CPA Study Card F1 29-36

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Joens1313
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165918
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CPA Study Card F1 29-36
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2012-08-14 15:04:52
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CPA Study Card F1 29 36
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CPA Study Card F1 29-36
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  1. Name the 3 types of changes in Accounting
    • 1. Changes in accounting estimate
    • 2. Changes in accounting principle
    • 3. Changes in accounting entity
  2. Name the 3 types of changes in Accounting

    1. ------------------------------
    2. Changes in accounting principle
    3. Changes in accounting entity
    Changes in accounting estimate
  3. Name the 3 types of changes in Accounting

    1. Changes in accounting estimate
    2. ---------------------------------
    3. Changes in accounting entity
    Changes in accounting principle
  4. Name the 3 types of changes in Accounting

    1. Changes in accounting estimate
    2. Changes in accounting principle
    3. ---------------------------------
    Changes in accounting entity
  5. A change in accounting estimate occurs when it is determined that the --------------- previously used by the company is incorrect
    estimate
  6. A change in accounting estimate occurs when it is determined that the estimate previously used by the company is ------------
    incorrect
  7. What are some events resulting in estimate changes
    • 1. changes in the lives of fixed assets
    • 2. adjustmetns of yarend accrual of officers salaries and or bonuses
    • 3. write down of obsolete inventory
    • 4. material nonrecurring IRS adjustments
    • 5. Settlement of litigation
  8. Changes in accounting estimate are accounted for -----------------.  They do not affect previous periods.
    prospectively
  9. Changes in accounting estimate are accounted for prospectively.  They do not affect -----------------.
    previous periods
  10. A change in accounting principle may be changed only if required by ----------------------- or if the alternative principle is preferable and more fairly presents the information. 
    GAAP / IFRS
  11. A change in accounting principle may be changed only if required by GAAP / IFRS or if the alternative principle is preferable and more ---------------------------------. 
    fairly presents the informaton
  12. the direct effect of a change in accounting principle are adjustments that would be necessary to restate the --------------------------------------------------.
    finacial statements of prior periods
  13. The general rule is that changes in accounting principle should be recognized by adjusting beginning retained earnings in the -------------------------------------
    earliest period presented
  14. The general rule is that changes in -------------------- should be recognized by adjusting beginning retained earnings in the earliest period presented
    accounting principle
  15. a change in the method of depreciation, amortization, or depletion is considered to be both a change in accounting ------------------ and a change in estimate
    Principle
  16. a change in the method of depreciation, amortization, or depletion is considered to be both a change in accounting principle and a change in --------------------
    estimate
  17. Under US GAAP a change in accounting entity occurs when the entity being reported on has changed -------------------. 
    composition
  18. Under US GAAP a change in accounting ------------- occurs when the entity being reported on has changed compositon. 
    entity
  19. If a change in accounting entity occurs in the current year all --------------------- that are presented in comparative financial statemetns along with the current year should be restated to reflect the information for the new reporting entity.
    previous financial statements
  20. If a change in accounting entity occurs in the current year all previous financial statemetns that are presented in comparative financial statemetns along with the current year should be restated to reflect the information for the ----------------------.
    new reporting entity
  21. If a change in accounting entity occurs in the current year all -------------------------------- that are presented in comparative financial statemetns along with the current year should be restated to reflect the information for the new reporting entity.
    previous financial statements
  22. ------------------- does not include the concept of a change in accounting entity
    IFRS
  23. IFRS does not include the concept of a change in accounting ------------------
    entity
  24. The purpose of the statemetn of -------------------- is to reconcile the beginning balance of retained earnings with the ending balance.  It is usually presented immediately following the income statement
    retained earnings
  25. The purpose of the statemetn of retained earnings is to reconcile the beginning balance of retained earnings with the -------------------.  It is usually presented immediately following the income statement
    ending balance
  26. The purpose of the statemetn of retained earnings is to reconcile the beginning balance of retained earnings with the ending balance.  It is usually presented immediately following the --------------------
    income statement
  27. ------------------------- is the change in equity of a bueiness enterprise during a period from transactions and other events and circumstances from non-owner sources.
    comprehensive income
  28. Comprehensive income is the -------------------------- of a bueiness enterprise during a period from transactions and other events and circumstances from non-owner sources.
    change in equity
  29. Comprehensive income is the change in equity of a bueiness enterprise during a period from transactions and other events and circumstances from --------------------------.
    non-owner sources
  30. Net income includes the following items

