Term
| How do revenues lead to FDA's? |
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Definition
| Taxable income recognizes the revenue before accounting income does |
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Term
| Which revenues result in deferred tax assets? |
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Definition
1) Advanced Rent
2) Subcriptions
3) Early Revenues
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Term
| How do revenues lead to FTA's? |
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Definition
| Accounting income recognizes the revenue before taxable income |
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Term
| Which revenues result in deferred tax liabilities? |
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Definition
1) Installment Sales
2) Unrealized Gains |
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Term
| How do expenses lead to a FDA's? |
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Definition
Accounting income recognizes expense earlier than taxable income
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Term
| Which expenses result in deferred tax assets? |
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Definition
1) Estimated Expenses
2) Unrealized Losses |
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Term
| How do expense's lead to FTA's? |
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Definition
| Taxable income recognizes the expense before taxable income does |
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Term
| Which expenses result in deferred tax liabilities? |
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Definition
1) Accelerated depreciation
2) Prepaid Expenses |
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Term
| How is net income calculated? |
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Definition
Rev
(Exp)
Income Before Taxes
(Income Tax Expense)
Net Income |
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Term
| How is taxable income calculated? |
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Definition
Rev
(Expenses) Deductions
Taxable Income
x Tax Rate
Income Tax Payable |
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Term
| What does SFAS#109 state? |
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Definition
| Current tax obligations are reported as current liabilities |
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Term
| What's FIN 48? (Uncertainty of IT) |
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Definition
Before recognizing tax benefits:
1) Assess validity of claim
2) Assess dollar amount |
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Term
| How does IFRS report DTA's and DTL's? |
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Definition
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Term
|
Definition
FV * Stated Rate = Cash Payment
(FV*PV-SS)+(CP*PV-OA) |
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Term
| How do we handle bond issuing costs? |
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Definition
Asset Account = Deferred Charge
Bond Issue Exp XX
Deferred Charge XX |
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Term
| What type of accounts are discounts? |
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Definition
Issuer: Contra Liability
Investor: Contra Asset |
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Term
| What type of accounts are premiums? |
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Definition
Issuer: Adjunct liability
Investor: Asset Account |
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Term
| What's the journal entry for early retirement of debt? |
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Definition
Bond Payable X
Premium X
Cash X
Bond Issue Costs X
Gain? X |
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Term
| Whats the journal entry for the convergence of convertible bonds? |
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Definition
B/P Face Value
Disc From Amort Table
C/S Shares * Par Value
PIC Plug Figure |
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Term
| Whats the journal entry for issuance of bonds with detachable warrants? |
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Definition
Cash Bond Price
Bond Payable Face Value
PIC $ Value of warrents
Premium Price - Warrent Value |
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Term
| How does GAAP and IFRS differ on preferred stock? |
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Definition
GAAP - Equity
IFRS - Debt |
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Term
| How do GAAP and IFRS differ on Convertible bonds? |
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Definition
GAAP - Debt
IFRS - Debt & Equity |
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