CPA Study cards F3 3 - 11

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CPA Study cards F3 3 - 11
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2012-07-23 15:39:15
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CPA Study cards F3 11
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CPA Study cards F3 3 - 11
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  1. What are equity securities
    securitites that represent an ownership interest in an enterprise or the right to acquire  or dispose of an ownership interest in an enterprise at fixed or determinable prices
  2. What might equity securites be represented by 
    • ownership shares
    • Rights to acquire ownership shares
    • Rights to dispose of ownership shares
    • common stock
    • preferred stock
    • stock warretns call options
    • put options
  3. What are the 3 catagories of securities
    • trading securitites ( current assets)
    • available for sale securities ( non current assets)
    • held to marurity securities ( debt securities only)(non current assets)
  4. what are trading securities
    a those securitites that are bought and held princopally for the purpose of selling them int he near term
  5. What type of assets is a trading security
    a current asset
  6. what are avaiable for sale securities
    are those securiteis not meeting the definitions of the other two classifications.
  7. What type os asset is a avaiable for sale security
    non-current asset
  8. what are held to maturity securities
    investments in debt securites are callsified as held to maturity securites only if the corpation has the positive intent and ability to hold these securities to maturity
  9. what are securitites that are bought and held princopally for the purpose of selling them int he near term
    trading securites
  10. what are securiteis not meeting the definitions of the other two classifications.
    available for sale securites
  11. what are investments in debt securites are callsified as held to maturity securites only if the corpation has the positive intent and ability to hold these securities to maturity
    held to maturity securites
  12. Under IFRS wht can marketable security investments be classifed as
    • 1.financial assets at fair value through profit or loss
    • 2. available for sale
    • 3. held to maturity
  13. trading and avaialbe for sale securites must be reported at ------------------------------
    fair value
  14. Fair value is the --------------------------------- of the security or what a willing buyer and seller would pay for and accpt to exchange the security
    market price
  15. Unrealized holding gains and losses on trading securitites are included in ------------------------------ .  there fore the unrealized gain or  loss on trading securites is shown in the -----------------------------------
    earnings / income statement
  16. Unrealized holding ---------------------- on trading securitites are included in earnigns .  there fore the unrealized -------------------- on trading securites is shown in the income statement.
    gains and losses / gain or loss
  17. Unrealized holding gains and losses on ----------------------- are included in earnings .  there fore the unrealized loss on trading securites is shown in the income statement
    trading securitites
  18. Unrealized holding ---------------------------- on avaiable for sale securites are reported in other comprehensive income
    gains and losses
  19. Unrealized holding gains and losses on -------------------------------------- are reported in other comprehensive income
    avaiable for sale securities
  20. -------------------------- holding gains and losses on avaiable for sale securites are reported in other comprehensive income
    Unrealized
  21. Unrealized holding gains and losses on avaiable for sale securites are reported in ---------------------------------------
    other comprehensive income
  22. Under IFRS unrealized gians and losses on avaiable for sale securites are reported in other comprehensive income , except for ------------------------------------------ on avaiable for sale debt securites which are reported directly on the income statement. 
    foreign exchane gains and losses
  23. Under IFRS unrealized gians and losses on avaiable for sale securites are reported in other comprehensive income , except for foreign exchange gains and losses on avaiable for sale debt securites which are reported directly on the ----------------------------.
    income statement
  24. Under IFRS unrealized gians and losses on avaiable for sale securites are reported in --------------------------------- , except for foreign exchange gains and losses on avaiable for sale debt securites which are reported directly on the income statement.
    other comprehensive income
  25. Under IFRS unrealized gians and losses on avaiable for sale securites are reported in other comprehensive income , except for foreign exchange gains and losses on avaiable for sale --------------- securites which are reported directly on the income statement.
    debt
  26. Under IFRS foreign exchange gains and losses on avaiable for sale ------- securites are incuded in other comprehensive income
    equity
  27. Under IFRS foreign exchange gains and losses on avaiable for sale equity securites are incuded in ---------------------------------------------------------
    other comprehensive income
  28. Under IFRS foreign exchange gains and losses on -------------------------------------- securites are incuded in other comprehensive income
    avaiable for sale equity
  29. Realized ----------------------- are recognized when a security is sold and when an avaialbe for sale security is deemed to be impaired.  All relized ------------------- are reognized on the income statement
    gains or losses / gains or losses
  30. Realized gains or losses are recognized when a security is -------- and when an avaialbe for sale security is deemed to be -----------------.  All relized gains or losses are reognized on the income statement
    sold / impaired
  31. Realized gains or losses are --------------------- when a security is sold and when an avaialbe for sale security is deemed to be impaired.  All relized gains or losses are reognized on the ------------------------------
    resognized / income statement
  32. Held to maturity securites are valued at -------------------------
    amortized cost
  33. ------------------------- securities are valued at amortized cost
    held to maturity
  34. Fill in the blank

