Pfrs - Study guides, Class notes & Summaries

ACCCOB2 - Chapter 1: Introduction to Financial Accounting Study Guide Accounting - Answer-The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof. Helps an entity, be if for prof or otherwise, to summarize its transactions and communicate them in a way that will be understood by its intended users. Primary Users - Answer-Needs accoun...

Advanced Financial Accounting and Reporting Theories Derivatives Gain or Loss - answerChanges in value presented in OCI with reclassification adjustment if realized Exchange Differences Treatment - answerTranslated in OCI with/without reclassification adjustment or in profit/loss Nonprofit Operating Activities - answerCash flows like service bus acquisition payment classified as operating Budget Legislation Phase - answerEnactment of General Appropriations Act by Congress in budget proc...

True T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus retirement of serial bonds Trust Assessment Fund cash is first pledged to: quarterly basis Municipal Library Levy is paid on a True T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan Finding/Condition; Recommendation; explanation & corrective action; implementation date ...

True correct answers T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus retirement of serial bonds correct answers Trust Assessment Fund cash is first pledged to: quarterly basis correct answers Municipal Library Levy is paid on a True correct answers T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan correct answers Finding/Condition; Recommendation; ...

Objective of PAS 12 The objective of PAS 12 is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: a. The future recovery or settlement of the carrying amount of assets or liabilities that are recognized in an entity’s statement of financial position; and b. Transactions and other events of the current period that are recognized in an entity’s financial statements. ...

Financial Accounting & Reporting with correct answers External transactions - What are those transactions economic events involving one entity and another entity? Internal transactions (production and casualty loss) - These are economic events involving the entity only. Measuring - This accounting process involves the accountable economic transactions and events as to Assigning of Peso Amounts Other assets - Advances to employees is under what line item in the balance she...

What is the Conceptual Framework for Financial Reporting? - correct answer It is a framework that describes the objective of, and the concepts for, general purpose financial reporting Who revises the Conceptual Framework for Financial Reporting? - correct answer IASB What are the 3 purposes of the Conceptual Framework? - correct answer (a) Assist the IASB to develop IFRS that are based on consistent concepts (b) Assist preparers to develop consistent accounting policies when no Standard a...

ACCCOB2 EX 1-3, EX 1-4 TEST...

ACCCOB2 Reviewer Study Guide Accounting - Answer-the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions by users of information. Identifying - Answer-the process of analyzing events and transactions to determine whether or not they will be recognized. only accountable events are recognized. Measuring - Answer-involves assigning numbers, normally in monetary forms, to the economic transactions or events. Communicating - Answe...

FINANCIAL ACCOUNTING THEORY - TEST BANK 1. The objectives of financial reporting are based on a. Generally accepted accounting principles b. Reporting for regulators c. The need for conservatism d. The needs of the users of the information 2. The relevance of providing information in financial statements is subject to the constraint of a. Comparability b. Cost-benefit c. Reliability d. Faithful representation 3. Which of the following is an enhancing quality that relates to both ...