Presentation
Prior year figures are shown for comparative purposes and are comparable with those shown for the most recent period.
Comparative Financial Statements
This section of the financial statements discloses the amount of shares authorized, issued, and outstanding.
Balance Sheet - Equity (Capital Contributed)
This footnote discloses when the entity typically satisfies its performance obligations.
Footnote 1 - Revenue Recognition
Name the two types of leases that should be separately stated from each other under 842.
Finance Lease and Operating Lease
This statement properly classifies cash receipts and cash payments resulting from operating, investing, and financing activities.
Statement of Cash Flows
____ includes the types of receivables that are reasonably expected to be realized in cash or sold or consumed during the entity’s normal operating cycle
Current Assets
An entity should present any unconditional rights to consideration separately as a ______.
Receivable
This ASC mandates how to account for income taxes.
ASC 740
This footnote describes the entity's significant accounting policies
Footnote 1 - Summary of Significant Accounting Policies
This footnote discloses the amount of depreciation/amortization charged to operations.
Property and Equipment
The objective of this topic is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
Topic 606 - Revenue from Contracts With Customers
The date disclosed through which subsequent events have been evaluated.
The date the financial statements were available to be issued
This section of footnote 1 discloses concentrations in the volume of business transacted with a particular customer, supplier, lender, grantor, or contributors.
Concentration of Credit Risk
The combined aggregate amount of maturities for all long-term borrowings disclosed for each of the five years following the date of the latest balance sheet presented.
Future Maturities of Long-Term Debt
____ is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer.
Contract Liability
Name one type of note/receivable that should be shown separately and should not be included under a general heading such as notes/accounts receivable.
Notes/Accounts Receivable due from officers, employees, or affiliated entities
A one-year time period used as a basis for the segregation of current assets and liabilities.
Operating Cycle
Name the footnote that discloses assets pledged as securities for loans and letters of credit
Commitments and Contingencies
Upon the initial recognition of a receivable from a contract with a customer, any difference between the measurement of the receivable and the corresponding amount of revenue recognized should be presented as a ____.
Credit Loss Expense
Name the tax years that are no longer subject to examination by major tax jurisdictions for a 12/31/2023 year end.
2020 (Fed - open 3 years) and 2019 (CA - open 4 years) for tax positions