F4 General Cards

What does B,A.S.E. stand for?

-------------------------- without recourse is a sales transaction.  Factoring without recourse transfers the risk of uncollectable accounts to the buyer

Factoring receivables without recourse is a -------------------------------------.  Factoring without recourse transfers the risk of uncollectable accounts to the buyer

Factoring receivables without recourse is a sales transaction.  Factoring without recourse transfers the --------------------------------------- to the buyer

Factoring receivables without recourse is a sales transaction.  Factoring without recourse transfers the risk of uncollectable accounts to the ------------

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.

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

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 ----------------------------

The -------------------------------method is not consistant with accrual accounting. 

The direct write off method is not consistant with --------------- accounting. 

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

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

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

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.

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.

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.

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.

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.

 A defferred tax liability arising from depreciation are considered a -------------------------------

current ratio is equala to -------------------------- divided by current liabilites

list some examples of current assets

The quick ratio is calculated as follows

------------------------+net receivables+marketable securities
/
current liabilities

The quick ratio is calculated as follows

cash+-----------------------------+marketable securities
/
current liabilities

The quick ratio is calculated as follows

cash+net receivables+-------------------------------
/
current liabilities

The quick ratio is calculated as follows

cash+net receivables+marketable securities
/
--------------------------------

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.

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.

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.

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

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

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 -------------------------

If a defferred tax liability not rellated to an asset and will reverse during the ------------------------- , it is a current liabiility

If a defferred tax liability not rellated to an asset and will reverse during the next operating period , it is a -----------------------------------

------------------------- and FIFO perpetual will always result in the same dollar valuation of ending inventory.

FIFO periodic and ------------------------ will always result in the same dollar valuation of ending inventory.

Freight out is a ---------------- expense

Estimates of price level chanes for specific inventories are required for the ------------------------ method

Estimates of -------------------------- for specific inventories are required for the dollar value LIFO method

applying the lower of cost or market rule separately to ---------------------- results int he lowest inventory amount

applying the lower of cost or market rule separately to each item results in the ----------------------

-------------------------- is the difference between inventory on the LIFO method versus any other method

Purchase discounts are a reduction to -----------------------.

What is the formula to get the price index used to compute a dollar value LIFO inventory layer

Price index = ----------------------------------------------- 
                                               /                     
                        inventory at base year cost up to that layer

Price index = inventory at current year cost up to that layer 
                                               /                     
                       -----------------------------------------

If the replacement cost is the market value and inventory is reported at replacement cost then the replacement cost is-------- than the orginal cost

A write off of obsolete inventory should be treated as an ---------------------- and not as cost of goods sold

inventory is a component of current assets an --------------- of ending inventory will cause current assets to be overstated

inventory is a component of current assets an overstatement of ending inventory will cause current assets to be ---------------

In a period of rising prices --------- results in the lowest cost of goods sold and the highest net income

In a period of rising prices FIFO results in the lowest -------------------------- and the highest net income

In a period of rising prices FIFO results in the lowest cost of goods sold and the --------------------

Can insurance cost during transsit pf purchased goods be included in the cost of inventory

An understatement of ending inventory results in an overstatement of --------------------------- which results in an understandment of net income and retained earnings

An understatement of ending inventory results in an overstatement of cost of goods sold which results in an understandment of --------------- and retained earnings

An understatement of ending inventory results in an overstatement of cost of goods sold which results in an understandment of net income and --------------------

Any cost incurred to aquire and make ready a plant asset is --------------------------

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.

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.

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 -----------------.

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

Interest incurred during the construction period should be ---------------------

Interest incurred during the ------------------------- should be capitalized 

Leasehold improvements are capitalized and then amortized over the lesser of the life of the improvements or the remaining ------------------------

Leasehold improvements are capitalized and then -----------------over the lesser of the life of the improvements or the remaining term of the lease

Leasehold improvements are capitalized and then amortized over the lesser of the life of the improvements or the remaining term of the lease

Leasehold improvements are capitalized and then amortized over the lesser of the -------------------------- or the remaining term of the lease

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

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

Under ------------------- investment property is defined as land and buildings held by an entity to earn rentals or for capital appreciation

Under IFRS investment property is defined as land and buildings held by an entity to earn------------------ or for capital appreciation

Under IFRS investment property is defined as land and buildings held by an entity to earn rentals or for ---------------------------------

Under IFRS when investment property is reported at cost less accumulated depreciation --------------- must be disclosed

Under IFRS when investment property is reported at -------------------------- fair value must be disclosed

Under IFRS if an individual fixed asset is revalued then the --------------------------------- to which that asset belongs must be revalued

If borrowings are not tied specifically to the construction of an asset the --------------------------------- for the other barrowings of the company should be used

Group depresiation and composite depreciation are based on the ---------------------- depreciation method.

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

The carrying amount of fixed assets should be tested for recoverability at least annually or whenever ---------------------------------------------- indicate the carrying amount may not be recoverable

method of estimating uncollectible accounts that emphamsizes asset valuation rather than income measurement is the allowance method based on -----------------------------

method of estimating uncollectible accounts that emphamsizes ---------------------- rather than income measurement is the allowance method based on aging of receivables

The entry to write off an uncollectable account under the alowance method has --------------- on net income.

F.O.B ------------------- means that the  title passes when received by the buyer and that packageing shipping and handling are costs of the seller

under US GAAP --------------- most closely approximates the current cost for cost of goods sold 

under US GAAP ---------------- most closely approximates the current cost for ending inventory 

------------------------------ mthod will produce a higher inventory carrying amount than periodic weighted average when prices are increasing

Perperual moving average mthod will produce a higher inventory carrying amount than periodic weighted average when prices are ----------------

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

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

Perpetual moving average method will produce a higher inventory carrying amount than periodic weighted average when prices are ---------------

----------------------- method will produce a higher inventory carrying amount than periodic weighted average when prices are increasing

Perpetual moving average method will produce a ---------inventory carrying amount than periodic weighted average when prices are increasing

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.

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.

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 ------------------.

Dollar value LIFO gives the lowest ending invenotry when product lines are subject to ------------------------

Dollar value-------- gives the lowest ending invenotry when product lines are subject to specific price increases

Purchase returns are------------------------ the retail column and cost column