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BJ Waguespack
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Decks in this class (134)
Accrual Accounting
What does the composition of gaap...,
What is the sole source of author...,
What is the codification of gaap
17
cards
Financial Statements
What is a major exception of the ...,
What is the balance sheet used for,
What are the two presentation for...
16
cards
Financial Accounting Standard Codification
What are the goals of the codific...,
How are changes to authoritative ...,
What is an accounting standards u...
11
cards
Framework, Overview And statement
What is gaap,
What 3 aspects of financial repor...,
Who is the current standard setti...
12
cards
Recognition And Measurement
What is an exit price,
In what situations can the entry ...,
What is an entry price
15
cards
Objectives and Qualitative Characteristics
What is considered as the concept...,
What is the constitution for deve...,
List the parts of the conceptual ...
19
cards
Assumptions, Accounting Principles
Entity assumptions,
Going concern assumption,
Unit of measure assumptions
23
cards
Constraints and Present Value
What is an accounting constraint,
What are the 2 accounting constra...,
What is the cost effectiveness co...
13
cards
Fair Value Framework - Introduction
Which pronouncement provides guid...,
What are the objective of asc820,
What is the definition of fair value
15
cards
FASB and Standard Setting Process
What is the purpose of financial ...,
What are financial statements,
What is gaap
19
cards
Inputs and Hierarchy
What are inputs,
What is an observable input,
What is an unobservable input
7
cards
Disclosure Requirements - Fair Value Framework
What does fair value on a recurri...,
What does fair value on a nonrecu...,
What disclosures are required whe...
8
cards
SEC - Role and Standard-Setting Process
What is the sec,
What laws does the sec administer,
Does the sec set accounting stand...
15
cards
SEC Reporting Requirements
What does the 1933 securities act...,
What does the 1934 securities act do,
Where are the formal sec rules found
19
cards
IASB and Structure
What is the iasb,
What are the objectives of the if...,
What are ifrs
15
cards
IASB Accounting Standards
What are the 3 levels of internat...,
How is ifrs more principles based...,
How does ifrs address small and m...
18
cards
IASB Framework
What is the iasbs framework for t...,
In what cases can the iasbs frame...,
What are the purposes of the iasb...
14
cards
Balance Sheet/Statement of Financial Position
What is another name for the bala...,
What does the title of the balanc...,
Do most account balances on the b...
34
cards
Income Statement
What is an increase in net assets...,
What is a decrease in net assets ...,
What is a net increase in equity ...
22
cards
Statement of Comprehensive Income
What is comprehensive income formula,
What asu aligned us gaap presenta...,
Is earnings per share calculated ...
11
cards
Statement of Changes in Owner's Equity
The statement of changes in owner...,
Is the statement of changes in ow...,
How many years of owners equity m...
8
cards
Sources and Uses of Cash
Is statement of cash flows a requ...,
What is the basic purpose of the ...,
Does the scf provide information ...
13
cards
Operating, Investing and Financing Activities
What are the major cash inflows f...,
What are the major cash outflows ...,
What two approaches can be used t...
15
cards
Operating Cash Flows - Indirect Method
What are the differences between ...,
What type of accounting does the ...,
Under the direct method of cash f...
15
cards
Notes to Financial Statements
What are some of the basic disclo...,
Define nominal dollars,
Define purchasing power
21
cards
Ratios - Liquidity/Solvency and Operational
What is financial statement ratio...,
What does ratio analysis of finan...,
What does a liquidity solvency ra...
32
cards
Ratios - Profitability and Equity
What are profitability ratios use...,
What is the profit margin ratio,
What is the return on total asset...
13
cards
Cash, Modified Cash, Income Tax
When can financial statements be ...,
What are the categories of other ...,
What are the characteristics of a...
12
cards
Introduction to Personal Financial Statements
Who uses personal financial state...,
When are personal financial state...,
What financial statements are typ...
12
cards
Private Company Council
What does the private company cou...,
What is a private company,
How does the pcc define a public ...
9
cards
IFRS for SMEs
Does ifrs have a concept comparab...,
What is the ifrs for smes,
What are the objectives of the if...
11
cards
Cash
What is a cash equivalent,
What is the main reporting issue ...,
What is included in cash account
12
cards
Bank Reconciliations
What are the benefits provided by...,
What is the purpose of the simple...,
What are the 3 formats for the si...
6
cards
Accounts Receivable Introduction and Valuation
What are the characteristics of a...,
What is another name for customer...,
What are the characteristics of n...
