Int. Accounting (Misc. for Exam 1)

Probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events

Residual interest in the assets of an entity that remains after deducting its liabilities.

Change in equity of an entity during a period from transaction and other events and circumstances from nonowner sources.

Increases in equity from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from revenues or investments from owners.

Decrease in net assets of a particular enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners.

What does AICPA stand for?

What does PCAOB stand for?

What does FASAC stand for?

Members of the FASB are allowed to maintain their current job as well as serving on the Board. True or false?

An Accounting Standard Update requires a majority vote by board members in order to pass. True or false?

The FASB has released 9 Statements of Financial Accounting Concepts. True or false?

The FASB’s Codification has information on all types of transactions. True or false?

When information is capable of making a difference in a decision.

If UPS restates a previous years financial statement to correct a prior expectation, which ingredient of Relevance are they following?

The 3 ingredients of Faithful Representation are? (CNF)

Materiality is a fundamental quality. True or false?

International Accounting Standards are exactly the same as US GAAP. True or false?

What is the purpose of an Emerging Issue Task Force Statement and give a situation where one might be given?

The materiality threshold used by companies is set by the FASB. True or false?

Name 3 different groups that would put pressure on the FASB to make decisions in a certain way.

Name 3 changes the Sarbanes-Oxley Act created? (ESC)

Comprehensive income does not include... or...

Statement of retained earnings long formula.

All changes in SE during the period.

The process of associating income tax expense with related income.

3 things involved with intraperiod tax allocation. (IDP)

The amount of time until an asset is realized or otherwise converted into cash.

The ability of an enterprise to take effective action to alter the amounts and timing of cash flow.

2 uses of a balance sheet. (PA)

3 limitations of a balance sheet. (FJF)

Probable future economic benefits.

Cash and other assets expected to be converted into cash, sold, or consumed either in 1 year or in the operating cycle, whichever is longer.

Short term investments that mature in 3 months or less.

3 types of ST invenstments. (THA)

Current assets are presented in the order of...

What 2 ST investments are reported at FMV?

What ST investment is reported at amortized cost?

Debt or equity securities which management intends to sell in the ST to maximize profits.

Debt securities which management intends to hold until maturity.

Held-to-maturity securities are... assets, unless maturity is 1 year or less.

Trading maturities are always... assets.

Available for sale maturities may be a current or long-term asset depending on...

Receivables are reported at...

Formula for net realizable value.

Inventories are reported at...

With inventories, the... must be disclosed.

4 types of noncurrent assets. (LPIO)

Intangible assets are recorded when...

Proper classification of assets depends on what 2 things? (NU)

Liabilities that will be paid within a year but are still reported as LT liabilities. (SD)