F1 -

Card Set Information

Author:
iwillnotlose
ID:
201307
Filename:
F1 -
Updated:
2013-02-17 21:31:34
Tags:
CPA Review Financial Reporting
Folders:

Description:
Income Statement
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  1. How are revenues reported?
    @ their gross amounts  (less allowance for returns & discounts given)
  2. How are expenses reported?
    Reported @ their gross amounts.
  3. What does "I" in IDEA stand for?
    Income (or Loss) from Continuing Operations - includes operating activites  (revenues, cost of goods sold, selling expenses  and administrative expenses) non-operating activities (other revenues and gains and other expenses and losses) and income taxes
  4. What does "D" in IDEA stand for?
    Income (or Loss) from Discounted Operations (reported net of tax)
  5. What does "E" in IDEA stand for?
    Extraordinary Items (reported net of tax) include items that are unusual in nature and infrequent in occurrence?
  6. What does "A" in IDEA stand for?
    Cumulative Effect of Change in Accounting Principle is presented net of tax. Calculated as of the beg of the earliest period presented in period of implementation of new method) from one acceptable method of accounting to another

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