    1.
    2. Discontinued operations
    3. Extraordinary items
     Income from continueing operations
  31. Net income includes the following items

    1. Income from continueing operations
    2. 
    3. Extraordinary items
    Discontinued operations
  32. Net income includes the following items

    1. Income from continueing operations
    2. Discontinued operations
    3. 
    Extraordinary items
  33. What is included in Other comprehensive income

    -----------------------
    Unrealized gains and losses
    Foreign currency items
    Effective portion cash flow hedges
    Revaluation surplus
    Pension adjustments
  34. What is included in Other comprehensive income

    Pension adjustments
    ----------------------------
    Foreign currency items
    Effective portion cash flow hedges
    Revaluation surplus
    Unrealized gains and losses
  35. What is included in Other comprehensive income

    Pension adjustments
    Unrealized gains and losses
    -----------------------------
    Effective portion cash flow hedges
    Revaluation surplus
    Foreign currency items
  36. What is included in Other comprehensive income
    Pension adjustments
    Unrealized gains and losses
    Foreign currency items
    --------------------------
    Revaluation surplus
    Effective portion cash flow hedges
  37. What is included in Other comprehensive income
    Pension adjustments
    Unrealized gains and losses
    Foreign currency items
    Effective portion cash flow hedges
    ----------------------------------
    Revaluation surplus
  38. What is included in Other comprehensive income

    P
    U
    F
    E
    R
    • Pension adjustments
    • Unrealized gains and losses
    • Foreign currency items
    • Effective portion cash flow hedges
    • Revaluation surplus
  39. Other comprehensive income items are revenues, expenses, gains, losses, that are included in comprehensive income but excluded from --------------------- under US GAAP and IFRS
    net income
  40. Under US GAAP changes in the funded status of a pension plan due to gains or losses , prior service costs, and net transaction assets or obligations must be recognized in --------------------------------- in the year the changes occur.
    other comprehensive income
  41. Under US GAAP changes in the funded status of a pension plan due to gains or losses , prior service costs, and net transaction assets or obligations must be --------------- in other comprehensive income in the year the changes occur.
    recognized
  42. What are the types of unrealized gains and losses on certain types of investments in debt and equity securites are reported as components of other somprehensive income until the securites are sold

    1. ----------------------
    2. Unrealized gains and losses that result from a debt security being transferred into the avaiable for sale catagory fro held to maturity
    3. Subsequesnt decreases or increases in the fair value of avaliable for sale secruities previously written down as impaired
    Unrealized holding gains and losses on avaiable for sale securites
  43. What are the types of unrealized gains and losses on certain types of investments in debt and equity securites are reported as components of other somprehensive income until the securites are sold

    1. Unrealized holding gains and losses on avaiable for sale securites
    2. -------------------------------------------------------------------------------------
    3. Subsequesnt decreases or increases in the fair value of avaliable for sale secruities previously written down as impaired
    Unrealized gains and losses that result from a debt security being transferred into the avaiable for sale catagory fro held to maturity
  44. What are the types of unrealized gains and losses on certain types of investments in debt and equity securites are reported as components of other somprehensive income until the securites are sold

    1. Unrealized holding gains and losses on avaiable for sale securites
    2. Unrealized gains and losses that result from a debt security being transferred into the avaiable for sale catagory fro held to maturity
    3.-----------------------------------------------------------------------------------------
     Subsequesnt decreases or increases in the fair value of avaliable for sale secruities previously written down as impaired
  45. What are the types of unrealized gains and losses on certain types of investments in debt and equity securites are reported as components of other somprehensive income until the securites are sold

    1.

    2.

    3.
    • 1. Unrealized holding gains and losses on avaiable for sale securites
    • 2. Unrealized gains and losses that result from a debt security being transferred into the avaiable for sale catagory fro held to maturity
    • 3. Subsequesnt decreases or increases in the fair value of avaliable for sale secruities previously written down as impaired
  46. Foreign currency transaction adjustments and gains and losses  on foreign currency transactions that are designated as ------------------------------- of a net investment in a foreign entity are reported as a compnent of other comprehesive income.
    econimc hedges
  47. Foreign currency transaction adjustments and gains and losses  on foreign currency transactions that are designated as economic hedges of a net investment in a foreign entity are reported as a compnent of ----------------------------.
    other comprehensive income

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