8
cards
Uncollectible - Direct Write-Off and Allowance
What are the two methods used to ...,
What is the direct write off meth...,
What are the negative aspects of ...
11
cards
Allowance - Income Statement and Balance Sheet Approach
What two approaches are allowed w...,
What is the income statement appr...,
What is the balance sheet approac...
6
cards
Notes Receivable
What is the key reporting issue f...,
Who is the buyer or borrower of a...,
Who is the seller or lender of a ...
9
cards
Criteria for sale of receivables
What is a maker,
With respect to the transfer of r...,
If the conditions are met to qual...
6
cards
Factoring, Assignment and Pledging
What is a transferor to factor,
Who bears the cost of bad debts w...,
Who bears the costs of bad debts ...
6
cards
Loan Impairment
What are impaired loans receivabl...,
What is the entry to write down l...,
When does loan impairment occur
6
cards
Introduction to Inventory
What is normally included in inve...,
What does is included in the inve...,
What type of inventory do merchan...
20
cards
Periodic Inventory System and Cost-Flow Assumption
List the formula for calculating ...,
What account holds inventory acqu...,
Is the inventory account used to ...
19
cards
Perpetual Inventory System and Cost-Flow Assumption
What are the main differences bet...,
What cost flow assumption is the ...,
What cost flow assumption utilize...
7
cards
Evaluation of FIFO and LIFO
Regardless of price changes how w...,
What is the main reason for using...,
What are the attributes of first ...
8
cards
Dollar Value LIFO
What are the advantages of dollar...,
Why would an entity utilize dolla...,
List the steps in applying dollar...
8
cards
Lower of cost or market
When inventory market cost falls ...,
How is the cost of ending invento...,
What is market cost when analyzin...
12
cards
Gross Margin and Relative sales method
What is the gross margin percenta...,
Can the gross margin method for i...,
What is the purpose of the gross ...
8
cards
Retail Inventory Method
What inventory method is used by ...,
What 3 basic calculations are use...,
What is included in the average l...
9
cards
Dollar Value LIFO Retail
When companies use the lifo cost ...,
List the two steps of dollar valu...
2
cards
Inventory Errors
What is the basic inventory equation,
If beginning inventory is underst...,
If an inventory error is discover...
5
cards
Losses on purchase commitments
What is the required accounting f...,
What is the required accounting f...,
If a firm has a purchase commitme...
5
cards
Inventory and IFRS
List the three methods of assigni...,
Under international financial rep...,
Can a company following internati...
7
cards
Categories and Presentation
How do land improvements differ f...,
List the requirements an assetmus...,
What are some examples of natural...
8
cards
Capitalized Cost
What is the general rule for capi...,
What are the considerations that ...,
List the components of capitalize...
5
cards
Valuation
Define cash equivalent price,
How are donated items recorded,
How is the price for group purcha...
7
cards
Interest Capitalization 1
List the conditions that must exi...,
List the interest capitalization ...,
What is average accumulated expen...
10
cards
Interest Capitalization 2
Where should the amount of intere...,
If average accumulated expenditur...,
If average accumulated expenditur...
6
cards
Notes Payable
How do short term notes payable c...,
What is a stated rate in regards ...,
What is a yield rate in regards t...
26
cards
Bond Accounting Principles
What is a bond,
What is the face maturity value o...,
What is the stated coupon interes...
14
cards
Bond Complications
What is a zero coupon bond,
How many months of interest are c...,
Define bond proceeds
7
cards
Bond Fair Value Option
How is interest expenses on the c...,
What is the balance sheet effect ...,
What is the income statement effe...
7
cards
Convertible Bonds
What is the purpose of a converti...,
When a convertible bond is issued...,
What 2 methods are allowed in acc...
7
cards
Bonds with Detachable Warrants
What are the characteristics of b...,
When bonds are sold with detachab...,
How is the purchase price allocat...
8
cards
Refinancing Short Term Obligations
What are the two conditions that ...,
Where must the details of a refin...,
Are there any differences between...
4
cards
Debt Retirement Principles
How is the retirement of debt at ...,
Where are most gains and losses o...,
When interest rates have increase...
9
cards
Troubled Debt
What is a troubled debt restructu...,
What is the amount of interest to...,
What is the international account...
10
cards
Debt Covenant Compliance
What is a debt covenant,
What is the classification of a l...,
List some examples of specific at...