    Security classifacation --- Trading

    Balance sheet------
    Reported-----------
    Unrealized gain / loss--------
    Cash Flow--------
    • Balance sheet--------current
    • Reported-------------Fair Value
    • Unrealized gain / loss-------Income statement
    • Cash Flow-------------------Operating or Investing
  35. Fill in the blank

    Security classifacation -----Avaliable for sale

    Balance Sheet------------
    Reported--------------
    Unrealized gain/loss------------
    Cash Flow--------------
    • Balance Sheet--------Non-current
    • Reported--------------Fair Value
    • Unrealized gain/loss--------other operating income
    • Cash flow-----------investing
  36. Fill in the blank

    Security classifacation --------Held to maturity debt security

    Balance Sheet-------------
    Reported ----------------
    Unrealized gain/loss-----------
    Cash Flow----------------
    • Balance sheet-------Non current
    • Reported---------------Amortized
    • Unrealized gain/loss------------NONE
    • Cash Flow-----Investing
  37. The following discribes which kind of security

    Balance sheet--------current
    Reported-------------Fair Value
    Unrealized gain / loss-------Income statement
    Cash Flow-------------------Operating or Investing
    Trading
  38. The following discribes which kind of security

    Balance Sheet--------Non-current
    Reported--------------Fair Value
    Unrealized gain/loss--------other operating income
    Cash flow-----------investing
    Avaliable for sale
  39. The following discribes which kind of security

