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1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] condition caused by alcohol ingestion during pregnancy/can cause dysfunction and growth abnormalities in the newborn [Question]
|
fetal alcohol syndrome
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] congenital defect of vertebral column; results from an absence of the vertebral arches and often leads to severe inflammation of the spinal meninges [Question]
|
spina bifida
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] termination of pregancy by expulsion of embryo or fetus from uterus [Question]
|
abortion
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] premature seperation of placenta from uterine wall; results in either premature birth or fetal death [Question]
|
abruption placentae
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] abnormally present at birth [Question]
|
congenital anomaly
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] condition characterized by convulsions and possibly coma during pregnancy [Question]
|
eclampsia
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] ultrasound imaging of the pregnant uterus to observe fetal development; the ultrasoun image is call a sonogram [Question]
|
obstetrical sonography
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] surgical delivery by making an incision through the abdomen and uterus [Question]
|
cesarean section
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
1adba7eb_cards_about_FinalCh17Mix_Match__Question
|
[Answer] termination of pregnancy by artificially induced expulsion of the embryo or fetus by means of either surgery or drugs [Question]
|
therapeutic abortion
|
[] |
Flashcards about FinalCh17Mix-Match
|
Question
|
http://www.studystack.com/flashcard-617966
|
34/1438043058631.99_20150728002418-00168-ip-10-236-191-2_733828442_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] The Accounting Standards Codification (ASC) [Question]
|
What is the single source of US GAAP for nongovernmental entities?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] All GAAP and relevant literature issued by the SEC [Question]
|
What is included in the Accounting Standards Codification?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] The FASB issues Accounting Standards Updates (ASUs) [Question]
|
How is the Accounting Standards Codification updated?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Provide financial info about an entity that is useful to existing and potential investors, lenders, and other creditors in making a decision about providing resources to the entity. [Question]
|
What is the objective of Financial Reporting?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Definition, measurability, relevance, and reliability [Question]
|
What are the four fundamental recognition criteria?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Earnings may not be recognized until investment in asset is returned. Ex. Invest $10 in inventory, Sell for $15, costs $12 for new one... Balanced once $10 is returned, $5 is listed as income [Question]
|
Define financial capital concept
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Earnings may not be recognized until the current replacement cost of an asset is returned. Ex. Invest $10 in inventory, Sell for $15, costs $12 for new one... Balanced once $12 is returned, $3 is listed as income [Question]
|
Define physical capital concept
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Comparability, verifiability, timeliness, understandability [Question]
|
Per SFAC 8, What qualities relate to both Relevance and Faithful Representation?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Recognition [Question]
|
Per SFAC 5, What is the process of formally reporting an item in the financial statements?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] All changes in equity during a period except those resulting from an investment by owners or a distribution by owners [Question]
|
Per SFAC 6, What does comprehensive income include?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Realization is the process of converting noncash resources to claims to cash through the sale of assets [Question]
|
According to SFAC 6, What is realization?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Yes, because a note qualifies as a claim to cash [Question]
|
Is Money realized when equipment is sold for a note receivable?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] At the time of sale rather than when cash is collected [Question]
|
When does realization occur?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Relevance, because it provides both predictive and confirmatory values- making it relevant [Question]
|
What is the concept the supports the issuance of interim reports
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Revenues are inflows of assets or settlements of liabilities or both during a period as a result of an entity's primary operations. 1. arise from a company's primary earnings activity 2. are recurring or continuing in nature [Question]
|
Per SFAC 6, Define Revenues, including two essential characteristics
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Service potential or future economic benefit [Question]
|
Per SFAC 6, What is the common quality shared by all assets?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Present Value is the current measure of an estimated future cash inflow or outflow, discounted at in interest rate for the time between today and expected cash flow date [Question]
|
Define Present Value
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] To estimate fair value [Question]
|
When used at fresh-start measurements and initial recognition, what is the only objective of Present Value?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Estimate of the future cash flow, Expectations about possible variations (in Time and/or Money), the Time value of money (represented by risk-free rate of interest), and the price for bearing the uncertainty inherent in the asset/liability [Question]
|
Per SFAC 7, a successful Present Value measurement would consist of what elements?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Only the time value of money is included in the discount rate; other factors are accounted for in arriving at risk-adjusted expected cash flows [Question]
|
Computing Present Value: Expected cash flow approach. Describe.
