Podcast
Questions and Answers
What type of financial statement is usually identified as a statement of changes in stockholders’ equity?
What type of financial statement is usually identified as a statement of changes in stockholders’ equity?
- Balance sheet
- Cash flow statement
- Income statement
- Statement of changes in stockholders’ equity (correct)
Where should changes in equity that are identified as “other comprehensive income” be reported according to GAAP?
Where should changes in equity that are identified as “other comprehensive income” be reported according to GAAP?
- In the balance sheet
- In a financial statement (correct)
- In the notes
- In the income statement
What is the primary purpose of the supplemental and note disclosures in financial statements?
What is the primary purpose of the supplemental and note disclosures in financial statements?
- To provide a forecast of future financial performance
- To replace the financial statements
- To expand and supplement the information included in all of the financial statements (correct)
- To provide a summary of the financial statements
What is the balance sheet primarily used to represent?
What is the balance sheet primarily used to represent?
What is the primary purpose of the other financial statements (excluding the balance sheet)?
What is the primary purpose of the other financial statements (excluding the balance sheet)?
What is the format of the comparative balance sheet for Tiger Co. presented in the example?
What is the format of the comparative balance sheet for Tiger Co. presented in the example?
What is the name of the company presented in the comparative balance sheet?
What is the name of the company presented in the comparative balance sheet?
What is the total net working capital and noncurrent assets for Tiger Co. in 20X2?
What is the total net working capital and noncurrent assets for Tiger Co. in 20X2?
Under what condition is the offsetting of assets and liabilities in the balance sheet allowed?
Under what condition is the offsetting of assets and liabilities in the balance sheet allowed?
What is the total stockholders' equity for Tiger Co. in 20X1?
What is the total stockholders' equity for Tiger Co. in 20X1?
What is the condition for the right of setoff to exist where the reporting entity intends to set off?
What is the condition for the right of setoff to exist where the reporting entity intends to set off?
What is the amount of noncurrent liabilities for Tiger Co. in 20X2?
What is the amount of noncurrent liabilities for Tiger Co. in 20X2?
What is the primary purpose of disclosing quantitative information about derivative instruments?
What is the primary purpose of disclosing quantitative information about derivative instruments?
What is the definition of a foreign currency?
What is the definition of a foreign currency?
How are monetary assets and liabilities denominated in foreign currency remeasured at each subsequent balance sheet date?
How are monetary assets and liabilities denominated in foreign currency remeasured at each subsequent balance sheet date?
Where are foreign currency transaction gains or losses reported?
Where are foreign currency transaction gains or losses reported?
How are nonmonetary assets and liabilities initially measured in a foreign currency transaction?
How are nonmonetary assets and liabilities initially measured in a foreign currency transaction?
What is the exchange rate used to remeasure nonmonetary assets and liabilities at each subsequent balance sheet date?
What is the exchange rate used to remeasure nonmonetary assets and liabilities at each subsequent balance sheet date?
What is a type of cash inflow from investing activities?
What is a type of cash inflow from investing activities?
What is a type of cash outflow from financing activities?
What is a type of cash outflow from financing activities?
What is a type of cash inflow from financing activities?
What is a type of cash inflow from financing activities?
What is a category of cash outflows from investing activities?
What is a category of cash outflows from investing activities?
What is a type of cash inflow from investing activities?
What is a type of cash inflow from investing activities?
What is a type of cash outflow from financing activities?
What is a type of cash outflow from financing activities?
When an excess occurs, how should the current-period distribution up to the excess be classified?
When an excess occurs, how should the current-period distribution up to the excess be classified?
On what basis should distributions received be classified according to the nature of the distribution approach?
On what basis should distributions received be classified according to the nature of the distribution approach?
What should an entity report if it elects to apply the nature of the distribution approach, but lacks information to apply that approach?
What should an entity report if it elects to apply the nature of the distribution approach, but lacks information to apply that approach?
What is not addressed by this amendment?
What is not addressed by this amendment?
How should a transferor’s beneficial interest obtained in a securitization of financial assets be disclosed?
How should a transferor’s beneficial interest obtained in a securitization of financial assets be disclosed?
What disclosure is required when an entity changes its accounting principle due to the lack of available information?
What disclosure is required when an entity changes its accounting principle due to the lack of available information?
