FAR 5 Review 1

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Joens1313
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223341
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FAR 5 Review 1
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2013-06-11 02:31:19
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FAR Review
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FAR 5 Review 1
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  1. The joint FASB and IASB -------------------------- is intended to establish a common set of objectives and fundamental concepts to be used as a basis for developing financial accounting an reporting guidance
    conceptual framework
  2. The joint FASB and IASB conceptual framework is intended to establish a --------------------------------- and fundamental concepts to be used as a basis for developing financial accounting an reporting guidance
    common set of objectives
  3. A transaction that is unusual but not infrequent should be reported --------------------- as a component of continuing operations (gross) but not net of applicable income taxes
    separately
  4. A transaction that is unusual but not infrequent should be reported separately as a component of ---------------------------------- (gross) but not net of applicable income taxes
    continuing operations
  5. A transaction that is unusual but not infrequent should be reported separately as a component of continuing operations (gross) but -------- of applicable income taxes
    not net
  6. Financial reporting by a --------------------------------------- differs from financial reporting for established operating enterprise in regard to (more extensive) footnote disclosures only.
    development stage enterprise
  7. Financial reporting by a development stage enterprise differs from financial reporting for established operating enterprise in regard to (------------------------) footnote disclosures only.
    more extensive
  8. Financial reporting by a development stage enterprise differs from financial reporting for established operating enterprise in regard to (------------------------) footnote disclosures only.
    more extensive
  9. ---------------------------- should be disclosed when it is reasonably possible (not probable) that the estimate will change in the near term and that the effect of the change will be material.  Immaterial items are not disclosed.
    Significant estimates
  10. Significant estimates should be disclosed when it is --------------------------------- (not probable) that the estimate will change in the near term and that the effect of the change will be material.  Immaterial items are not disclosed.
    reasonably possible
  11. Significant estimates should be disclosed when it is reasonably possible (not probable) that the estimate will change in the ----------------- and that the effect of the change will be material.  Immaterial items are not disclosed.
    near term
  12. Significant estimates should be disclosed when it is reasonably possible (not probable) that the estimate will change in the near term and that the effect of the change will be -------------------.  Immaterial items are not disclosed.
    material
  13. Cumulative currency translation adjustments are reported in other -----------------------------.
    other comprehensive
  14. Cumulative currency ---------------------- adjustments are reported in other comprehensive income.
    translation
  15. Cumulative currency --------------------- adjustments are reported in other comprehensive income.
    translation
  16. A ---------------------- adjustment for the correction of an error should be reported as an after tax adjustment to beginning retained earnings
    prior period
  17. A prior period adjustment for the correction of an -------------- should be reported as an after tax adjustment to beginning retained earnings
    error
  18. A prior period adjustment for the correction of an error should be reported as an -------------------------------- to beginning retained earnings
    after tax adjustment
  19. A prior period adjustment for the correction of an error should be reported as an after tax adjustment to --------------------------
    beginning retained earnings
  20. when a change in accounting principle is considered inseparable from a change in estimate, the change is handled as a ------------------------------- - prospectively.  No cumulative effect adjustment is made.
    change in estimate
  21. when a change in accounting principle is considered --------------------- from a change in estimate, the change is handled as a change in estimate - prospectively.  No cumulative effect adjustment is made.
    inseparateable
  22. when a change in accounting principle is considered inseparable from a change in estimate, the change is handled as a change in estimate - -------------------------.  No cumulative effect adjustment is made.
    prospectively
  23. when a change in accounting principle is considered inseparable from a change in estimate, the change is handled as a change in estimate - prospectively.  No ------------------------adjustment is made.
    cumulative effect
  24. when a -------------- is sold (voluntarily or involuntarily) gain or loss is recognized as part of income from continuing operations.  The amount of the gain or loss is equal to the difference between the proceeds from the sale and the carrying amount of the fixed asset sold or converted.
    fixed asset
  25. when a fixed asset is sold (voluntarily or involuntarily) gain or loss is recognized as part of income from continuing operations.  The amount of the gain or loss is equal to the difference between the proceeds from the sale and the -------------------------- of the fixed asset sold or converted.
    carrying amount
  26. when a fixed asset is sold (voluntarily or involuntarily) gain or loss is recognized as part of income from continuing operations.  The amount of the gain or loss is equal to the difference between the --------------------------------- and the carrying amount of the fixed asset sold or converted.
    proceeds from the sale
  27. when a fixed asset is sold (voluntarily or involuntarily) gain or loss is recognized as part of income from ---------------------.  The amount of the gain or loss is equal to the difference between the proceeds from the sale and the carrying amount of the fixed asset sold or converted.
    continuing operations
  28. foreign currency translation gains and losses are reported in other comprehensive income and recognized as a separate component of ----------------------- equity.
