What does CAR stand for in the consolidation entry?
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Common stock
APIC
Retained earnings (beginning)
A Binomial Model is used for pricing what kind of options?
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American Options
,What is the acronym which describes how to execute on Review & Revise in the
GOPRO model?
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SIR
What does the A stand for in VAPIR?
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Assess the severity of the risk (impact and frequnecy)
How are government grants accounted for in a Capital Projects fund?
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Recognized as revenue immediately in considered "unrestricted" or as
used/spent if considered "restricted"
When can Revenues and Receivables each be recorded in governmental fund
accounting?
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Revenue: When it is measurable and fully available
Receivables: When there is an enforceable claim
, Therefore, Receivables can be booked before revenue
What is the pneumonic used to reconcile funds into government wide financials and
what does each letter stand for?
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"Can CPA's Ride or Sit?"
C - add Capital assets
A - subtract related Accumulated depreciation
N - subtract Non-current liabilities
C - add Capital outlay expenditures
P - add Principal debt payments
A - subtract net book value of disposed capital Assets
S - subtract net proceeds from other financing Sources
R - add Revenues which are measurable bu unavailable
I - accrue Interest expense
DE - accrue Depreciation Expense
S - add internal Service fund's change in net position
IT - Interfund Transfers
What is a control chart used for?
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A control chart helps management identify what batches are having defect
rates outside of the "goal posts" or acceptable range.
What are the three general focuses of Governmental fund's accounting?
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1. Budgets
2. Activities
3. Encumbrances
What is the difference between foreign currency transactions and translations?
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Transactions represent a single business event whereas translation is done
to convert accounting records from one currency to another
How should Variable Interest Entities (VIEs) be accounted for?
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They should always be consolidated regardless of the parent company's
ownership percentage
Where on the Statement of Cash Flows are gains and losses recorded attributed to
hedging derivatives?
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Give this one a try later!
Common stock
APIC
Retained earnings (beginning)
A Binomial Model is used for pricing what kind of options?
Give this one a try later!
American Options
,What is the acronym which describes how to execute on Review & Revise in the
GOPRO model?
Give this one a try later!
SIR
What does the A stand for in VAPIR?
Give this one a try later!
Assess the severity of the risk (impact and frequnecy)
How are government grants accounted for in a Capital Projects fund?
Give this one a try later!
Recognized as revenue immediately in considered "unrestricted" or as
used/spent if considered "restricted"
When can Revenues and Receivables each be recorded in governmental fund
accounting?
Give this one a try later!
Revenue: When it is measurable and fully available
Receivables: When there is an enforceable claim
, Therefore, Receivables can be booked before revenue
What is the pneumonic used to reconcile funds into government wide financials and
what does each letter stand for?
Give this one a try later!
"Can CPA's Ride or Sit?"
C - add Capital assets
A - subtract related Accumulated depreciation
N - subtract Non-current liabilities
C - add Capital outlay expenditures
P - add Principal debt payments
A - subtract net book value of disposed capital Assets
S - subtract net proceeds from other financing Sources
R - add Revenues which are measurable bu unavailable
I - accrue Interest expense
DE - accrue Depreciation Expense
S - add internal Service fund's change in net position
IT - Interfund Transfers
What is a control chart used for?
Give this one a try later!
A control chart helps management identify what batches are having defect
rates outside of the "goal posts" or acceptable range.
What are the three general focuses of Governmental fund's accounting?
, Give this one a try later!
1. Budgets
2. Activities
3. Encumbrances
What is the difference between foreign currency transactions and translations?
Give this one a try later!
Transactions represent a single business event whereas translation is done
to convert accounting records from one currency to another
How should Variable Interest Entities (VIEs) be accounted for?
Give this one a try later!
They should always be consolidated regardless of the parent company's
ownership percentage
Where on the Statement of Cash Flows are gains and losses recorded attributed to
hedging derivatives?
Give this one a try later!