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] All adjustment factors are embedded in the discount rate... Expectations about possible variations (in Time and/or Money), the Time value of money, and the price for bearing the uncertainty inherent in the asset/liability [Question]
|
Computing Present Value: Discount rate adjustment (Traditional) approach. Describe
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] The credit standing of the entity obligated to pay [Question]
|
Per SFAC7, the most relevant measure of a liability should always reflect what?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Deals with measurement issues and includes a framework for using future cash flows for initial recognition/fresh-start measurements, and introduces the expected cash flow approach. Excludes recognition q's (when to measure). [Question]
|
What does SFAC7 include and specifically exclude?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] uses the same interest rate to find the present value discount amount, then multiplies the cash flow by each PV discount amount and the corresponding probability of receiving the cash in that period. Finally adding up the resulting sums of each period. [Question]
|
Per SFAC7, how does expected present value calculate possible cash flows when the timing is uncertain?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Historical Cost [Question]
|
Depreciation and amortization conventions, as well as interest methods are all grounded in what type of cost?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Net Realizable Cost, as NRV would show the probable future benefits (price expected to be sold at) [Question]
|
When a company ends operations, how should the assets be valued?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Financial Accounting Standards Board, Emerging Issues Task Force Abstracts, Accounting Principles Board Opinions, Accounting Research Bulletins, Accounting Interpretations, AICPA Statements of Position, AICPA Audit and Accounting Guides, Practice Bulletin [Question]
|
What entities/manuals/boards/bulletins are included in the FASB Accounting Standards Codification?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Fixed price, buyer has paid or is obligated to pay (not contingent on product resale), buyers still must pay if damaged, buyer is independent from seller, seller has no obligations for resale, future returns can be estimated [Question]
|
Revenue from the sale of a product may be met only if all of the following conditions are met. Name them.
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Not assignable to a product, expensed due to passage of time by immediate recognition if the future benefit can't be measured (advertising) or rational allocation if benefits are produced in future periods (asset depreciation) [Question]
|
Define Period Costs.
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] associated with a product and are expensed when the unit is sold [Question]
|
Define Product costs
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Recognition of revenue/expense, but cash not received/paid [Question]
|
Define Accrual Accounting
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Cash is received/paid but revenue/expense is not recognized until revenue/expense is earned/incurred [Question]
|
Define Deferral Accounting
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Becomes earned! [Question]
|
In Accrual Accounting, what happens to unearned revenue that expires and is not used? (i.e. a gift card)
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Beg Inv + Net Purchases - Ending inventory [Question]
|
How do you find COGS?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] PROFIT IS RECOGNIZED IN PROPORTION TO CASH RECEIVED 1. Find Gross profit rate (Sales-Cost)/Sales 2. Multiply Cash paid for period by Gross Profit rate 3. Recognize gross profit for period [Question]
|
Define an installment sale and what is the calculation process?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] When the cumulative amount paid is greater than the cost of the asset sold [Question]
|
When does Cost Recovery Method recognize profit?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] When the uncertainty of collection is so great even the installment method is precluded. (i.e. having no reasonable basis for estimating collectibility) [Question]
|
When is it acceptable to use the cost recovery method of revenue recognition?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Only upon substantial performance of their initial service obligation [Question]
|
When can a franchise fee be recognized as revenue by the franchisor?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] sale is consummated, buyer demonstrates ability to pay for the property, sellers receivable is not subject to future subordination, seller has transfered all rights to the buyer [Question]
|
In a Real Estate sale, what four criteria must be met to recognize profit in full at the point of sale?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Only when the initial investment is adequate enough to show a commitment to pay, but the continuing investments are not adequate [Question]
|
In Real Estate, When should the reduced profit method be used?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Until the sale is consummated, and buyers initial+continuing investments are not adequate enough to reassure the seller of full payment [Question]
|
In Real Estate, When should the deposit method be used?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. the item has value on a stand alone basis 2. If a right of return arrangement is used, the undelivered item must be substantially in control of the vendor [Question]
|
For multiple-deliverables arrangement, what two conditions must be met?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Contingent revenue is recognized in its entirety [Question]
|
Under the milestone method of revenue recognition, what amount of revenue is recognized when a substantial milestone is reached?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Cost Recovery Method [Question]
|
If the outcome of rendering services cannot be measured, what revenue recognition method is required by the IFRS?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Apply a standard from IFRS (<- The highest level) [Question]
|
When management is selecting accounting policies, to whom should they refer to in IFRS? (What is the highest level in the international hierarchy?)
