50 Questions on Financial Statements for IFRS and US GAAP App Description: This app provides a review of the formats and components of financial statements ...
50 Questions on Financial Statements for IFRS and US GAAP App Description: This app provides a review of the formats and components of financial statements required by IFRS and US GAAP. Basic concepts are structured in a question-and-answer format for instant application to real-world analysis. Read questions and answers in "Review Mode" first and then test your understanding by using the "Quiz Mode" feature. You can switch between review and quiz modes at any time. Readers can create their own notes in the "My Notes" tab. The text of this app and notes created by readers can be viewed through a web browser on any notebook or desktop computer connected to the same WiFi network. This app was designed to help: (1) Students who are currently taking an accounting course; (2) Students who wish to refresh their knowledge of financial statements; and (3) Business professionals who would like to review financial statements. The contents of this app are organized as follows: Section I. Overview of Financial Statements Q1. List of financial statements . Q1-1. US GAAP Q2. Comparative financial statements Q3. Accrual basis of accounting Q4. Profit or loss Q5. Comprehensive income . Q5-1. Examples of other comprehensive income Section II. Formats of Financial Statements Q6. Multiple-step statement of profit or loss . Q6-1. IFRS Format Exercise . Q6-2. US GAAP Format Exercise Q7. Classified statement of financial position . Q7-1. IFRS Format . Q7-2. US GAAP Format Q8. Statement of cash flows . Q8-1. IFRS Format . Q8-2. US GAAP Format Q9. Statement of changes in equity Section III. Components of Financial Statements Q10. Elements of financial statements Section III-1. Profit or Loss Q11. Revenue recognition Q12. Expense recognition Q13. Gross profit . Q13-1. Cost of sales Q14. Operating profit Q15. Profit or loss from continuing operations Q16. Profit or loss from discontinued operations Q17. Extraordinary items Q18. Profit or loss before income taxes Q19. Income taxes expense Q20. Profit or loss Q21. Earnings per Share (EPS) Section III-2. Other Comprehensive Income Q22. Other comprehensive income Q23. Comprehensive income Section III-3. Assets Q24. Current assets . Q24-1. Examples of current assets Q25. Cash and cash equivalents Q26. Trade receivables . Q26-1. Allowance for doubtful accounts Q27. Inventory . Q27-1. Last-in, First-out (LIFO) . Q27-2. Net Realizable Value (NRV) . Q27-3. Reversal of write down Q28. Prepaid expenses Q29. Financial assets Q30. Non-current assets Q31. Property, plant and equipment . Q31-1. Accumulated depreciation . Q31-2. Impairment loss . Q31-3. Revaluation model Q32. Intangible assets . Q32-1. Internally developed intangible assets Q33. Investment assets . Q33-1. Investments in associates Section III-4. Liabilities Q34. Current liabilities . Q34-1. Examples of current liabilities Q35. Non-current liabilities Q36. Bonds payable Q37. Contingent liability Section III-5. Equity Q38. Equity accounts Q39. Share capital . Q39-1. Issuance of shares . Q39-2. Treasury shares Q40. Retained earnings Q41. Non-controlling interests . Q41-1. Measurement of non-controlling interests Section III-6. Operating, Investing and Financing Activities Q42. Cash flows from operating activities Q43. Cash flows from investing activities Q44. Cash flows from financing activities Section IV. Review Questions Q45. List of financial statements . Q45-1. US GAAP Q46. Statement of profit or loss Q47. Statement of comprehensive income Q48. Statement of financial position Q49. Statement of cash flows Q50. Integrated case
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