Income Stmt
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each of the black spaces below before clicking
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| Describe GAAP | show 🗑
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| AICPA | show 🗑
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| show | APB abolished and replaced by FASB-1972.
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| SFAS | show 🗑
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| Interpretations | show 🗑
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| show | (FASB 3) - provide guidance on accounting and reporting problems (category B)
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| Stmts of Financial Accounting Concepts | show 🗑
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| show | Rules of Conduct per AICPA that CPA cannot express opinion on FS if not in conformity with GAAP.. root of Code or Prof. Conduct (203). FASB stmts, ARBs & APB Opinions constitute accounting principles.
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| FASB Accounting Standards Codification | show 🗑
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| Category A GAAP | show 🗑
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| BOSSII | show 🗑
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| show | FASB Technical Bullteins; AICPA Industry Audit and Accounting Guides (if cleared by FASB); AICPA Stmts of Position (if cleared by FASB)
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| show | AICPA Accounting Standards Executive Committee (AcSEC) Practice Bulletins (if cleared by FASB); Consensus positions of the FASB Emerging Issues Task Force; Topics discussed in Appendeix D of EITF Abstracts
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| Category D GAAP | show 🗑
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| SFAC No. 1 - Objectives of Financial Reporting by Business Enterprises | show 🗑
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| show | 1. information useful in investment and credit decisions. 2. information useful in assessing cash flow prospects. 3. information about enterprise resources, claims to those resources, and changes in them.
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| SFAC 2 Qualitative Characteristics of Accounting Information | show 🗑
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| show | 1. Understandability 2. Decision Usefulness 3. Primary Qualities 4. Secondary Characteristics 5. Constraints
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| HAQ - 1. Understandability | show 🗑
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| HAQ - 2. Decision Usefulness | show 🗑
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| show | a. Relevance - 1. predictive value 2. feedback value 3. timeliness
b. reliability - 1. neutrality 2. repr. faithfulness (validity) 3. verifiability
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| show | 1. comparability 2. consistency
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| HAQ - 5. Constraints | show 🗑
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| Summary of Significant Accounting Policies (pg 37). tell items included and not included | show 🗑
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| treatment of antitrust legal case loss treatment of workers strike loss | show 🗑
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| Comprehensive disclosure rules | show 🗑
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| When/how is extraordinary gain recorded? | show 🗑
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| show | no recorded in interim's net income, recorded at beginning of YEAR retained earnings is restated
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| what are the general rules on reporting of a segment? | show 🗑
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| show | allocations for general operating costs and interest, etc should not be made solely for purposes of segment disclosures. the operating profit by segments is based on the measure of profit reported to the "chief operating decision maker"
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| deficits accumulated during development stage: start up/organizational costs: | show 🗑
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| Financial Capital | show 🗑
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| show | Accounting principle change (retrospective application effect on retained earnings) - the cumulative effect of a change in accting principle is shown on the stmt of retianed earnings as an adjmnt of the beginning balance of the earliest yr presented
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| show | Income from continuing operations-although likely an infrequent event, not considered unusual in nature
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| show | Extraordinary item - deemed extraordinary event in a business - unusual in nature and happens infrequently.
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| Material gain on sale of a factory building | show 🗑
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| show | Income from continuing operations-considered change in accounting estimate effected by a change in accounting principle. Reported prospectively thru income from cont. ops.
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| show | Discontinued operations - results of operations of a component of an entity will be reported in the discontinued operations section of the income stmt if component is deemed to have met all criteria for the "held for sale" classification
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| show | Income from continuing operations-infrequent and likely material, but not considered extraordinary, as it is not unusual.
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| show | Income from continuing operations-dress line in womens clothing would not qualify as a component so it cannot be a discontinued item.
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| how to define a component of a business in regard to discontinuing an operation | show 🗑
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| show | Income from continuing operations - change in service life of an asset is a change in estimate, which is implemented in the current year and reported in the income from continuing operations section of I/S
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| show | Income from continuing operations - common mgmt strategy of a company, transaction not deemed to be unusual.
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| Destruction of a warehouse by an earthquake in Wisconsin (state that rarely has earthquake) | show 🗑
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| Material write-down of inventory - | show 🗑
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| Loss on sale of a subsidiary | show 🗑
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| show | freaking draw one
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