Datasets:
MicPie
/
unpredictable_studystack-com

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Community
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f6663d4e_lashcards_about_CHS_Acct_Final__Answer
[Question] a list of accounts [Answer]
chart of accounts
[]
Flashcards about CHS Acct Final
Answer
http://www.studystack.com/flashcard-812184
34/1438043058631.99_20150728002418-00276-ip-10-236-191-2_725966426_3.json
f6663d4e_lashcards_about_CHS_Acct_Final__Answer
[Question] an increase in owner's equity resulting from the operation of a business [Answer]
revenue
[]
Flashcards about CHS Acct Final
Answer
http://www.studystack.com/flashcard-812184
34/1438043058631.99_20150728002418-00276-ip-10-236-191-2_725966426_3.json
f6663d4e_lashcards_about_CHS_Acct_Final__Answer
[Question] journal entries recorded to update general accounts at the end of a fiscal period [Answer]
adjusting entries
[]
Flashcards about CHS Acct Final
Answer
http://www.studystack.com/flashcard-812184
34/1438043058631.99_20150728002418-00276-ip-10-236-191-2_725966426_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what does hipaa stand for [Answer]
health insurance portability and accountability act
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what is hipaa [Answer]
first federal act to establish privacy standards to protect pt's medical records and other related information.
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] why did hipaa come about [Answer]
insurance companies were doing people wrong
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] who must fallow hipaa guidelines [Answer]
anyone who provides healthcare
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what is the main objective for hipaa [Answer]
people will get health insurance even with preexisting medical conditions-privacy of health information-decrease the incidents of fraud/abuse
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what are the key provisions of standards for hipaa [Answer]
access to medical records-notice of privacy policy-prohibition on marketing-confidential communications-complaints
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what does PHI stand for [Answer]
protective health information
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what are the types of PHI [Answer]
digital, spoken, paper
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
993632ec_Flashcards_about_HipaVM__Answer
[Question] what is not considered PHI [Answer]
medical studies, payment sharing, marketing
[]
Flashcards about HipaVM
Answer
http://www.studystack.com/flashcard-1307634
34/1438042981753.21_20150728002301-00069-ip-10-236-191-2_722613194_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Recalcitrant [QuestionResisting]
Resisting control
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Refute [QuestionResisting]
Prove something wrong
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Remorse [QuestionResisting]
Strong feeling of guilt or regret
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Replicate [QuestionResisting]
To do something again
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Repress [QuestionResisting]
Block something from mind
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Reproach [QuestionResisting]
Criticize somebody
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Rescind [QuestionResisting]
Cancel something
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Respite [QuestionResisting]
Delay
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
a3a877b3_ashcards_about_Sanchez_Blake77__QuestionResisting
[Answer] Retract [QuestionResisting]
Withdraw statement
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Flashcards about Sanchez_Blake77
QuestionResisting
http://www.studystack.com/flashcard-806747
34/1438043058631.99_20150728002418-00068-ip-10-236-191-2_742296789_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] seismic waves [Answer]
vibrations that travel through earth carrying the energy released during an earthquake.
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] pressure [Answer]
The force exerted on a surface divided by the total area which the force is exerted.
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] crust [Answer]
the layer of rock that forms on the earth's outer surface
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] basalt [Answer]
a dark, dense, igneous rock with a fine texture, found in oceanic crust
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] mantle [Answer]
The layer of hot , solid material between earth's crust and core
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] lithosphere [Answer]
a rigid layer made up of the uppermost part of the mantle and the crust
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] outer core [Answer]
a layer of molten iron and nickel that surrounds the inner core of the
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] inner core [Answer]
a dense sphere of solid iron and nickel at the center of the earth
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
1083e1bb_ards_about_Chapter_5_section_1__Answer
[Question] asthenosphere [Answer]
The soft layer of mantle on which the lithosphere floats.
[]
Flashcards about Chapter 5 section 1
Answer
http://www.studystack.com/flashcard-22438
34/1438042981753.21_20150728002301-00091-ip-10-236-191-2_713114362_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] on the outer parts of the meander loops or bends [Question]
Where is erosioin concentrated along a meandering stream
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Oxbow lake [Question]
is an abandoned, cutoff, meander loop
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Silt and clay-sized detrital grains [Question]
Make up the suspended loads of most rives and streams
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Capacity [Question]
Describes the total setament load transported by a stream.
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] redial [Question]
A ____ stream pattern is developed only on growing mountains like volcanoes or where the land surface is tectonically doming upward
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Stream gradient [Question]
What is the drop in water surface elevation divided by the distance the water flows?
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] trellis [Question]
A ____ stream pattern developes on land underlain by tilted or folded, alternating hard and soft, sedimentary strata
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Natural levees; broad floodplains [Question]
Freatures characterized wide streams and valleys?
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
53c333d3_Flashcards_about_Last_minute_3__Question
[Answer] Evaporation and transpiriation [Question]
___are components of the hydorlogic cycle that relese water vapor directly to the atmosphere
[]
Flashcards about Last minute 3
Question
http://www.studystack.com/flashcard-181803
34/1438043058631.99_20150728002418-00280-ip-10-236-191-2_751061954_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What is the single source of US GAAP for nongovernmental entities? [Answer]
The Accounting Standards Codification (ASC)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What is included in the Accounting Standards Codification? [Answer]
All GAAP and relevant literature issued by the SEC
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] How is the Accounting Standards Codification updated? [Answer]
The FASB issues Accounting Standards Updates (ASUs)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What is the objective of Financial Reporting? [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.
