Far Mini Exam 1 with all Correct & 100% Verified
Answers |Already Graded A+
General Administrative expenses are ✔Correct Answer-Accounting and legal fees, officer salaries
(non sales team) Insurance expenses. Freight in is cost of sales, freight out is selling expense.
Booking unearned revenue process -> ✔Correct Answer-BASE: Beginning Plus CY Cash receipts
Minus Revenues= Ending balance.
Changing inventory cost methods (lifo -> fifo) ✔Correct Answer-Is taken net of tax, Should be taken
at beginning year balances (restating prior period financial statements)
Finding BV per share of common stock ✔Correct Answer-total shareholders equity - preferred
stock outstanding (at greater call price or par value) - cumulative preferred dividends in arrears /
Common shareholder equity
Dividend in arrears ✔Correct Answer-take amount of preferred stock issued and multiply but the
cumulative percentage.
Gains and losses from foreign exchange transactions that are recorded on ✔Correct Answer-as a
component of income from continuing operatings.
OCI rules ✔Correct Answer-PUFI (pensions, unrealized g/ls from available for sale debt securities
and hedges), Foreign currency transactions, instrument specific credit risks. taken net of tax
Days sales in accounts receivable ratio ✔Correct Answer-Ending net AR/ Net sales / 365
Under regulation S-X, entities interim FS filed with the SEC should include all of the following
except... ✔Correct Answer-Interim FS filed with the SEC would not include a statement of cash
flows for the most recent fiscal quarter.
To find total # of shares outstanding ✔Correct Answer-Add issued # of common shares with
treasury sold, new shares, subtract treasury shares. find stock split ratio.
Disclosures for risks and uncertainties ✔Correct Answer-relative importance of each business
when an entity operates multiple businesses, statement that actual results could differ from the
estimates included in the FS, estimates of the effects of changes in significant estimates
Answers |Already Graded A+
General Administrative expenses are ✔Correct Answer-Accounting and legal fees, officer salaries
(non sales team) Insurance expenses. Freight in is cost of sales, freight out is selling expense.
Booking unearned revenue process -> ✔Correct Answer-BASE: Beginning Plus CY Cash receipts
Minus Revenues= Ending balance.
Changing inventory cost methods (lifo -> fifo) ✔Correct Answer-Is taken net of tax, Should be taken
at beginning year balances (restating prior period financial statements)
Finding BV per share of common stock ✔Correct Answer-total shareholders equity - preferred
stock outstanding (at greater call price or par value) - cumulative preferred dividends in arrears /
Common shareholder equity
Dividend in arrears ✔Correct Answer-take amount of preferred stock issued and multiply but the
cumulative percentage.
Gains and losses from foreign exchange transactions that are recorded on ✔Correct Answer-as a
component of income from continuing operatings.
OCI rules ✔Correct Answer-PUFI (pensions, unrealized g/ls from available for sale debt securities
and hedges), Foreign currency transactions, instrument specific credit risks. taken net of tax
Days sales in accounts receivable ratio ✔Correct Answer-Ending net AR/ Net sales / 365
Under regulation S-X, entities interim FS filed with the SEC should include all of the following
except... ✔Correct Answer-Interim FS filed with the SEC would not include a statement of cash
flows for the most recent fiscal quarter.
To find total # of shares outstanding ✔Correct Answer-Add issued # of common shares with
treasury sold, new shares, subtract treasury shares. find stock split ratio.
Disclosures for risks and uncertainties ✔Correct Answer-relative importance of each business
when an entity operates multiple businesses, statement that actual results could differ from the
estimates included in the FS, estimates of the effects of changes in significant estimates
