CPA Study Card F1 29-36

Name the 3 types of changes in Accounting

Name the 3 types of changes in Accounting

1. ------------------------------
2. Changes in accounting principle
3. Changes in accounting entity

Name the 3 types of changes in Accounting

1. Changes in accounting estimate
2. ---------------------------------
3. Changes in accounting entity

Name the 3 types of changes in Accounting

1. Changes in accounting estimate
2. Changes in accounting principle
3. ---------------------------------

A change in accounting estimate occurs when it is determined that the --------------- previously used by the company is incorrect

A change in accounting estimate occurs when it is determined that the estimate previously used by the company is ------------

What are some events resulting in estimate changes

Changes in accounting estimate are accounted for -----------------.  They do not affect previous periods.

Changes in accounting estimate are accounted for prospectively.  They do not affect -----------------.

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. 

A change in accounting principle may be changed only if required by GAAP / IFRS or if the alternative principle is preferable and more ---------------------------------. 

the direct effect of a change in accounting principle are adjustments that would be necessary to restate the --------------------------------------------------.

The general rule is that changes in accounting principle should be recognized by adjusting beginning retained earnings in the -------------------------------------

The general rule is that changes in -------------------- should be recognized by adjusting beginning retained earnings in the earliest period presented

a change in the method of depreciation, amortization, or depletion is considered to be both a change in accounting ------------------ and a change in estimate

a change in the method of depreciation, amortization, or depletion is considered to be both a change in accounting principle and a change in --------------------

Under US GAAP a change in accounting entity occurs when the entity being reported on has changed -------------------. 

Under US GAAP a change in accounting ------------- occurs when the entity being reported on has changed compositon. 

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.

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

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.

------------------- does not include the concept of a change in accounting entity

IFRS does not include the concept of a change in accounting ------------------

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

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

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

------------------------- 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 is the -------------------------- of a bueiness enterprise during a period from transactions and other events and circumstances from non-owner sources.

Comprehensive income is the change in equity of a bueiness enterprise during a period from transactions and other events and circumstances from --------------------------.

Net income includes the following items

1.
2. Discontinued operations
3. Extraordinary items

Net income includes the following items

1. Income from continueing operations
2. 
3. Extraordinary items

Net income includes the following items

1. Income from continueing operations
2. Discontinued operations
3. 

What is included in Other comprehensive income

-----------------------
Unrealized gains and losses
Foreign currency items
Effective portion cash flow hedges
Revaluation surplus

What is included in Other comprehensive income

Pension adjustments
----------------------------
Foreign currency items
Effective portion cash flow hedges
Revaluation surplus

What is included in Other comprehensive income

Pension adjustments
Unrealized gains and losses
-----------------------------
Effective portion cash flow hedges
Revaluation surplus

What is included in Other comprehensive income
Pension adjustments
Unrealized gains and losses
Foreign currency items
--------------------------
Revaluation surplus

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

What is included in Other comprehensive income

P
U
F
E
R

Other comprehensive income items are revenues, expenses, gains, losses, that are included in comprehensive income but excluded from --------------------- under US GAAP and IFRS

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.

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.

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

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

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

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.

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.

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