    stockholders
  29. foreign currency translation gains and losses are reported in ------------------------------ and recognized as a separate component of stockholders equity.
    other comprehensive income
  30. foreign currency ------------------ gains and losses are reported in other comprehensive income and recognized as a separate component of stockholders equity.
    translation
  31. Under US GAAP research and development costs should be ------------------
    expensed
  32. Under --------------------- research and development costs should be expensed
    US GAAP
  33. ----------------------- should be recognized in the period in which they were earned and realized or realizable.
    revenues
  34. Revenues should be recognized in the period in which they were --------------- and realized or realizable.
    earned
  35. under the --------- of accounting revenue is recognized when the cash is collected
    cash basis
  36. research and development costs are ------------------------ whether they are incurred internally or by contract with outside firms under US GAAP
    expensed
  37. research and development costs are expensed whether they are incurred internally or by contract with ------------------- under US GAAP
    outside firms
  38. under the --------------------------- revenue is recognized after cash equaling the cost of the item is collected.
    cost recovery methed
  39. under the cost recovery method revenue is recognized after ------------------ the cost of the item is collected.
    cash equalling
  40. under the --------------------------- gross profit is recognized as a gross profit percentage times the cash collected from the sale
    installment method
  41. under the installment method ----------------- is recognized as a ----------------- percentage times the cash collected from the sale
    gross profit, gross profit
  42. under the -------------------- common stock dividends are recorded as a a reduction to the investment account
    equity method
  43. under the equity method ---------------------- dividends are recorded as a a reduction to the investment account
    common stock
  44. under the equity method common stock dividends are recorded as a a ------------------ to the investment account
    reduction
  45. with acquisition accounting the net asses acquired are based on fair market value.  the fair value of finished goods and merchandise inventory are based upon selling price less disposal costs and a -----------------------------.
    reasonable profit allowance
  46. with acquisition accounting the net asses acquired are based on -------------------.  the fair value of finished goods and merchandise inventory are based upon selling price less disposal costs and a reasonable profit allowance.
    fair market value
  47. with -------------------------------- the net asses acquired are based on fair market value.  the fair value of finished goods and merchandise inventory are based upon selling price less disposal costs and a reasonable profit allowance.
    acquisition accounting
  48. the fair value of raw materials should be based upon -------------------------
    replacement costs
  49. The tempory decline of an available for sale marketable equity securities portfolio below aggregate cost should be reported as a ----------------------------- in the asset section of the balance sheet
    valuation allowance
  50. The ----------------- decline of an available for sale marketable equity securities portfolio below aggregate cost should be reported as a valuation allowance in the asset section of the balance sheet
    tempory
  51. The tempory decline of an --------------------- marketable equity securities portfolio below aggregate cost should be reported as a valuation allowance in the asset section of the balance sheet
    available for sale
  52. The tempory decline of an available for sale marketable equity securities portfolio below aggregate cost should be reported as a valuation allowance in the ---------------------------------------
    asset section of the balance sheet
  53. when a permanent impairment occurs the book value is ---------------- and a loss is recorded.  the loss is credited to accumulated depreciation.
    reduced
  54. when a permanent impairment occurs the book value is reduced and a loss is recorded.  the loss is credited to ----------------------------.
    accumulated depreciation
  55. The --------------------------- method adjust inventory retail prices and ending inventory cost for price level changes
    dollar value LIFO
  56. The dollar value LIFO method adjust inventory retail prices and ending inventory cost for ----------------------
    price level changes
  57. an overstatement of ------------------------- will cause an understandment of cost of goods sold which will result in an overstatement of gross profit.
    ending invenotry
  58. an overstatement of ending inventory will cause an ------------------------- of cost of goods sold which will result in an overstatement of gross profit.
    understantment
  59. an overstatement of ending inventory will cause an understandment of cost of goods sold which will result in an -------------------------- of gross profit.
    overstatement
  60. Under IFRS if a revalued asset becomes impaired the impairment is recorded by first reducing any revaluation surplus to zero, with further impairment losses reported on the -----------------------------.
    income statement
  61. Under IFRS if a revalued asset becomes impaired the impairment is recorded by first reducing any ------------------------- to zero, with further impairment losses reported on the income statement.
    revaluation surplus
  62. a collection of a --------------------------------- would increase the allowance account which is a credit balance account
    previously written off account recievable
  63. a ------------------- of a previously written off account receivable would increase the allowance account which is a credit balance account
    collection
  64. a collection of a previously written off account receivable would --------------- the allowance account which is a credit balance account
    increase
  65. the interest payable on a bond is calculated by taking the ------------------ of the bond at the begging of the period and multiply this amount by the contractual interest rate
    face value
  66. the interest payable on a bond is calculated by taking the face value of the bond at the begging of the period and multiply this amount by the ------------------------------
    contractual interest rate

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