F4 General Cards

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Joens1313
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F4 General Cards
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2012-08-01 20:14:42
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F4 general Cards
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  1. What does B,A.S.E. stand for?
    • Beginning balance
    • Additions
    • Subtractions
    • Ending Balance
  2. -------------------------- without recourse is a sales transaction.  Factoring without recourse transfers the risk of uncollectable accounts to the buyer
    Factoring receivables
  3. Factoring receivables without recourse is a -------------------------------------.  Factoring without recourse transfers the risk of uncollectable accounts to the buyer
    sales transaction
  4. Factoring receivables without recourse is a sales transaction.  Factoring without recourse transfers the --------------------------------------- to the buyer
    risk of uncollectable accounts
  5. Factoring receivables without recourse is a sales transaction.  Factoring without recourse transfers the risk of uncollectable accounts to the ------------
    buyer
  6. The ---------------------- or recording uncollectable accounts is used to match expenses with revenues and to record the proper carrying amount for accounts receivable.  This method is consistant with accrual accounting.
    allowance method
  7. The allowance method of recording uncollectable accounts is used to match -----------------------------and to record the proper carrying amount for accounts receivable.  This method is consistant with accrual accounting
    expenses with revenues
  8. The allowance method of recording uncollectable accounts is used to match expenses with revenues and to record the proper carrying amount for accounts receivable.  This method is consistant with ----------------------------
    accrual accounting
  9. The -------------------------------method is not consistant with accrual accounting. 
    direct write off
  10. The direct write off method is not consistant with --------------- accounting. 
    accrual
  11. when the ----------------------------- of recognizing uncollectable accounts is used the entry to record the write off of a specific account decreases both accounts receivable and the allowacne for uncollectible accounts
    allowance method
  12. when the allowance method of recognizing uncollectable accounts is used the entry to record the write off of a specific account ----------------- both accounts receivable and the allowacne for uncollectible accounts
    decreases
  13. when the allowance method of ------------------------------------------------------------- is used the entry to record the write off of a specific account decreases both accounts receivable and the allowacne for uncollectible accounts
    recognizing uncollectable accounts
  14. If a company is aging receivables, it means that the companies recivables are being collected ---------------------------------, this is a warming sign that the business may be slowing down or that the company is taking greater credit risk in its sales practices.
    collected much slower than normal
  15. If a company is aging receivables, it means that the companies recivables are being collected much slower than normal, this is a warming sign that the business may be slowing down or that the company is -------------------------risk in its sales practices.
    greater credit risk
  16. A ------------------------------- is excluded from current liabilities and included in noncurrent debt if the company intends to refinance it on a long term basis and the intent is supported by either the existence of a noncancelable financiing agreement or an actual refinancing prior to the issuance of the financial statements.
    short term obligation
  17. A short term obligation is excluded from current liabilities and included in noncurrent debt if the company intends to -------------------------------------and the intent is supported by either the existence of a noncancelable financiing agreement or an actual refinancing prior to the issuance of the financial statements.
    refinance it on a long term basis
  18. A short term obligation is excluded from current liabilities and included in noncurrent debt if the company intends to refinance it on a long term basis and the intent is supported by either the existence of a ----------------------------------------------------- or an actual refinancing prior to the issuance of the financial statements.
    noncancelable financing agreemenet
  19.  A defferred tax liability arising from depreciation are considered a -------------------------------
    noncurrent liability
  20. current ratio is equala to -------------------------- divided by current liabilites
    current assets
  21. list some examples of current assets
    • cash
    • accounts receivable
    • inventory
  22. The quick ratio is calculated as follows

    ------------------------+net receivables+marketable securities
    /
    current liabilities
    cash
  23. The quick ratio is calculated as follows

    cash+-----------------------------+marketable securities
    /
    current liabilities
    net receivables
  24. The quick ratio is calculated as follows

    cash+net receivables+-------------------------------
    /
    current liabilities
    marketable securities
  25. The quick ratio is calculated as follows