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Retained earnings or if appropriate another equity category [Question]
|
If a company is adopting IFRS for the first time, where should any required adjustments be presented?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Date- the beginning of the earliest period for which full comparative info under IFRS is in the first IFRS financial statement First- the latest reporting period covered by an entity's first IFRS financial statements [Question]
|
When adopting IFRS for the first time, when should the "date of transition to IFRS be?" The "first IFRS reporting period?"
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. If it is required by a new accounting pronouncement 2. can justify the use of an alternative principle because is is preferable [Question]
|
When may an entity change accounting principles?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] i.e. change in inventory balance due to change in inventory valuation. Related changes such as impairment and deferred taxes must be recognized too. [Question]
|
When an entity changes accounting principles, only the direct effects must be recognized in prior periods. What are direct effects?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Any change to current or future cash flow as a result from the change. Ex. change in profit sharing or royalty payment based on revenue or net income [Question]
|
When an entity changes accounting principles, indirect effects of the change are reported in the period the change is made. What would an indirect effect be?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. After a reasonable effort the entity is unable to 2. assumptions about managements intentions are required that cannot be independently substantiated 3. significant estimates are required and it is impossible to obtain objective info about the estima [Question]
|
Only one of the three conditions must be met for the time to be considered impracticable to determine the cumulative effect an entity's change in accounting principle causes. Name the 3 conditions.
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. nature and reason for the change 2. method of applying the change 3. describe prior period adjustments 4. the effect of the change [Question]
|
What must the notes to the financial statements include when an entity changes accounting principles?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1.Treated as a change in estimate (e.g. change in depreciation method) 2. Footnotes follow rules of change in principle [Question]
|
If a change in an accounting estimate is effected by a change in principle, what is it treated as? How about the financial statement notes?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] No, only the period of change and future periods [Question]
|
Does a change in an estimate mean retrospective changes must occur?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Change is applied to ALL prior periods financial statements. Notes disclose type of change, reason, and effects on income [Question]
|
When a change in the reporting entity occurs such that a change in the structure results in financial statements that represent a different/changed entity, how is it treated on the financial statements?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. operations and cash flows have been eliminated 2. no more significant involvement in the company [Question]
|
What requirements must be met to be reported as discontinued operations?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] assets, operations, and cash flow must be clearly distinguishable from the rest of the company [Question]
|
What requirements are there for a company to have a entity qualify for treatment as a discontinued operation?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] the first period it is "held for sale" [Question]
|
When is it recognized that an entity is a discontinued operation after all requirements are met?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] revenues, cogs, and operating expenses (including income tax) are removed from the continuing operations section and netted into one figure- 'income/loss from discontinued operations' [Question]
|
How are discontinued operations treated retroactively in financial statements?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] change in equity of a business as a result of nonowner sources. (ex. unrealized gains/loses debt security HELD FOR SALE, foreign currency translations, pension liability adjustments) [Question]
|
Define comprehensive income
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. continuation from net income at the bottom 2. Separate statement that begins with net income [Question]
|
How may the comprehensive income be displayed?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] The adjustment is done net of tax. The amount realized is taxed per normal steps, as it is realized. And unrealized gains are shown net of tax, so the adjustment is done net of tax to avoid showing the amount twice [Question]
|
When a reclassification adjustment is needed in comprehensive income, how is the tax dealt with?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Accumulated other comprehensive income located under owners equity... The net amount is closed to retained earnings. [Question]
|
Where is comprehensive income closed out to on the balance sheet?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] No [Question]
|
Are EPS amounts required to be presented for comprehensive incomes?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. compensation agreements, expense allowances and similar items in the ordinary course of business 2. transactions which are eliminated in the preparation of consolidated financial statements [Question]
|
What are the exceptions for material transactions between related parties not needing disclosure?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Recognized- condition existed at balance sheet date, and must be recognized (i.e. allowance uncollectible accounts, warranty recall) Unrecognized- Condition only existed after balance sheet date (i.e. fire) if cause misleading F/S, a footnote is made [Question]
