
3
cards
Natural Resources
Where is natural resources classi...,
What costs are capitalized for la...,
How is depletion calculated
6
cards
Impairment of Assets and Assets Held-for-Sale
What are the classifications of a...,
What are the steps to determining...,
What are some indicators of poten...
8
cards
PPE and IFRS
Major differences,
Types of questions,
Under the revaluation model can y...
4
cards
Commercial Substance
What is commercial substance,
Define non monetary asset,
General rule how is the gain or l...
5
cards
Nonmonetary Exchanges with No Commercial Substance
What is no commercial substance,
How do you account for exchange w...,
If cash is paid and the fv cv is ...
5
cards
Equity and Debt Investments
What are the two broad categories...,
Types of questions,
Investments in equity security gi...
12
cards
Equity investments at Fair Value
What is the main characteristic o...,
How to you measure equity securities,
Where are the fvs of equity inves...
10
cards
Equity Investments at Cost
When do you use the cost method,
How often do you need to do an im...,
Can the impairment loss be reversed
5
cards
Investments using Equity Method Accounting
Types of questions,
Tools,
What is the criteria of significa...
6
cards
Debt Investments at Fair Value
Questions on cpa exam,
Tools,
When is a debt security in the tr...
10
cards
Debt Investments at Amortized Cost
How do you report a debt investme...,
Types of questions,
Debt securities held to maturity ...
5
cards
Introduction to Intangible Assets
What are the two types of intangi...,
How are identifiable assets class...,
What are the two categories of id...
13
cards
Goodwill
Define goodwill,
Tool,
What is a bargain purchase how is...
6
cards
R&D Expense
What items are included in r d ex...,
What items are excluded from r d ...,
If an asset is purchased that is ...
3
cards
Software Costs
Software costs have two categorie...,
For software costs which are inte...,
How is software costs amortized o...
4
cards
IFRS and Intangibles
Under ifrs if an intangible asset...,
Under gaap an impairment loss can...,
Goodwill under us gaap is reporte...
4
cards
Current Liabilities
Define liability,
What are the types of liabilities,
What is the difference between de...
11
cards
Specific current liabilities
What are some examples of current...,
If dividends are not declared inc...
2
cards
Payroll and Compensated Absences
What is a payroll liability compr...,
How do you account for the sales ...,
The portion of payroll liabilitie...
8
cards
AROs and Environmental Liabilities
Define asset retirement obligatio...,
For an aro how is it measured on ...,
How is an aro measured subsequent...
7
cards
Contingent Liability Principles
Define contingent liabilities,
When do you accrue a contingent l...,
When do you have to disclose but ...
11
cards
Examples of Contingent Liabilities
What is the difference between a ...,
How are extended warranties accou...,
What is the difference between a ...
3
cards
IFRS Contingencies
What are the accounting differenc...
1
cards
Notes Payable
Questions,
What are the three types of note ...,
What are the payment structures o...
6
cards
Bond Accounting Principles
Need to know,
What is bond,
What is the nominal rate
11
cards
Bond Complications
When you issue a bond that is in ...,
What are bond issue costs,
How do bond issue costs impact th...
3
cards
Bond Fair Value Option
If you choose the fair value opti...,
How do you report the change in fv
2
cards
Refinancing Short-Term obligations
How is this tested,
Gaap criteria for reclassification,
What are actions are needed to re...
4
cards
Debt Retirement
Must know,
When is debt extinguished,
When you perform an early retirem...
3
cards
Troubled Debt
What is a debt restructuring,
How do you account for a tdr sett...,
How do you account for a tdr modi...
8
cards
Debt Covenant Compliance
What is a debt covenant,
What are included in a debt coven...,
If a covenant is violated what ca...
3
cards
Owner's Equity Basics
What are the equity accounts,
What is another name for apic,
What is another name for retained...
6
cards
Stock Issuance
Types of questions on the cpa exam,
How many different apic accounts ...,
What if there is no par value on ...
11
cards
Preferred Stock
Types of questions,
What are the two features of pref...,
What are the features of preferre...
8
cards
Treasury Stock
Why do companies have treasury stock,
What are the two methods to accou...,
What is the impact on the balance...
9
cards
Dividends
Types of questions,
What is a dividend payable,
What are the three dates for a ca...
9
cards
Stock Dividends and Stock Splits
T f after a stock dividend owners...,
What is the effect on oe for a st...,
When you declare a stock dividend...
13
cards
Dividend Allocation
What is the order of dividends paid,
What are fully participating shares,
Example of fully participating 1 ...
7
cards
Stock Rights, Retained Earnings
How is equity tested,
What is a stock right,
What entry is made when you issue...
6
cards
Book Value Per Share
What is the formula for book valu...,
What is a quasi reorganization,
What are the three steps for a qu...
3
cards
Five Steps of Revenue Recognition
What are the five steps of revenu...,
What is the criteria of a contract,
What is a performance obligation
8
cards
Determining Transaction Price
What is the expected value method,
What is the most likely amount me...,
If there is a significant financi...
