Frankisms
Frank's go-to greeting
Ahoy!
A bigger fan of Maroon 5 than you
Amit 😎
During account reconciliation, if a bank service charge has been recorded on the bank statement but not in the general ledger, how should it be adjusted?
The bank service charge should be recorded as an adjusting journal entry in the general ledger to reflect the expense, and it should be included in the reconciliation to adjust the book balance.
This Canadian city is known for hosting the largest winter carnival in the world.
Quebec City
This insect can carry loads 50 times its body weight, often working in groups to haul food and build complex colonies.
Ants
In consolidation accounting, if a parent company owns 70% of a subsidiary, how is the non-controlling interest (NCI) presented on the consolidated balance sheet?
The non-controlling interest (NCI) is reported in the equity section of the consolidated balance sheet. It represents the portion of the subsidiary’s net assets that is not owned by the parent company. The NCI is calculated based on the subsidiary’s fair value and includes both assets and liabilities attributable to the minority shareholders.
The longest serving consultant on the Managed Services Team
Alex (Young) 🫡
How many accounts does Team Tomatoes manage?
190
In Japan, this city is famous for its street food culture, especially the dish "takoyaki," which are fried octopus balls.
Osaka
This nocturnal mammal is known for its exceptional ability to navigate in complete darkness, using a sophisticated system of echolocation to detect prey and obstacles. It can also fly at speeds of up to 100 miles per hour in pursuit of insects.
Brazilian free-tailed bat
Jokingly, Frank and others say Frank is Mexican. However, Frank is actually from this country.
Mexico
What is the most common university degree among Team Tomatoes
Science (5)
This industry is currently the largest customer base category for Managed Services +
Manufacturing
In the United States, this city is known as the "Mile-High City" because it is exactly one mile above sea level.
Denver
This African animal is known to sleep only two hours a day, making it one of the least sleep-dependent mammals.
Giraffe
Frank always responds with this when asked how everything is going
What is "Just Peachy"
Other than Vena, this company has the highest number of team members with previous work experience compared to any other organization.
PwC
This is the only Customer with over $1M USD ARR
Greystar Management Services, LP
What is a key difference between Asian accounting practices (specifically in Japan and China) and Western accounting practices in terms of income recognition?
A key difference lies in the conservatism principle. Asian accounting tends to be more conservative, with companies in countries like Japan and China often recognizing revenue only when it is fully earned and visible. In contrast, Western accounting practices (particularly under IFRS or U.S. GAAP) may allow more flexibility with revenue recognition, such as recognizing revenue when a contract is signed or services are rendered, even if full completion hasn’t occurred. This conservative approach in Asia can be due to cultural attitudes toward risk and financial transparency.
The heart of this massive marine mammal weighs about 400 pounds and beats only 5 times per minute.
Blue Whale
Frank's favourite time to lift weights
Midnight
Under ASC 606, how is revenue recognition handled for a SaaS company with a subscription-based service?
For SaaS companies, revenue recognition under ASC 606 is based on the transfer of control over the service provided. Revenue is recognized over time, typically on a straight-line basis or as the customer consumes the service. The key here is determining the contract duration and how the performance obligations (i.e., the SaaS service) are satisfied.
This customer has the largest number of employees of all EMS+ clients.
Compass Group USA Inc
This city in the UK is home to the famous Clifton Suspension Bridge, spanning the River Avon.
What is Bristol
In preparing a cash flow statement, how should a company account for capital leases under IFRS and U.S. GAAP?
Under both IFRS and U.S. GAAP, a capital lease is treated as a financing activity in the cash flow statement. The initial payment (for the purchase of the asset) is classified under financing cash flows, while the interest payments are typically classified under operating activities. In the operating activities section, the depreciation expense related to the leased asset is also included as part of the cash flow adjustment.