    Balance sheet-------Non current
    Reported---------------Amortized
    Unrealized gain/loss------------NONE
    Cash Flow-----Investing
    Held to maturity debt security
  40. Any unrealized holding gain or loss on a security that is reclassifed from the trading catagory has the unrealized holding gain or loss at the date of transfer is already recognized in ----------------- and shall not be --------------------
    earnings / reversed
  41. Any unrealized holding gain or loss on a security that is reclassifed from the trading catagory has the --------------------------------------at the date of transfer is already recognized in earnings and shall not be reversed
    unrealized holding gain or loss
  42. Any unrealized holding gain or loss on a security that is reclassifed to the trading catagory the unrealized holding gain or loss at the date of transfer shall be recognized in earnings ----------------------------.
    immediately
  43. Any unrealized holding gain or loss on a security that is reclassifed to the trading catagory the -------------------------------------------- at the date of transfer shall be recognized in earnings immediately.
    unrealized holding gain or loss
  44. Any unrealized holding gain or loss on a security that is reclassifed from a debt security classified as held to maturity transferred to avaiable for sale  the unrealized gain or loss at the date of transfer shall be reported in ---------------------------------------------.
    other comprehensive income
  45. Any unrealized holding gain or loss on a security that is reclassifed from a debt security classified as held to maturity transferred to --------------------------  the unrealized gain or loss at the date of transfer shall be reported in other comprehensive income.
    avaliable for sale
  46. Under US GAAP if a decline in a security is fair value is other than tempory the cost basis of the individual security is written down to ----------------------- as the new cost basis and the amount of the write down is accounted for as a realized loss and included in earnings
    fair value
  47. Under US GAAP if a decline in a security is fair value is other than tempory the cost basis of the individual security is written down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss and included in -------------------
    earnings
  48. changes in -------------------are not recognized if the security is classified as held to maturity
    fair value
  49. changes in fair value are not recognized if the security is classified as ----------------------
    held to maturity
  50. if a secutity is classified as avaiable for sale a subsequent increase in fair value is included in ---------------------------------------------------------
    other comprehensive income
  51. if a secutity is classified as ---------------------------- a subsequent increase in fair value is included in other comprehensive income
    availiable for sale
  52. decreases in fair value of anaivalble for sale securities if not other than tempory are also included in other comprehensive income and accounted for as an ---------------------------------------
    unrealized loss
  53. decreases in --------------------- of anaivalble for sale securities if not other than tempory are also included in other comprehensive income and accounted for as an unrealized loss
    fair value
  54. decreases in fair value of anaivalble for sale securities if not other than tempory are also included in ------------------------------------------- and accounted for as an unrealized loss
    other comprehensive income
  55. a sale of a security from any catagory results in  a realized gain or loss and is reported on the --------------------------- for the period
    income statement
  56. a sale of a security from any catagory results in  a ---------------------------------------- and is reported on the income statemetn for the period
    realized gain or loss
  57. a sale of a security from any catagory results in  a realized gain or loss and is reported on the income statemetn for the ----------------------
    period
  58. consolidated fiancial statements ignore important legal relationships and emphasize economic substance over form.
    important legal relationships
  59. consolidated fiancial statements ignore important legal relationships and emphasize ----------------------- over form.
    economic substance
  60. consolidated financial statements are an ------------------------ but a legal fiction
    economic truth
  61. consolidated financial statements are an economic truth but a ----------------------
    legal fiction
  62. ----------------------------------statements are an economic truth but a legal fiction
    consolidated financial
  63. ----------------------------------------- statements are necessary for fair presentation
    colsolidated financial
  64. the -------------------------- is not a valid substitute for consolidation.
    equity method
  65. ---------------------------- all majority owned subsidiaries to have one managemetn and one economic enitity.
    consolidate
  66. consolidate all ---------------------------- subsidiaries to have one managemetn and one economic enitity.
    majority owned
  67. ----------------- consolidate when control is not with owners
    do not
  68. Companies that have differant year ends ------------------- consolidated
    can be
  69. consolidataton is a combination of the financial statemetns of -------------------- entities into a single set of financial statemetns representing a single economic unit.
    two or more
  70. consolidataton is a combination of the financial statemetns of two or more entities into a single set of ---------------------------------- representing a single economic unit
    financial statements
  71. the investor accounts for the investment using the ---------------------------- if the invstor does not have the ability to exercise significant influance over the investee. ( less than 20%)
    cost method
  72. the investor accounts for the investment using the cost mehtod if the invstor does not have the ability to exercise significant influance over the investee. ( less than ----%)
    20
  73. the investor accounts for the investment using the cost mehtod if the invstor -------- have the ability to exercise significant influance over the investee. ( less than 20%)
    does not
  74. the invstor accounts for the investment using the ----------------------------------- of accounting if the investor can exercise significant influance over the investee and holds 50% or less of the voting stock
    equity method
  75. the invstor accounts for the investment using the equity method of accounting if the investor can exercise significant influance over the investee and holds -----% or less of the voting stock
    50
  76. the invstor accounts for the investment using the equity method of accounting if the investor can --------------------------------------------------- over the investee and holds 50% or less of the voting stock
    exercise significant influance
  77. The investor should prepare ------------------------------------------------- with its investees when the investor has control (over 50% ownership) of the subsidiary.  internally the investor may use either the cost method or the equity mthod to account for its investments
    consolidatd financial statements
  78. The investor should prepare consolidated finacial staements with its investees when the investor has control (over ----% ownership) of the subsidiary.  internally the investor may use either the cost method or the equity mthod to account for its investments
    50
  79. The investor should prepare consolidated finacial staements with its investees when the investor has control (over 50% ownership) of the subsidiary.  internally the investor may use either the-----------or the ----------- to account for its investments
    cost method / equity method

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