2975395
Description
Flashcards by Eylin Nunez, updated more than 1 year ago
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Created by Eylin Nunez
over 9 years ago
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| Question | Answer |
| What is an IS? | - performance for a period of time - determine profitability value for investment purposes/credit worthiness |
| What are costs and unexpired costs? | - costs - amt actually paid for items like capital assets, services(payroll), and merch recvd - unexpired costs - costs that will expire in future periods & be charged against revenues in a systematic and rational way |
| gross concept | - Revenues - reported @ gross amts(less allowance for returns/discounts given) - Expenses - costs only benefit the current period/allocation of unexpired costs to the current period for benefit received |
| components of an entity | lowest level for which ops and cashflows can be clearly distinguished, both operationally and financial reporting purposes from the rest of the entity - operating segment - reportable segment - reporting unit - subsidiary - asset group |
| Held for Sale (Discontinued Ops) | Component of biz(GAAP) or disposal group(IFRS) is classified this way after meeting: - mgmt commits to plan sale of component - component is available for immediate sale as is - active program to locate buyer - sale of component is probable & expected within yr - actions required to complete the sale make it unlikely that significant changes to the plan will be made/withdrawn |
| extraordinary Items | Unusual and Infrequent events that are: - material - characteristically different from typical/customary biz activities - not expected to recur in forseeable future - not normally considered in evaluating ordinary results of an enterprise |
| general and Admin expenses | - advertising - insurance - payroll taxes - rent - salaries - supplies - travel entertainment - utilities - other expenses |
| Selling Expenses | -Sales commissions - advertising (related to sales) -promotional materials distributed - rent of the sales showroom - rent of the sales offices - salaries and fringe benefits of sales personnel - utilities and telephone usage in the sales department |
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