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By:
Richard Jimenez
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Decks in this class (93)
FASB and Standard Setting
Does the sec establish gaap,
Does the sec establish gaap,
Which firms previously and now pr...
10
cards
Accrual Accounting
Why are financial statements cons...,
What is the sole authoritative so...,
Is there a hierarchy of gaap
6
cards
Financial Statements
How is the income statement prepared,
What items are included in compre...,
What does the statement of compre...
9
cards
Financial Accounting Standards Codification
How are changes to authoritative ...,
How are asus shown during transit...,
What is the sole source of us gaa...
6
cards
Objectives and Qualitative Characteristics
What do the fasbs statements of f...,
What is the objective of financia...,
What are the primary qualitative ...
6
cards
Assumptions, Accounting Principles
What are the major accounting ass...,
Gaap is based on the concept of f...,
What is the alternative concept o...
6
cards
Constraints and Present Value
In conservatism a constraint or a...,
If estimates of an outcome are no...,
What are the recognition and meas...
4
cards
Fair Value Framework- Introduction and Definitions
Are there significant differences...,
What is fair value how is it meas...,
Is fair value a market based meas...
7
cards
Recognition and Measurement
What are entry price and exit pri...,
When might transaction price not ...
2
cards
Inputs and Hierarchy
What are unobservable inputs,
Define level 1 inputs,
Should level 1 inputs be adjusted...
4
cards
Disclosure Requirements
What disclosures are required for...,
When are assets and liabilities m...,
What are the required disclosures...
4
cards
SEC Role and Standard Setting Process
How does the sec define a foreign...,
What does the office of the chief...,
Do private companies have to adhe...
3
cards
SEC Reporting Requirements
What does regulation s x govern,
What does regulation s k govern,
What is form s 1
8
cards
Balance Sheet/Statement of Financial Position
What do classified balance sheets do,
Only what types of assets are rep...,
How is internally generated goodw...
6
cards
Income Statement
Whats the primary difference betw...,
What are exceptions to the all in...,
How are retrospective changes in ...
6
cards
Statement of Comprehensive Income
What are the two ways of disclosi...,
What two items are not included i...,
How is accumulated other comprehe...
4
cards
Statement of Changes in Equity
What are the most common formats ...
1
cards
Sources and Uses of Cash
What categories must be shown rep...,
How must the disclosure of non ca...
2
cards
Operating, Investing, and Financing Activities
How are investment dividends inte...,
How are dividends paid classified...,
How are trading securities activi...
4
cards
Operating Cash Flows - Indirect Method
What are the major differences be...,
Are cash flows on scf gross or ne...
2
cards
Notes to Financial Statements
Whats the difference between erro...,
Whats the difference between mone...
2
cards
Ratios- Liquidity/Solvency and Operational
Whats the difference between roa ...,
Define the securitites defensive ...,
Whats the accounts receivable tur...
4
cards
Ratios- Profitability and Equity
Whats the roa ratio,
Whats the return on common stockh...
2
cards
Cash, Modified Cash, Income Tax
How do cash based financial state...,
How do modified cash basis financ...,
When is modified cash basis accep...
5
cards
Personal Financial Statements
What are and arent appropriate fi...,
How is personal statement of fina...,
How should significant interests ...
4
cards
Private Company Council
What are the primary responsibili...,
What defines a public entity acco...
2
cards
Liquidation Basis of Accounting
How are assets presented under li...,
What must entity do with expected...,
What must be disclosed under liqu...
4
cards
Cash
Are negotiable instruments such a...,
Can bank overdrafts be offset aga...,
Does cash include post dated chec...
4
cards
Bank Reconciliations
What are the three formats for ba...,
What does the company do upon com...
2
cards
Accounts Receivable- Accounting and Reporting
What are non trade receivables,
How are receivables valued on the...,
What are the two methods of accou...
3
cards
Uncollectible- Direct Write Off and Allowance
When does the direct write off me...,
What are the two entries for reco...
