International Accounting Standards

EBITDA – -income statement
EBIT+depreciation+amortization
-good estimate for free cash flow
statement of CF – operating, investing, financing
estado de evolución de saldos con casa matriz – statement of changes in balances with head office
A discount offered by a business is a/an: – Cash Discounts
external users (financial accounting ) – is this external or internal accounting

1. investors , competitors, lenders, government,

reports : income statement, balance sheet , statement of cash flows, and statement of stockholders equity

4 Inventory Valuation Methods used to calculate Ending Inventory – 1.) Specific Identification (individually significant items)
2.) First-In, First-Out (FIFO)
3.) Last-In, First-Out (LIFO)
4.) Average Cost (weighted average cost x ending # of units)
in balance – a condition in which the total of the debits and the total of the credits are equal in an account
The review of financial statements to assess their fairness and adherence to generally accepted accounting principles. – Auditing
Do the data in the following AB design suggest a treatment effect?  Answer “yes” or “no,” and then briefly explain your answer.    
Common stock – =par value of shares * # of shares on issue
Revenue Recognition Principle – Revenue is recognized (1) when realized or realizable and (2) when earned. Recognition at the time of sale provides a uniform and reasonable test. Certain variations in the revenue recognition principle include: certain long-term construction contracts, end-of-production recognition, and recognition upon receipt of cash.
Net Income – Is the excess of revenues over expenses
Dо the dаtа in the fоllоwing AB design suggest а treatment effect?  Answer “yes” or “no,” and then briefly explain your answer.    
The direct write-off method
A. is acceptable for financial reporting purposes.
B. debits Allowance for Doubtful Accounts to record write-offs of accounts.
C. shows only actual losses from uncollectible accounts.
D. estimates bad debt losses. – C
tangible – tárgyi(érinthető)
inventory – a tangible asset that is held for resale in the normal course of operations
Monetary unit assumption – Requires that companies include in the accounting records only transaction data that can be expressed in money terms

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