8
cards
Owner's Equity Basics
What are the two main categories ...,
What is owners equity,
What is the owners equity equation
27
cards
Stock Issuance
How is a cash sale of common stoc...,
When stock is sold on a subscript...,
How is stock sold on a subscripti...
9
cards
Preferred Stock
Under what condition is retained ...,
What is the accounting treatment ...,
For what amount is preferred stoc...
5
cards
Treasury Stock Principles, Cost Method
Why would a firm buy its own stock,
What are some characteristics of ...,
What are the 2 methods to account...
14
cards
Dividends
What are the 3 important dates in...,
What types of dividends require e...,
Define scrip dividend
13
cards
Stock Dividends and Splits
What is a stock dividend,
Is a liability recorded in relati...,
What are the effects of a stock d...
8
cards
Dividend Allocation
List the order of dividend paymen...,
List the order of payment for par...,
List the order of dividend paymen...
4
cards
Stock Rights, Retained Earnings
What is a stock right,
List the reasons for appropriatin...,
Define restrictions on retained e...
9
cards
Book Value per Share, Quasi Reorganization
List the accounting steps in a qu...,
Define book value per share,
What is the effect on book value ...
9
cards
General Revenue Recogniztion
What are the 3 criteria that must...,
In what two situations can the in...,
What is the gross profit formula
5
cards
Other Revenue Situations
What is the cost recovery method ...,
What is the justification for usi...,
In regards to agriculture product...
7
cards
Contract Accounting
What two methods of revenue recog...,
What method is used under interna...,
What is the amount of loss recogn...
13
cards
Costs and Expenses
What are economic sacrifices incu...,
Do both expenses and losses provi...,
What account is credited in subse...
9
cards
Compensated Absences
What do compensated absences include,
When is an amount less than the t...,
What is the exception to the requ...
5
cards
Pension Principles, Reporting
What are the two types of pension...,
Define projected benefit obligati...,
Define pension expense
17
cards
Pension Expense, Reporting by Pension Plan
What components of pension expens...,
When do benefits vest,
Where is the pbo and fund assets ...
15
cards
Settlements, Curtailments, International
What is a pension plan settlement,
What is a pension settlement gain...,
What if a pension plan is termina...
8
cards
Nonretirement Postemployment Benefits
What basis of accounting is used ...,
List the conditions under which t...,
List the criteria for recognition...
4
cards
Retirement Benefits
What are some examples of other p...,
Where is the postretirement benef...,
What is the primary post retireme...
8
cards
Stock Options
What are the requirements for a s...,
What is a stock option plan,
What is cliff vesting
17
cards
Stock Awards
What account is credited when gro...,
What account is credited when net...,
Describe the accounting treatment...
9
cards
Stock Appreciation Rights
What is the fair value of a stock...,
When can compensation expense be ...,
What is the total compensation ex...
5
cards
Interperiod Tax Allocation Basics
What is the principle of recogniz...,
Define deferred income tax,
Define deferred income tax provision
8
cards
Permanent Differences
What is the effect of a nontaxabl...,
What general effect does income t...,
Are current year or future perman...
5
cards
Temporary Differences
Define taxable temporary differences,
What type of deferred tax account...,
Define deferred tax asset
5
cards
Tax Accrual Entry
What tax rate should be used when...,
How do permanent differences affe...,
List the formula for computing th...
6
cards
Interperiod Tax Allocation
If future enacted tax rates are n...,
What effect does an originating d...,
How is the change in the deferred...
8
cards
Classification of Deferred Tax Accounts
How are deferred tax account clas...,
If a dta dtl is not related to a ...,
How are deferred tax accounts off...
5
cards
Valuation Allowance for DTAs
When should a valuation allowance...,
In what situations can a va be ne...,
What sources can be used to prese...
11
cards
Uncertain Tax Positions
What is an uncertain tax position...,
When is income tax expense reduce...,
What is the two step approach to ...
6
cards
Net Operating Losses
What two options does a firm have...,
What is the accounting entry for ...,
Describe the general effect of ne...
10
cards
Types of changes and accounting approaches
What are the 4 types of accountin...,
Is a correction of an error in pr...,
What is a retrospective change
17
cards
Retrospective Application
What is the amount recorded for t...,
What account records the effect o...,
What is the amount of the cumulat...
10
cards
Prospective Application
What is a change in accounting es...,
How is a change treated when a ch...,
How are changes in accounting est...