2
cards
Allowance- Income Statement Approach and Balance Sheet Approach
What are primary objectives of in...,
What are you calculating under in...
2
cards
Notes Receivable
For notes receivable if the trans...,
Do current notes need to be measu...
2
cards
Criteria for Sale of Receivables
What are the three criteria for d...,
If the three criteria arent met h...
2
cards
Factoring, Assignment, and Pledging
What happens in a factoring,
How is factoring without recourse...,
When receivables are factored wit...
5
cards
Notes Receivable- Impairment
What are impaired loans receivabl...,
How is the write down on an impai...,
What are two methods of recording...
3
cards
Introduction to Inventory
Can inventories be non current as...,
How do you determine what items a...,
Is interest on purchase or constr...
4
cards
Periodic Inventory System and Cost Flow Assumption
Under a periodic inventory system...,
Whats required in a periodic inve...
2
cards
Perpetual Inventory System and Cost Flow Assumption
What are the 2 main differences i...,
Whats the difference in cost flow...,
What happens when using a moving ...
3
cards
Evaluation of FIFO and LIFO
If lifo is chosen for tax purpose...,
Why do lifo liquidations typicall...
2
cards
Dollar Value LIFO
Why do companies use dollar value...,
How do we calculate the price ind...
2
cards
Lower of Cost or Market
How do we determine market value ...,
What are 3 approaches to calculat...,
Describe the two methods of recor...
3
cards
Gross Margin and Relative Sales Value Method
Can gross margin method be used f...,
What does the gross margin method do,
How do you calculate margin on cost
3
cards
Retail Inventory Method
What is the retail inventory method,
Which is the conventional retail ...
2
cards
Losses on Purchase Commitments
If theres a loss on a purchase co...,
If theres a loss on a purchase co...,
For recoveries on purchase loss c...
3
cards
Inventory and IFRS
What are the major differences be...
1
cards
Notes Payable
When notes are used to acquire no...,
When is the straight line method ...,
Whats the difference between the ...
3
cards
Bond Accounting Principles
What are unsecured bonds called,
How are bond prices always quoted,
What is the bond payable account ...
3
cards
Bond Complications
How are bond issue costs accounte...
1
cards
Bond Fair Value Option, International
Whats the result of using the fai...,
How is change in fv reported on b...,
Whats the major difference betwee...
3
cards
Convertible Bonds
What portion of bond proceeds do ...,
Describe the two methods of accou...,
How are induced conversions treated
3
cards
Bonds with Detachable Warrants
If bonds are sold with nondetacha...,
How do we record issuance of bond...,
Whats the primary difference betw...
3
cards
Refinancing Short Term Obligations
What are the two criteria for rec...,
What are the 3 ways of demonstrat...,
What is the primary difference be...
3
cards
Troubled Debt
What are the requirements for a r...,
What do a settlement restructure ...
2
cards
Owner's Equity Basics
What is typically the legal capit...,
Can dividends be paid from legal ...,
How are undeclared dividends in a...
4
cards
Stock Issuance
How is true no par stock accounte...,
Whats the journal entry for stock...,
When is common stock credited und...
5
cards
Preferred Stock
Does journal entry for issuance o...,
What is the procedure for account...,
Whats the accounting for calling ...
6
cards
Treasury Stock
Can firms profit from treasury st...,
Can retained earnings be increase...,
Describe the two methods of accou...
3
cards
Dividends
Is a liability recognized for sto...,
Whats the journal entry when a di...,
At what amount is dividend record...
4
cards
Stock Dividends and Splits
What is a stock dividend in terms...,
How are stock dividends accounted...,
Are treasury shares adjusted for ...
3
cards
Stock Rights, Retained Earnings
What is the je for stock rights,
Whats the accounting for stock ri...
