This class was created by Brainscape user Colette Thro. Visit their profile to learn more about the creator.
By:
Colette Thro
- decks
- flashcards
- learners
Decks in this class (38)
FAR 1.1 - Standards & Conceptual Framework
Has legal authority to establish ...,
Was established by the securities...,
All companies that issue securiti...
15
cards
FAR 1.2 - Income Statement & Balance Sheet
Reports operating revenues and ex...,
Presentation of income from conti...,
This type of balance sheet distin...
3
cards
FAR 1.3 & 1.4 - Revenue Recognition
In order to properly apply the re...,
A modification to a contract is t...,
No cash considerations in contrac...
14
cards
FAR 1.5 - Income statement: Discontinued Operations
Items reported within discontinue...,
A component classified as held fo...
2
cards
FAR 1.6 - Accounting Changes & Error Corrections
Changes in accounting estimates r...,
Changes in accounting principle r...,
What are two exceptions to a chan...
5
cards
FAR 1.7 - Statement If Comprehensive Incine
Comprehensive income includes all...,
Net income other comprehensive in...,
Net income includes
5
cards
FAR 1.8 - Adjusting Journsl Entries
Cash is received before revenue i...,
Cash is paid before the expense i...,
Cash is received after the revenu...
5
cards
FAR 2.1 - Notes To Financial Statements
The preferred presentation is to ...,
The summary of significant accoun...,
Vulnerability due to concentratio...
3
cards
FAR 2.2 - Subsequnt Events
Recognized subsequent events prov...,
Non recognized subsequent events ...,
Do recognized subsequent events r...
8
cards
FAR 2.3 - Fair Value Measurements
The price that would be received ...,
Does fair value include the trans...,
The market with the greatest volu...
12
cards
FAR 2.4 - Segment Reporting
Which of the following is an enti...,
Public business entities must report,
Does segment reporting apply to p...
6
cards
FAR 2.5 - SEC Reporting Requirements
When a company issues new securit...,
When and by who must a form 10k b...,
What are the filing deadlines for...
13
cards
FAR 2.6 - Special Purpose Frameworks
Under the cash basis financial st...,
Under the modified cash basis fin...,
Under the tax basis financial sta...
6
cards
FAR 2.7 - Ratio Analysis
What are the 4 key financial rati...,
Measures of a firm s short term a...,
Current ratio calculation
31
cards
FAR 2.8 - Partnerships
The three method to account for f...,
Under the bonus method the bonus ...,
Under the bonus method the bonus ...
5
cards
FAR 3.1 - Cash & Cash Equivalents
If restricted cash is associated ...,
If restricted cash is associated ...,
What two items would need to be a...
4
cards
FAR 3.2 - Trade Receivables
Accounts receivables from purchas...,
Accounts receivables from persons...,
What does 2 10 n 30 discount mean
14
cards
FAR 3.3 - Inventory
Title passes to the buyer when th...,
Title passes to the buyer when th...,
Which is freight in and which is ...
18
cards
FAR 3.4 - PP&E Cost Basis
Ppe is recorded at historical cos...,
When land has been purchased for ...,
Land improvements are depreciable...
4
cards
FAR 3.5 - Depreciation & Disposal
The process of averaging the econ...,
If the average service life of th...,
This depreciation method provides...
12
cards
FAR 3.6 - Nonmonetary Transactions
Gains and losses are always recog...,
How is the new asset received bas...,
In exchanges lacking commercial s...
6
cards
FAR 3.7 - Intangibles
Long lived legal rights and compe...,
Intangible assets acquired from o...,
The general rule for internally d...
15
cards
FAR 3.8 - Impairment
For finite live intangible assets...,
How is the impairment loss calcul...,
For indefinite live assets if the...
6
cards
FAR 4.1 - Financiaal Instruments
Debt securities should be classif...,
This type of debt security is val...,
This type of debt security is val...
18
cards
FAR 4.2 - Equity Method
The equity method is used to acco...,
Consolidated statements should be...,
A company is presumed to be able ...
7
cards
FAR 4.3 - Basic Conolidation Concept
An investor owning more than 50 o...,
The portion of the equity of a su...,
An entity that does not have equi...
4
cards
FAR 4.4 & 4.5 - Acquisition Method
The investment is valued at,
The year end consolidating journa...,
Non controlling interest is calcu...
5
cards
FAR 4.6 - Intercompany Transactions
100 percent of intercompany trans...,
In eliminating intercompaany tran...,
In eliminating intercompaany tran...
3
cards
FAR 4.8 - Goodwill, Including Impairment
Under the acquisition method good...,
Under the equity method goodwill ...,
There is a goodwill impairment if
3
cards
FAR 5.1 - Payables & Accrued Liabilities
This method of accounting for pay...,
Under this method of accounting f...,
If invoices are paid within the d...
17
cards
5.2 - Contingencies & Commitments
An existing condition involving u...,
How are gain contingencies treated,
How are loss contingencies treate...
3
cards
5.3 - Long-term Liabilities
This is the use of money over a p...,
This annuity payments are made at...,
What is the formula to calculate ...
9
cards
5.4 & 5.5 - Bonds
The interest to be paid to the in...,
The rate of interest actually ear...,
If the market yield effective rat...
17
cards
5.6 - Troubled Debtrestructuring & Extinguishmet
For transfer of assets how does t...,
For assets transferred how does t...,
The gain or loss on extinguishmen...
4
cards
FAR 6.1 & 6.2 - Leases
The lessee accounts for a lease a...,
The lessor accounts for the lease...,
If the lease meets an one of the ...
13
cards
FAR 6.3 - Derivatives & Hedge Accounting
Financial instrument that derives...,
A specified price rate or other v...,
A specified unit of measure
26
cards
FAR 6.4 - Foreign Currency Accounting
Transactions with a foreign entit...,
The conversion of financial state...,
This method of exchange rate is t...
12
cards
FAR 6.5 & 6.6 - Income Taxes
Intrapersonal tax allocation incl...,
Impact current taxes and never af...,
Impact current and deferred taxes
25
cards
More about
Financial
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Colette Thro's Financial flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
Looking for something else?
CISI Financial Planning & Advice
- 34 decks
- 1016 flashcards
- 71 learners
Decks:
1 1 Introduction, 1 2 The Role Of Insurance, 1 3 Life Assurance Pension Policies And, And more!
Financial Reporting
- 25 decks
- 395 flashcards
- 62 learners
Decks:
Ias Ifrs, Ratio S, Ias 1 Presentation Of Financial Statemen, And more!
Financial Accounting
- 29 decks
- 491 flashcards
- 4 learners
Decks:
Chapter 2 Test Your Knowledge, Chapter 1 Test Your Knowledge, Chapter 3 Test Your Knowledge, And more!
Financial Management
- 21 decks
- 725 flashcards
- 15 learners
Decks:
Assumed Knowledge, Basic Investment Appraisal Techniques, 3 Investment Appraisal Dcf Technique, And more!