8
cards
Accounting Errors - Restatement
How is an error caused in a finan...,
What is a change from an inapprop...,
How is an error correction treated
8
cards
Asset retirement and environmental obligations
When does an environmental liabil...,
How much is capitalized to the as...,
List the components of asset reti...
6
cards
Introduction to Business Combinations
What is a business combination,
How is control defined in busines...,
What is defined as an integrated ...
23
cards
Introduction to Acquisition Method of Accounting
What type of accounting is requir...,
Acquisition accounting should be ...,
In regards to asc 805 acquisition...
11
cards
Determining the Cost of the Business Acquired
What two ways may an acquirer obt...,
What type of consideration can be...,
At what measurement is considerat...
9
cards
Recognizing/Measuring Assets, Liabilities and Noncontrolling Interest
In an acquisition at the acquisit...,
Identify at least five items acqu...,
Describe the requirements of the ...
5
cards
Recognizing/Measuring Goodwill or Bargain Purchase Amount
Under what conditions will goodwi...,
Under what conditions will a barg...,
What values are compared to deter...
5
cards
Post-Acquisition Issues
How should assets and liabilities...,
How should contingent considerati...,
What assets or liabilities recogn...
3
cards
Disclosure Requirements - Acquisition Method
When provisional amounts for a bu...,
Identify the most significant gen...,
In which periods does an acquirer...
4
cards
Recording Business Combinations
What does the legal form of a bus...,
What does the acquisition method ...,
In a legal consolidation which en...
9
cards
Variable Interest Entities
What is the two step process for ...,
What is a variable interest entit...,
What is a majority owned subsidia...
7
cards
IFRS - Business Combinations
Under ifrs goodwill is allocated ...,
Under ifrs are you required to di...,
Contingent assets are recognized ...
4
cards
Introduction to Consolidated Financial Statements
Identify the general kinds of eli...,
What are the kinds of information...,
What is the basic sequence of ste...
14
cards
Consolidation at Acquisition
What is the amount at which any n...,
Where will a noncontrolling inter...,
How is an in transit intercompany...
9
cards
Consolidation Subsequent to Acquisition
What does the investment eliminat...,
When a parent uses the cost metho...,
When a parent uses the cost metho...
3
cards
Consolidation less than 100%
How does the noncontrolling inter...,
When a parent uses the equity met...,
What is the effect on consolidate...
4
cards
I/C Transactions and Balances - Introduction
What are the primary types of i c...,
What types of transactions with o...,
What do intercompany receivables ...
6
cards
Intercompany Inventory Transactions
What type of transactions can be ...,
What is a downstream transaction,
What is an upstream transaction
5
cards
Intercompany Fixed Asset Transactions
What accounts do intercompany fix...,
In an intercompany fixed asset tr...,
In subsequent years after an inte...
8
cards
Intercompany Bonds
When do intercompany bonds exist,
What eliminating entry would be r...,
For consolidated purposes what ac...
5
cards
Combined Financial Statements
When are consolidated financial s...,
When would combined financial sta...,
What is the main difference in th...
4
cards
Financial Instrument Introduction
What are the basic types or categ...,
Identify at least five financial ...,
Identify at least five financial ...
5
cards
IFRS - Financial Instruments
What are the categories of financ...,
What are the categories of financ...,
Under international financial rep...
6
cards
Financial Instrument Disclosures
What must be disclosed for all fi...,
If it is not practicable to estim...,
What are some examples of financi...
9
cards
Derivatives Introduction
What is a derivative,
What is an underlying amount,
What is a notional amounts
15
cards
Post-Acquisition Expenditures
When should post acquisition cost...,
Are repairs usually capitalized,
When would you increase an assets...
5
cards
NonAccelerated Depreciation Methods
Define book value,
What type of allocation is deprec...,
List the non accelerated methods ...
11
cards
Accelerated Depreciation Methods
What depreciation method does not...,
How is the double declining balan...,
What is the theoretical justifica...
8
cards
Natural Resources
What is a natural resource,
What is the depletion rate formula,
What is depletion
8
cards
PPE and IFRS
Where is revaluation surplus repo...,
Under international financial rep...,
Under international financial rep...
5
cards
Introduction - Equity and Debt Investments
What are equity securities,
What are debt securities,
What is a recognized gain or loss
17
cards
No Significant Influence
At what cost are held to maturity...,
What investments are classified a...,
Where are held to maturity invest...
23
cards
Cost Method and Transfers between classifications
When can the cost method be used ...,
How is the initial investment rec...,
When is an investment adjusted fr...
9
cards
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FAR
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