    cash+net receivables+marketable securities
    /
    --------------------------------
    current liabilities
  26. Per the matching principle expenses must be recognized in the same period in which the related revenue is recognized.  Matching bad debt expense with associated revenues is correct per GAAP and the --------------------------based on past experience is an appropriate methodology.
    allowance method
  27. Per the ------------------------------- expenses must be recognized in the same period in which the related revenue is recognized.  Matching bad debt expense with associated revenues is correct per GAAP and the allowance method based on past experience is an appropriate methodology.
    matching principle
  28. Per the matching principle expenses must be recognized in the -------------------------- in which the related revenue is recognized.  Matching bad debt expense with associated revenues is correct per GAAP and the allowance method based on past experience is an appropriate methodology.
    same period
  29. When a company ---------------------- receivables in return for a loan, the assigning company will retain title to the receivables and will use the proceeds collected from the receivables to repay the loan
    pledges
  30. When a company pledges receivables in return for a loan, the assigning company will ------------------ to the receivables and will use the proceeds collected from the receivables to repay the loan
    retain title
  31. When a company pledges receivables in return for a loan, the assigning company will retain title to the receivables and will use the proceeds collected from the receivables to -------------------------
    repay the loan
  32. If a defferred tax liability not rellated to an asset and will reverse during the ------------------------- , it is a current liabiility
    next operating period
  33. If a defferred tax liability not rellated to an asset and will reverse during the next operating period , it is a -----------------------------------
    current liability
  34. ------------------------- and FIFO perpetual will always result in the same dollar valuation of ending inventory.
    FIFO periodic
  35. FIFO periodic and ------------------------ will always result in the same dollar valuation of ending inventory.
    FIFO perpetual
  36. Freight out is a ---------------- expense
    selling
  37. Estimates of price level chanes for specific inventories are required for the ------------------------ method
    dollar value LIFO
  38. Estimates of -------------------------- for specific inventories are required for the dollar value LIFO method
    price level changes
  39. applying the lower of cost or market rule separately to ---------------------- results int he lowest inventory amount
    each item
  40. applying the lower of cost or market rule separately to each item results in the ----------------------
    lowest inventory amount
  41. -------------------------- is the difference between inventory on the LIFO method versus any other method
    LIFO reserve
  42. Purchase discounts are a reduction to -----------------------.
    gross purchases
  43. What is the formula to get the price index used to compute a dollar value LIFO inventory layer
    • Price index = inventory at current year cost up to that layer
    •                                                  /
    •                       inventory at base year cost up to that layer
  44. Price index = ----------------------------------------------- 
                                                   /                     
                            inventory at base year cost up to that layer
     inventory at current year cost up to that layer                                                                  
  45. Price index = inventory at current year cost up to that layer 
                                                   /                     
                           -----------------------------------------
       inventory at base year cost up to that layer
  46. If the replacement cost is the market value and inventory is reported at replacement cost then the replacement cost is-------- than the orginal cost
    lower
  47. A write off of obsolete inventory should be treated as an ---------------------- and not as cost of goods sold
    operating loss
  48. inventory is a component of current assets an --------------- of ending inventory will cause current assets to be overstated
    overstatement
  49. inventory is a component of current assets an overstatement of ending inventory will cause current assets to be ---------------
    overstated
  50. In a period of rising prices --------- results in the lowest cost of goods sold and the highest net income
    FIFO
  51. In a period of rising prices FIFO results in the lowest -------------------------- and the highest net income
    cost of goods sold
  52. In a period of rising prices FIFO results in the lowest cost of goods sold and the --------------------
    Highest net income
  53. Can insurance cost during transsit pf purchased goods be included in the cost of inventory
    yes
  54. An understatement of ending inventory results in an overstatement of --------------------------- which results in an understandment of net income and retained earnings
    cost of goods sold
  55. An understatement of ending inventory results in an overstatement of cost of goods sold which results in an understandment of --------------- and retained earnings
    net income
  56. An understatement of ending inventory results in an overstatement of cost of goods sold which results in an understandment of net income and --------------------
    retained earnings
  57. Any cost incurred to aquire and make ready a plant asset is --------------------------
    capitalized
  58. interest costs incurred during the ------------------------- of machinery to be used by a firm asset  should be capitalized as part of the historic cost of acquireing the fixed asset.
    construction period
  59. interest costs incurred during the construction period of machinery to be used by a firm asset  should be -------------- as part of the historic cost of acquireing the fixed asset.
    capitalized
  60. interest costs incurred during the construction period of machinery to be used by a firm asset  should be capitalized as part of the historic cost of acquireing the -----------------.
    fixed asset