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What are the four fundamental recognition criteria? [Answer]
Definition, measurability, relevance, and reliability
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define financial capital concept [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define physical capital concept [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 8, What qualities relate to both Relevance and Faithful Representation? [Answer]
Comparability, verifiability, timeliness, understandability
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 5, What is the process of formally reporting an item in the financial statements? [Answer]
Recognition
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 6, What does comprehensive income include? [Answer]
All changes in equity during a period except those resulting from an investment by owners or a distribution by owners
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] According to SFAC 6, What is realization? [Answer]
Realization is the process of converting noncash resources to claims to cash through the sale of assets
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Is Money realized when equipment is sold for a note receivable? [Answer]
Yes, because a note qualifies as a claim to cash
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When does realization occur? [Answer]
At the time of sale rather than when cash is collected
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What is the concept the supports the issuance of interim reports [Answer]
Relevance, because it provides both predictive and confirmatory values- making it relevant
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 6, Define Revenues, including two essential characteristics [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 6, What is the common quality shared by all assets? [Answer]
Service potential or future economic benefit
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define Present Value [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When used at fresh-start measurements and initial recognition, what is the only objective of Present Value? [Answer]
To estimate fair value
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC 7, a successful Present Value measurement would consist of what elements? [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Computing Present Value: Expected cash flow approach. Describe. [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Computing Present Value: Discount rate adjustment (Traditional) approach. Describe [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC7, the most relevant measure of a liability should always reflect what? [Answer]
The credit standing of the entity obligated to pay
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What does SFAC7 include and specifically exclude? [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).
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Per SFAC7, how does expected present value calculate possible cash flows when the timing is uncertain? [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.
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Depreciation and amortization conventions, as well as interest methods are all grounded in what type of cost? [Answer]
Historical Cost
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When a company ends operations, how should the assets be valued? [Answer]
Net Realizable Cost, as NRV would show the probable future benefits (price expected to be sold at)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What entities/manuals/boards/bulletins are included in the FASB Accounting Standards Codification? [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Revenue from the sale of a product may be met only if all of the following conditions are met. Name them. [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define Period Costs. [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)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define Product costs [Answer]
associated with a product and are expensed when the unit is sold
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define Accrual Accounting [Answer]
Recognition of revenue/expense, but cash not received/paid
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define Deferral Accounting [Answer]
Cash is received/paid but revenue/expense is not recognized until revenue/expense is earned/incurred
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] In Accrual Accounting, what happens to unearned revenue that expires and is not used? (i.e. a gift card) [Answer]
Becomes earned!
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] How do you find COGS? [Answer]
Beg Inv + Net Purchases - Ending inventory
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define an installment sale and what is the calculation process? [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When does Cost Recovery Method recognize profit? [Answer]
When the cumulative amount paid is greater than the cost of the asset sold
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When is it acceptable to use the cost recovery method of revenue recognition? [Answer]
When the uncertainty of collection is so great even the installment method is precluded. (i.e. having no reasonable basis for estimating collectibility)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When can a franchise fee be recognized as revenue by the franchisor? [Answer]
Only upon substantial performance of their initial service obligation
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] In a Real Estate sale, what four criteria must be met to recognize profit in full at the point of sale? [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] In Real Estate, When should the reduced profit method be used? [Answer]
Only when the initial investment is adequate enough to show a commitment to pay, but the continuing investments are not adequate
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] In Real Estate, When should the deposit method be used? [Answer]
Until the sale is consummated, and buyers initial+continuing investments are not adequate enough to reassure the seller of full payment
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] For multiple-deliverables arrangement, what two conditions must be met? [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
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Under the milestone method of revenue recognition, what amount of revenue is recognized when a substantial milestone is reached? [Answer]
Contingent revenue is recognized in its entirety
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] If the outcome of rendering services cannot be measured, what revenue recognition method is required by the IFRS? [Answer]
Cost Recovery Method
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When management is selecting accounting policies, to whom should they refer to in IFRS? (What is the highest level in the international hierarchy?) [Answer]
Apply a standard from IFRS (<- The highest level)
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] If a company is adopting IFRS for the first time, where should any required adjustments be presented? [Answer]
Retained earnings or if appropriate another equity category
[]
Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When adopting IFRS for the first time, when should the "date of transition to IFRS be?" The "first IFRS reporting period?" [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
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When may an entity change accounting principles? [Answer]
1. If it is required by a new accounting pronouncement 2. can justify the use of an alternative principle because is is preferable
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When an entity changes accounting principles, only the direct effects must be recognized in prior periods. What are direct effects? [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.
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[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? [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
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[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. [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
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What must the notes to the financial statements include when an entity changes accounting principles? [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
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[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? [Answer]
1.Treated as a change in estimate (e.g. change in depreciation method) 2. Footnotes follow rules of change in principle
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Does a change in an estimate mean retrospective changes must occur? [Answer]
No, only the period of change and future periods
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[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? [Answer]
Change is applied to ALL prior periods financial statements. Notes disclose type of change, reason, and effects on income
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What requirements must be met to be reported as discontinued operations? [Answer]
1. operations and cash flows have been eliminated 2. no more significant involvement in the company
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] What requirements are there for a company to have a entity qualify for treatment as a discontinued operation? [Answer]
assets, operations, and cash flow must be clearly distinguishable from the rest of the company
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] When is it recognized that an entity is a discontinued operation after all requirements are met? [Answer]
the first period it is "held for sale"
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] How are discontinued operations treated retroactively in financial statements? [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'
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] Define comprehensive income [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)
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json
7236c7c4_hcards_about_My_CPA_FARmodule9__Answer
[Question] How may the comprehensive income be displayed? [Answer]
1. continuation from net income at the bottom 2. Separate statement that begins with net income
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Flashcards about My CPA-FARmodule9
Answer
http://www.studystack.com/flashcard-835214
34/1438044271733.81_20150728004431-00171-ip-10-236-191-2_729272434_3.json