Review CPA 1A

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Joens1313
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227122
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Review CPA 1A
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2013-07-15 01:02:11
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Review CPA 1A
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Review CPA 1A
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  1. On the opening ------ Balance Sheet inventory must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.
    IFRS
  2. On the opening IFRS Balance Sheet inventory must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.
    Balance sheet
  3. On the opening IFRS Balance Sheet ---------------------- must be reported at the lower of cost or net realizable value with cost determined using an IFRS method.
    inventory
  4. On the opening IFRS Balance Sheet inventory must be reported at the lower of ------------- or net realizable value with cost determined using an IFRS method.
    cost
  5. On the opening IFRS Balance Sheet inventory must be reported at the lower of cost or ----------------------------- with cost determined using an IFRS method.
    net realizable value
  6. Extraordinary gains from extinguishment of debt are a component of ---------------------
    net income
  7. the cumulative effect of a change in accounting -------------------- is shown on the retained earning statement as an adjustment to the beginning balance of retained earnings.
    principle
  8. the cumulative effect of a change in accounting principle is shown on the ----------------------------------------- as an adjustment to the beginning balance of retained earnings.
    retained earnings statement
  9. the cumulative effect of a change in accounting principle is shown on the retained earning statement as an --------------------- to the beginning balance of retained earnings.
    adjustment
  10. A change from LIFO to FIFO for inventory valuation is a change in -----------------------
    accounting principle
  11. When changing to IFRS for the first time the following must be included.
    • 3 balance sheets
    • 2 statements of comprehensive income
    • 2separate income statements
    • 2 statements of cash flows 
    • 2 statements of changes in equity
  12. When changing to IFRS for the first time the following must be included.
    -----------------------------------------
    2 statements of comprehensive income
    2 separate income statements
    2 statements of cash flows 
    2 statements of changes in equity
    3 balance sheets
  13. When changing to IFRS for the first time the following must be included.
    3 balance sheets
    ----------------------------------------
    2 separate income statements
    2 statements of cash flows 
    2 statements of changes in equity
    2 statements of comprehensive income
  14. When changing to IFRS for the first time the following must be included.
    3 balance sheets
    2 statements of comprehensive income
    -------------------------------------
    2 statements of cash flows 
    2 statements of changes in equity
    2 separate income statements
  15. When changing to IFRS for the first time the following must be included.
    3 balance sheets
    2 statements of comprehensive income
    2 separate income statements
    ------------------------------------------
    2 statements of changes in equity
    2 statements of cash flows
  16. When changing to IFRS for the first time the following must be included.

    3 balance sheets
    2 statements of comprehensive income
    2 separate income statements
    2 statements of cash flows 
    ----------------------------------
    2 statements of changes in equity
  17. If the subsidiary's functional currency is its local currency the subsidiary's financial statements are simply ---------------------- to the reporting currency.  The resulting adjustment is reported as other comprehensive income.
    translated
  18. If the subsidiary's functional currency is its local currency the subsidiary's financial statements are simply translated to the reporting currency.  The resulting adjustment is reported as ----------------------------------.
    other comprehensive income
  19. if the subsidiary's -------------------------- I not the same as its local currency the subsidiary's financial statements must be remeasured into the functional currency.  the resulting gain or loss on remeasurement is reported in the consolidated income statement.
    functional currency
  20. if the subsidiary's functional currency I not the same as its local currency the subsidiary's financial statements must be ------------------- into the functional currency.  the resulting gain or loss on --------------------------- is reported in the consolidated income statement.
    remeasured, remeasurement
  21. if the subsidiary's functional currency I not the same as its local currency the subsidiary's financial statements must be remeasured into the functional currency.  the resulting gain or loss on remeasurement is reported in the -----------------------------------.
    consolidated income statement
  22. Under the ------------------- common stock dividends are recorded as a reduction tot eh investment account.
    equity method
  23. Under the equity method common stock dividends are recorded as a reduction to the ----------------------------.
    investment account
  24. Under the equity method ---------------------------------------- are recorded as a reduction tot eh investment account.
    common stock dividends
  25. Preferred stock investment is accounted for using the ------------------------.
    cost method

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