  61. interest costs on the fixed asset subsequent to the construction period as well as all interest costs on the routine manufacture of machinary for ----------------------------- should be expensed in the income statement for the period
    sale to customers
  62. Interest incurred during the construction period should be ---------------------
    capitalized
  63. Interest incurred during the ------------------------- should be capitalized 
    construction period
  64. Leasehold improvements are capitalized and then amortized over the lesser of the life of the improvements or the remaining ------------------------
    term of the lease
  65. Leasehold improvements are capitalized and then -----------------over the lesser of the life of the improvements or the remaining term of the lease
    amorrtized
  66. Leasehold improvements are capitalized and then amortized over the lesser of the life of the improvements or the remaining term of the lease
    capitalized
  67. Leasehold improvements are capitalized and then amortized over the lesser of the -------------------------- or the remaining term of the lease
    life of the improvements
  68. Under IFRS if a revalued asset becomes impaired the impairment is recorded by first reducing any revaluation surplus to zero with further impairmant losses reported on the ------------------------------t
    income statement
  69. Under IFRS if a revalued asset becomes impaired the impairment is recorded by first reducing any --------------------- to zero with further impairmant losses reported on the income statement
    revaluation surplus
  70. Under ------------------- investment property is defined as land and buildings held by an entity to earn rentals or for capital appreciation
    IFRS
  71. Under IFRS investment property is defined as land and buildings held by an entity to earn------------------ or for capital appreciation
    rentals
  72. Under IFRS investment property is defined as land and buildings held by an entity to earn rentals or for ---------------------------------
    capital appreciation
  73. Under IFRS when investment property is reported at cost less accumulated depreciation --------------- must be disclosed
    fair value
  74. Under IFRS when investment property is reported at -------------------------- fair value must be disclosed
    cost less accumulated depreciation
  75. Under IFRS if an individual fixed asset is revalued then the --------------------------------- to which that asset belongs must be revalued
    entire class of fixed assets
  76. If borrowings are not tied specifically to the construction of an asset the --------------------------------- for the other barrowings of the company should be used
    weighted average interest rate
  77. Group depresiation and composite depreciation are based on the ---------------------- depreciation method.
    straight line
  78. The carrying amount of fixed assets should be tested for recoverability at least --------------- or whenever events or changes in circumstances indicate the carrying amount may not be recoverable
    annually
  79. The carrying amount of fixed assets should be tested for recoverability at least annually or whenever ---------------------------------------------- indicate the carrying amount may not be recoverable
    events or changes in circumstances
  80. method of estimating uncollectible accounts that emphamsizes asset valuation rather than income measurement is the allowance method based on -----------------------------
    aging of receivables
  81. method of estimating uncollectible accounts that emphamsizes ---------------------- rather than income measurement is the allowance method based on aging of receivables
    asset valuation
  82. The entry to write off an uncollectable account under the alowance method has --------------- on net income.
    no effect
  83. F.O.B ------------------- means that the  title passes when received by the buyer and that packageing shipping and handling are costs of the seller
    destination
  84. under US GAAP --------------- most closely approximates the current cost for cost of goods sold 
    LIFO
  85. under US GAAP ---------------- most closely approximates the current cost for ending inventory 
    FIFO
  86. ------------------------------ mthod will produce a higher inventory carrying amount than periodic weighted average when prices are increasing
    Perpetual moving average
  87. Perperual moving average mthod will produce a higher inventory carrying amount than periodic weighted average when prices are ----------------
    increasing
  88. During an accounting period cash collections from customers would equal sales adjusted by -------------- accounts receivable written off and deducting the increase in the accounts receivable balance
    deducting
  89. During an accounting period cash collections from customers would equal sales adjusted by deducting accounts receivable written off and ------------- the increase in the accounts receivable balance
    deducting
  90. Perpetual moving average method will produce a higher inventory carrying amount than periodic weighted average when prices are ---------------
    increasing
  91. ----------------------- method will produce a higher inventory carrying amount than periodic weighted average when prices are increasing
    Perpetual moving average
  92. Perpetual moving average method will produce a ---------inventory carrying amount than periodic weighted average when prices are increasing
    higher
  93. The aggregate amount of payments to be made on unconditional purchase obligations should be disclosed for each of the ------------------- following the date of the latest balance sheet.
    5 Years
  94. The aggregate amount of payments to be made on ------------------------------------- should be disclosed for each of the 5 years following the date of the latest balance sheet.
    unconditonal purchase obligations
  95. The aggregate amount of payments to be made on unconditional purchase obligations should be disclosed for each of the 5 years following the date of the ------------------.
    latest balance sheet
  96. Dollar value LIFO gives the lowest ending invenotry when product lines are subject to ------------------------
    specific price increases
  97. Dollar value-------- gives the lowest ending invenotry when product lines are subject to specific price increases
    LIFO
  98. Purchase returns are------------------------ the retail column and cost column
    included in both 

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