CPA Study Cards F4 3-4

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Joens1313
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164289
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CPA Study Cards F4 3-4
Updated:
2012-07-28 21:56:04
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CPA Study Cards F4
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CPA Study Cards F4 3-4
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  1. What is working capital
    it is current assets minuw current liabilites
  2. What does working capital measure
    the solvency of a company.
  3. What is the formula for working capital
    Currnent assets - current liabilities = working capital
  4. What is the formula for current ratio
    currnet assets / current liabilites = current ratio
  5. What is the formula for the quick ratio
    (cash + net receivables+Marketable securities)/Current liabilites  =  Quick ratio
  6. What are current assets
    those resources that are reasonably expected to be realized in cash , sold, or consumed during normal operating cycle of a business or one year, which ever is longer
  7. What are some examples of current assets
    cash, trading securities, accounts and note receivable, prepaid expenses------there are more
  8. What are current liabilities
    obligations whose liquidation is reasonably expected to require the use of current assets or the creation of other current liabilites.
  9. Obligations for items that have entered the operating cycle should be classified as --------------------------------------
    current liabilities
  10. What are some types of current liabilites
    trade accounts and notes payable, current portions of long term debt, cash dividends payable, accrued liabilites , payroll liabiliteies, taxess payable
  11. Under US GAAP a -------------------------- may be excluded from current liabilities and included in noncurrent debt if the compnay intends to refinance it on a long term basis and the intent is supported by the ability to do so as evidanced either by

    1. the actual refinanciing prior to the issuance of the financial statements

    or

    2. the existance of a noncancelable financing agreement from a lender having the financial resources to accomplish the refinanciing
    short term obligation
  12. Under US GAAP a short term obligation may be excluded from ------------------------- and included in noncurrent debt if the compnay intends to refinance it on a long term basis and the intent is supported by the ability to do so as evidanced either by

    1. the actual refinanciing prior to the issuance of the financial statements

    or

    2. the existance of a noncancelable financing agreement from a lender having the financial resources to accomplish the refinanciing
    current liabilities
  13. Under US GAAP a short term obligation may be excluded from current liabilities and included in noncurrent debt if the compnay intends to refinance it on a long term basis and the intent is supported by the ability to do so as evidanced either by

    1. -----------------------------------------------------

    or

    2. the existance of a noncancelable financing agreement from a lender having the financial resources to accomplish the refinanciing
    the actual refinanciing prior to the issuance of the financial statements
  14. Under US GAAP a short term obligation may be excluded from current liabilities and included in noncurrent debt if the compnay intends to refinance it on a long term basis and the intent is supported by the ability to do so as evidanced either by

    1. the actual refinanciing prior to the issuance of the financial statements

    or

    2. ---------------------------------------------------------
    the existance of a noncancelable financing agreement from a lender having the financial resources to accomplish the refinanciing
  15. Under US GAAP a short term obligation may be excluded from current liabilities and included in noncurrent debt if the compnay intends to --------------- it on a long term basis and the intent is supported by the ability to do so as evidanced either by

    1. the actual refinanciing prior to the issuance of the financial statements

    or

    2. the existance of a noncancelable financing agreement from a lender having the financial resources to accomplish the refinanciing
    refinance
  16. ------------------- is cash that has been set aside for a specific use of purpose.
    restricted cash
  17. restricted cash is cash that has been set aside for a ----------------------------------------.
    specific use or purpose
  18. Unrestrited cash is used for all ---------------------
    current operations
  19. The nature, amount, and timing of restrictions should be disclosed in the --------------------------
    footnotes
  20. If restricted cash is associated with a current asset or current liability classify as a -------------------- but separate from unrestricted cash
    current asset
  21. If restricted cash is associated with a current asset or current liability classify as a current asset but separate from -----------------------------
    unrestricted cash
  22. If the restricted cash is associated with a -------------------------------------------------------------- classify it as a noncurrent asset but separate from either the investments or other assets section
    noncurrent asset or noncurrent liability
  23. If the restricted cash is associated with a noncurrent asset or noncurrent liability classify it as a -------------------------- but separate from either the investments or other assets section
    noncurrent asset
  24. If the restricted cash is associated with a noncurrent asset or noncurrent liability classify it as a noncurrent asset but separate from either the --------------------- or ---------------------------- section
    investments / other assets

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