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Pg1 - For profit
SEC - Securities and Exchange Committee - 1934
CAP - Committee on Accounting Procedure - 1939 - 1959
APB - Accounting Principles Board - 1959 - 1979
FASB - Financial Accounting Standards Board - 1979
FASB Codification - 2009 going forward
Pg2 - PCC - Private Company Council - Founded by FAF - Financial Accounting Foundation
Net sales - Cost of good sold => Gross margin - expenses -> earning before tax - tax => Income from continuing operation/ Net Income - after tax discontinued activities
CPA - 06565 Recovery of Accounts Receivable Write offs
CPA - 06959 Adjustment for a prior year understatement of amortization - prior period adjustment that will be reflected in the beginning retained earnings, not on Income State
Unrealized gain on available-for-sale debt securities - in other comprehensive income
Gain/Loss from discontinued operation - is recorded after tax/net of tax - after tax calculation line of the Multi-step income statement
CPA - 00091 Frequent and not uncommon do not need separate disclosure, do not need a separate line for reporting
Salary is S or G&A? Officer includes sales person. - in that case, if they ask for only S or G&A, they will give you separate salaries
CPA - 00198 In single step, do we distinguish discontinued operation with operating revenues?
CPA - 00031 The concept of discontinued operation. Sale of asset, is a continued operation, because it is not all of them. But just not operating.
Discontinued operations are only reported for the disposal of a component of an entity.
Other comprehensive income: PUFE: Pension adjustments, unrealized gains and losses, foreign currency items, and the effective portion of cash flow hedge funds.
CPA - 00200 Renovate for customer's store/showrooms, is an expense for SG & A, only allocate the amount of the year.. Part of fixed assets. Residual value are in BS?
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