General
Assets = Liabilities + ?
Stockholders' Equity
What industry is Protara Therapeutics, Inc. in?
Biopharmaceutical.
What is the most widely used method to value stock options?
Black-Scholes Model
When is a 10-Q due for a non-accelerated?
45 days after quarter end.
What is the primary purpose of a 10-K?
To provide an annual overview of a company's performance
What are the four financial statements?
Balance Sheet, Income Statement, Statement of Stockholders' Equity, Cash Flow
Which of our clients is a private company?
Sightly Enterprises, Inc.
What is the accounting guidance for stock-based compensation?
ASC 718
What does a rollforward of footnotes entail?
- Updating for current period dates and placeholders for upcoming dates
- Updating prior period numbers to as-filed
- Placeholders for current period numbers
- Placeholders for disclosures of current period events
- Moving subsequent events from prior period to appropriate footnote
What section is excluded from the 10-Q, but included within the 10-K?
Management’s Discussion and Analysis (MD&A)
Revenue is recognized when it is ___, not when cash is received (under accrual accounting).
earned
What is IEH, Corp. fiscal year end?
March 31, 202x
What is the entry to record stock-based compensation expense?
Debit stock-based compensation expense
Credit APIC
After preparing preliminary trial balances, what is the next step in the process before preparing financial statements?
Analytics
What is a key difference between the 10-K and 10-Q?
10-K includes audited financials, while the 10-Q includes unaudited financials.
What is a classified balance sheet?
A financial statement that categorizes the company's assets and liabilities into current and non-current.
Which client reports their financials based on the alternative reporting standard on the OTCID Basic Market?
Regency Affiliates, Inc.
What’s the accounting treatment when an employee is terminated for unvested and vested options?
Unvested - expense recognized is reversed for unvested portion
Vested - expense recognized is NOT reversed.
What are the planning docs for an engagement?
- Timeline
- Open items list (PBC/OSL)
- Final Countdown
- Managing the doc
Which form are the Company's risk factors (detailed information about risks the company faces) included in?
10-K
True or False: Dividends paid reduce retained earnings.
True
Which of our clients is a non-accelerated filer, smaller reporting company and an emerging growth company?
Western Uranium & Vanadium Corp.
In the Black-Scholes model, how does an increase in volatility affect option values?
Higher volatility = higher option value
At what points in an engagement should a Tie Out be prepared?
1. Before initial document circulated to printer/auditors
2. Prior to filing (last draft)
What is the language for the machine-readable format of financials statements?
XBRL (eXtensible Business Reporting Language).