F1 general cards

Card Set Information

Author:
Joens1313
ID:
162417
Filename:
F1 general cards
Updated:
2012-07-13 18:39:43
Tags:
F1 general cards
Folders:

Description:
F1 general Cards
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Joens1313 on FreezingBlue Flashcards. What would you like to do?


  1. Fincancial capital maintenance is considered to be an elelment of both "------------------------------" and " ---------------------------------------"
    currently reported net income" / " comprehensive income"
  2. A concept of maintenance of capital or recovery of cost is a prerequisite for separating return on capital from retrun of capital becouse only inflows in excess of the amount needed to maintain capital are a return on equity.  Two major concepts of capital maintence exist both of which can be measured in units of either money or constant purchasing power, the ------------------------------and the ----------------------------------------.  The major difference between them involves the effects of price changes on assets held and liabilities owed during a period.  Under the ------------------------------------if the effects of those price changes are recognized they are called holding gains and losses and are included in return on capital.   Under the ------------------------- those changes would be recognized but called capital maintence adjustments and would be included directly in equity and would not be included in return on capital.   Under that concept capital maintence adjustments would be a separate element rather then gains and losses,
    Financial capital concept / Physical capital concept / financial capital concept / physical capital concept
  3. true of false

    An enitity revenue may result from a decrease ina liability from primary operations 
    true
  4. true of false

    if a liability decreses, then revenue may increase 
    true
  5. true of false

    the despreciation methods should be disclosed in the summary of significant accounting policies 
    true
  6. true or false

    Compositoin of fixed assets or any other account should be disclosed in the summary of significant accounting policies
    false
  7. On jan1 year 1 brecon co installed cabinets to display its merchandise in customers stores.  Brecon expects to use these cabinets for five years.  Brecon Year1 multi step income statement should include
    One-fifth of the cabinet costs in selling, general and administrative expenses
  8. When a fixed asset is sold, gain or loss is recognized as part of income from ------------------------------------.
    continueing operations
  9. unrealized losses or gains resulting from changes in market value of avaliable for sale investmetns shuld be reported as a component of other comprehensive income in ----------------------------------------
    shareholders equity
  10. Unrealized gains and losses on investments held for trading would be included in ---------------------------------------
    net income
  11. Correction of errors of prior periods should be reproted as an ----------------------------------------------------------- not as an item of net income.
    adjustment to beginning retained earnings
  12. A change from unaccepted principle to accepted principle is an example of an error of prior period that should be reported by adjusting the ------------------------------------------------------- of the ------------------------ year presented if the year of the error is not presented or by fixing the error in the ---------------------- year if presented
    beginning retained earnings / earliest / prior
  13. Under US GAAP when making a change to LIFO it is considered ------------ to calulate the ------------------------ of the change, the --------------------------------------- amount becouses the first LIFO layer.
    impracticable / cumlative effect / beginning inventory dollar
  14. A change in accounting principle that is inseparable from a change in accounting estimate should be reported as a ----------------------------------------- and thus a component of income from ----------------------------------------------
    change in accounting estimate / continueing operations
  15. The entire amount of an ectraordinay gain or loss or an unuasual or infrequently occuring item gain or loss from sale of fixed assets should be reported ----------------------------------------------------------------------- 
    during the period incurred
  16. An effective income tax rate for operations for a full year should reflect what
    • 1. anticipated foreign tax rates
    • 2. available tax planning alternatives
    • 3. anticipated tax credits
    • 4. capital gains rates
    • 5. foreign tax credits    
  17. inventroy losses from permanent declines are recognized in the --------------------------------------.
    interim period incurred.
  18. ---------------------------------- market declines need not be recognized at interm when a trun around can reasonably be expected to occur before the end of the ------------------------
    Temporary / fiscal Year
  19. Advertisng costst may be ---------------------------------- to provide an appropriate expense in each for both interim and year end financial reporting
    Accrued or deferred
  20. Advertisng costst may be accrued or deferred to provide an appropriate expense in each for both -------------------------- financial reporting
    interim and year end
  21. market price declines should be recognized in the interim period in which decline is judged permanent and later if they turn around are recognized as ------- in subsequent periods only to the ------------------------------------------.
    gains / extent  prvously reported losses
  22. market price declines should be --------------------- in the interim period in which decline is -------------------- and later if they turn around are recognized as gains in subsequent periods only tothe extent previously reported losses.
    recognized / judged permanent
  23. To be significant enough to report on a segment must be at least 10 % of
    • 1. combined revenues
    • 2. operating income
    • 3. identifiable assets  
  24. when determining if a segment is 10% of combined revenues, operating income, or identifiable assets, is interest income included?
    no
  25. operating profit by segments is based on the measure of profit reported to the ---------------------------------------------------------
    cheif operating decision maker
  26. if revenue from a single external customer is ----------- or more of ------------------- then the company should disclose this fact, the total amount of revenue from the customerm and the segment or segments reporting the revenues.
    10%  /  total revenue
  27. if revenue from a single external customer is 10% or more of total revenue then the company should -------------- this fact, the ------------------- from the customerm and the segment or segments reporting the revenues.
    disclose  /  total amount of revenue
  28. deficits accumulated during the development stage of a company should be reported as a part of --------------------------------------------
    stockholders equity
  29. Financial reporting by a development stage enterprise differs from financial reporting for an established operting enterprise in regard to ----------------------------only
    footnot disclosures
  30. development state enterprises should present fiancial statements in accordance with GAAP and make additional disclosures such as
    • 1. cumulative net losses
    • 2. cumulative deficit
    • 3. cumulative sales and expenses
    • 4. cumulative statement of cash flows
    • 5. supplementary shareholders equity    
  31. development stage enterprises should present fiancial statements in accordance with GAAP and make additional discloseures such as cumulative amounts from inception for the following
    • 1. net losses
    • 2. deficits
    • 3. sales
    • 4. expenses
    • 5. cash flows and supplementary data    

What would you like to do?

Home > Flashcards > Print Preview