2
cards
Book Value per Share, Quasi Reorganization
How can you calculate common se
1
cards
Introduction to Intangible Assets
Are all intangibles required to b...,
What are the only costs capitaliz...,
Whats the impairment test for def...
5
cards
Goodwill
When is goodwill tested for impai...,
Where is goodwill tested,
Is reversal of goodwill impairmen...
4
cards
General Revenue Recognition
How is revenue recognized under i...,
When is installment method typica...
2
cards
Other Revenue Situations
When is gross profit recognized u...,
How are amounts paid to consignee...
2
cards
Contract Accounting
When is the completed contract me...,
How do you recognize profit under...,
What is billings
4
cards
Introduction to Not for Profit Entities
What are the four main categories...,
Whats the basis of accounting for...
2
cards
Financial Reporting for NFPs
What are the three statements req...,
How does nfp statement of financi...,
Whats the purpose of nfp statemen...
9
cards
Special Issues
How is acquisition inexhaustible ...,
What are the three requirements f...,
How are marketable securities rep...
5
cards
Donations, Pledges, Contributions, and Net Assets
What are contributions,
When are non conditional contribu...,
How are revenue subject to intern...
6
cards
Health Care Organizations
How do hospitals modify the forma...,
Detail the operating section for ...,
Detail the calculation for net pa...
6
cards
Colleges and Universities
How are tuition revenues shown,
How are scholarships assistantshi...,
Whats the difference between scho...
4
cards
GASB Concept Statements
What is the budget,
What are the two main purposes of...,
What information is required unde...
5
cards
Fund Accounting
Whats a fund,
What are the three fund categories,
Under budgetary accounting when a...
8
cards
Measurement Focus Basis of Accounting
What is the measurement focus of ...,
What is the measurement focus of ...,
When is revenue recognized under ...
5
cards
Budgetary Accounting
What are the normal balances for ...,
What are appropriations remember ...,
What is the budgetary fund balance
4
cards
Encumbrance Accounting
What are encumbrances,
What two additional budgetary acc...
2
cards
Deferred Outflows and Deferred Inflows of Resources
What do we do with deferred outfl...
1
cards
Net Position and Fund Balance
What are the primary fund balance...,
Should encumbrances be shown in t...
2
cards
The Comprehensive Annual Financial Report
What are the minimum requirements...,
What are the three main sections ...,
Whats included in the cafr financ...
4
cards
Determining the Financial Reporting Entity
What are the characteristics of a...,
What is a financial reporting entity,
Which component units use discree...
3
cards
Major Funds and Fund Level Reporting
What are the characteristics of a...,
Is the general fund a major fund
2
cards
PPE- Categories and Presentation
What are the requirements to be c...,
What are assets held for sale rep...
2
cards
PPE-Capitalized Costs
If expenditure is immaterial how ...,
What are the two components of th...,
How do we treat interest on purch...
4
cards
PPE-Valuation
Should list price be used for val...,
Whats the accounting for assets r...,
How do we allocate purchase price...
5
cards
PPE-Interest Capitalization 1
When is interest cost ever capita...,
What does capitalization of inter...,
What are the 3 conditions for int...
6
cards
PPE-Interest Capitalization 2
How is avoidable debt determined,
What does interest capitalized be...,
Are construction payables include...
3
cards
PPE-Post Acquisition Expenditures
How should we depreciate extensio...,
What are the accounting approache...,
Is routine maintenance capitalized
3
cards
PPE- Nonaccelerated Depreciation Methods
What is depreciation not,
For manufacturing assets where is...
2
cards
PPE-Accelerated Depreciation Methods
What are the calculation for the ...,
What are the calculations for the...,
What do you have to watch out for...
3
cards
PPE-Natural Resources
What does natural resource accoun...,
What can amount capitalized not e...,
What do development costs pertain to
5
cards
PPE-Impairment
Whats the accounting for impairme...,
Whats the accounting for impairme...,
When are assets evaluated for imp...
3
cards
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FAR
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