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FAR CPA EXAM - Study Guide F1 Questions And Answers Latest Update
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FAR CPA EXAM - Study Guide F1 Questions And Answers Latest Update
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FAR CPA EXAM - Study Guide: F1 QuestionsAnd Answers Latest Update
What are the full set of Financial Statements?
1) Statement of Financial Position (Balance Sheet)
2) Statement of Earnings (Income Statement)
3) Statement of Comprehensive Income
4) Statement of Cash Flows
5) Statement of Owner's Equity
Direct Method
Domestic price of another currency ($//€)
Indirect Method
Foreign price of domestic currency (€/$)
Assets Denominated in Foreign Currency
Foreign Currency ↑, Asset ↑ (Gain)
Foreign Currency ↓, Asset ↓ (Loss)
Liabilities Denominated in Foreign Currency
Foreign Currency ↑, Liabilities ↑ (Loss) Foreign Currency ↓, Liabilities ↓ (Gain)
Form 10-K Filling Deadlines
60 days for large accelerated filers ( $700 Market Value)
75 days for accelerated filers ($75-$700 Market Value or +$100M in Revenue)
90 days for all others (Less than $100M in Revenue)
Form 10-Q Filing Deadlines
40 days for large accelerated filers and accelerated filers 45 days for all others
Liquidity
Current Assets/Current Liabilities
Solvency
Debt/Equity
Items in Other Comprehensive Income (OCI)
P - Pension Adjustments
U - Unrealized Gains and Losses on Available for Sale Dent Securities and Hedges
F - Foreign Currency Translation Items
I - Instrument-Specific Credit Risk
Comprehensive Income
Net Income + Other Comprehensive Income
Stock Terminology
Authorized: Amount that may be issued (should be disclosed)
Issued: Amount that's been issued
Outstanding: Amount of shares in the shareholder's hands (Issued - Treasury Stock)
Common Shareholder Equity
Assets - Liabilities - Preferred Equity - Dividends in Arrears
Common Shares Outstanding
Shares Issued - Shares Repurchased
Book Value Per Common Share
Common Shareholder Equity/Common Shares Outstanding
Retained Earnings
Net Income/Loss
(Dividends Declared)
± Prior Period Adjustments
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