|
When issuing the financial statements, what are the differences between a recognized and unrecognized subsequent event?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. Accounting Principles used when there exist alternatives 2. Principles peculiar to an industry 3. Unusual applications of Accounting Principles [Question]
|
What accounting disclosures are required as initial footnote disclosures?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Fair value is not adjusted for transaction costs, but is adjusted to determine the correct market (i.e. adjusted for costs necessary to transport) [Question]
|
When determining fair value, how are transaction costs, such as cost to sell, used?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Both: unrealized gains/losses are reported in earnings for period A-F-S: reported on income statement not other comprehensive income H-T-M: No longer at amortized cost, marked to fair value. Still reported on cash flow as operating or investing activity [Question]
|
How are a held-to-maturity security and a available-for-sale security treated if the company chooses to measure their worth with the fair value option?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 'Highest and best use' to maximize the value (choose greatest value between separate or collective asset) [Question]
|
If an asset is part of a group of assets how is it valued by the fair value?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] inventory, property, plant, equipment, and unearned service revenue [Question]
|
Under constant dollar accounting, what are non monetary items that require restatement to current dollars?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] As supplementary information [Question]
|
Where are constant dollar accounting and current cost accounting methods on a financial statement?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Historical Price x (Current Price Level Index/ Historical Price Level Index) [Question]
|
What is the formula for constant dollar accounting?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Simply restated at the same levels because they are already cash values [Question]
|
In constant dollar accounting what is done with monetary items?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] When it is monetary (you technically owe less money for an object which is now worth more) [Question]
|
When inflation occurs, and you have a liability, when will it be a purchasing gain?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Current Price- Historical Price [Question]
|
Under current cost accounting, how do you determine a holding gain (loss)?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] By taking the average of the cost for the equipment during the period and then depreciating [Question]
|
How is depreciation calculated using current cost accounting?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] as the lower of current cost or recoverable amount [Question]
|
How is the current cost for equipment and inventory measured under current cost accounting?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Yes, measure the increase from beginning of year/purchase price to end of year/sale [Question]
|
Under current cost accounting, can holding gains be recognized on both realized and unrealized gains?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. Nature of operation 2. State use of estimates to prepare financial statements 3. Significant estimates (ones that may change, change would be material) 4. Current vulnerability due to concentrations (reliance on one customer, market/geo. area locate [Question]
|
What are the four areas of disclosures that pertain to risks and uncertainties?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] 1. Cash Basis 2. Modified Cash Basis 3. (Income) tax basis 4. Regulatory Basis [Question]
|
What are other comprehensive bases of Accounting that may be used to prepare financial statements?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Recognize certain expenses/revenues in different periods [Question]
|
How do income tax basis financial statements differ from GAAP?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] Any financial information about the future [Question]
|
Define Prospective financial information.
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] assets of more than 10 million, 500 or more shareholders, traded in the market place [Question]
|
At what point (why now, not before?) must a company to file an SEC report?
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] describes form and content of financial statements [Question]
|
SEC Report. Define Regulation S-X
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] describes requirements for info and forms required by S-X [Question]
|
SEC Report. Define Regulation S-K
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] describes reporting requirements for asset-backed securities [Question]
|
SEC Report. Define Regulation AB
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] mandates publicly traded companies must release material information to all investors simultaneously [Question]
|
SEC Report. Define Fair Disclosure (FD)
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] registration statement [Question]
|
SEC Report. Define Form S-1/F-1
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] information about material events (mergers, acquisitions, changes in CEO, changes in operations, changes in auditors) must be filed within 4 days of event [Question]
|
SEC Report. Define Form 8-K/6-K
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
93728c13_hcards_about_My_CPA_FARmodule9__Question
|
[Answer] annual report [Question]
|
SEC Report. Define Form 10-K/20F
|
[] |
Flashcards about My CPA-FARmodule9
|
Question
|
http://www.studystack.com/flashcard-835214
|
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
|
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