3
cards
Allocating Transaction Price
How do you identify the performan...,
How do you allocate total transac...
2
cards
Special Issues in Revenue Recognition
What are some examples of special...,
What are the two major types of w...,
Example of extended warranty a fi...
5
cards
Contract Modifications
When a contract is modified it wi...,
How do you know if you have a new...,
How do you know if you have a mod...
4
cards
Accounting for Construction Contracts
Exam questions,
When there is uncertainty in the ...,
What methods are used to account ...
12
cards
Pension Principles, Reporting
What are the two types of pension...,
How do you account for a defined ...,
How do you account for a defined ...
10
cards
Pension Expense Basics
What are the five components of p...,
What is the service cost,
How do you calculate interest cost
9
cards
Pension Expense Delayed Recognition
For the first three components of...,
When are the last two components ...,
What is a prior service cost
12
cards
Pension Plan Reporting
How does ifrs treat pension expense
1
cards
Postretirement Benefits
Post retirement benefits ie healt...,
Transition obligation
2
cards
Stock Options
Types of questions,
What is a stock purchase plan ver...,
What are the criteria for a stock...
16
cards
Stock Awards
Types of questions,
What is a stock award,
How do you calculate compensation...
7
cards
Stock Appreciation Rights
Types of questions,
What is a stock appreciation right,
How do you account for a stock ap...
6
cards
Income Taxes- Income Tax basis
What is tested,
What are the two components of tax,
What is inter period tax allocation
7
cards
Permanent/Temporary Differences
What is a permanent difference,
What are common permanent differe...,
What is a dividend received deduc...
5
cards
Tax Accrual Entry
Tool box
1
cards
Tax Allocation Process
What are originating and reversin...,
What is an example of a originati...,
On the cpa exam there may be two ...
3
cards
Deferred Tax Asset
T f there needs to be a contra as...,
How do you determine if there nee...,
What are evidence factors to cons...
3
cards
Uncertain Tax Positions
What is an uncertain tax position...,
What impacts do tax strategies ha...,
Example assume taxable income is ...
3
cards
Net Operating Losses
When do you have a net operating ...,
How do you record a net operating...,
How long can an nol be carried fo...
5
cards
Accounting Changes
Why are accounting changes such a...,
How do you account for changes in...,
How do you account for a change i...
11
cards
Accounting Errors- Restatement
What are different types of error...,
What is the difference between re...,
What are the differences between ...
3
cards
Business Combinations
What is a business combination,
What are the legal form of a busi...,
What is the difference between a ...
4
cards
Introduction to Acquisition Method of Accounting
Does the acquisition method of ac...,
What are the 5 steps to acquisiti...,
How do you identify who is the ac...
6
cards
Determining the cost of the business acquired
Tools,
How do you determine the cost of ...,
What are cpa exam questions for t...
9
cards
Recognizing/Measuring Assets, Liabilities, and non controlling interest
Cpa questions,
What type of items are going to b...,
Tough parts of the these types of...
8
cards
Post-Acquisition Issues
What is the biggest post acquisit...,
How long does a company have to r...,
How do you treat a change in esti...
5
cards
Disclosure Requirements
What are the non quantitative dis...,
What are the quantitative disclos...
2
cards
IFRS- Business Combinations
What are the differences between ...
1
cards
Financial Instrument Introduction
0
cards
IFRS- Financial Instruments
What are the differences between ...
1
cards
Financial Instrument Disclosure
With respect to financial instrum...,
What does it mean to be practicab...,
If there is a concentration of cr...
5
cards
Derivative Contracts
Define a derivative,
What are the elements of a deriva...,
What is an underlying
10
cards
Hedging Introduction
What are the elements of hedging,
What are the categories of hedging,
How do you qualify for hedge acco...
5
cards
Fair Value Hedges/Cash Flow Hedges
What is overall goal of a fair va...,
What are the requirements of a fa...,
On the date you enter into a futu...
16
cards
Introduction and Definitions
Types of questions,
What is an fx transaction,
Define exchange rate
23
cards
Natural (Economic) Hedge/ Hedging forecasted transactions and Firm Commitments
What is the difference between na...,
When you have a forward contract ...,
When you have a forward contract ...
8
cards
Hedging Recognized Asset, Liability, Available for Sale, or Foreign Operations
What are the categories for hedge...,
When a company has a foreign subs...
2
cards
Conversion of foreign financial statements
Types of questions,
What is local currency,
What is reporting currency
21
cards
Short-Term Leases and Operating Leases
Types of questiosn,
Why lease,
What is a short term lease what i...
27
cards
Not-For-Profit Entities
What items do you need to know fo...,
Knowledge check a certified publi...,
Knowledge check a local philanthr...
37
cards
Colleges and Universities
What type of standards to not for...,
What are the deductions to get to...,
What are examples of auxiliary re...
5
cards
Government Organization Accounting
Typical questions,
What types of questions,
Hot topics
53
cards
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FAR
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