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Assurance Endurance
The Tax Man
Investments
Tom Hanks Movies
100
Storage, administrative overhead, and selling costs are specifically excluded from this.
What is the cost of inventories?
100
This type of engagement provides negative assurance on the financial statements.
What is a review engagement?
100
For transactions carried out in the normal course of operations, monetary related party transactions, or non-monetary RPT with commercial substance should be recorded at this.
What is their exchange amount?
100
Under ASPE, an enterprise can make an accounting policy choice to account for it’s subsidiaries using 1 of these 3 methods.
What is the cost method, equity method, and consolidation method?
100
Tom Hanks voices Woody in this family classic.
What is Toy Story?
200
Assets with indefinite lives can only be amortized when this happens.
What is when the useful life is no longer considered indefinite?
200
The most effective format to address controls weaknesses in a case is this acronym.
What is W I R?
200
In order to determine whether someone is an employee or a contractor you should consider the following. (Name 3 tests to consider)
What is 1) Intention of the parties, 2) Control of work, 3) Ownership of tools, 4) Chance of profit and risk of loss, 5) Ability to sub-contract work or hire assistants, 6) Integration
200
Under IFRS, when a company is deemed to have control over another company, they must account for the investment using this method.
What is the consolidation method?
200
Tom Hanks falls in love with Jenny in this movie.
What is Forrest Gump?
300
Under IFRS, where impairment exists, you should reduce the carrying value to the highest of the fair value less selling costs and this.
What is PV of cash flows expected from holding the asset?
300
If the opening balances of a company cannot be verified, it may be necessary to issue this type of opinion.
What is a qualified opinion or disclaimer of opinion due to the scope limitation?
300
Gifts are considered a taxable benefit when they are this. (Name 2 instances when a gift would be considered a taxable benefit)
What is when the gift is based on performance, if it is cash based, or if it is more than $500 in value per year?
300
Significant influence can be demonstrated by owning (directly or indirectly) this percentage or more of the voting power of the investee.
What is 20%?
300
Wilson is Tom Hanks' only friend in this movie.
What is Castaway?
400
If an expenditure can be classified as a betterment, you should do this.
What is capitalize the asset?
400
Inspection is an example of a method used to obtain audit evidence. Name 3 additional methods.
What is observation, inquiry, confirmation, recalculation, re-performance, or analytical procedures?
400
A Public company is taxed at the highest rate. This creates a GRIP balance and allows the company to pay this type of dividend.
What are eligible dividends?
400
Under IFRS, you should look at this IAS if you want to determine if the company has significant influence.
What is IAS 28?
400
Tom Hanks spends most of his time stuck in an airport in this movie.
What is The Terminal?
500
Name 3 going concern risk factors.
What are 1) losses year over year 2) non-compliance with bank covenant(s) 3) loss of key employee 4) increased bank indebtedness
500
This CAS special report is the Audit of a Single Financial Statement and Specific Elements, Accounts or Items of a Financial Statement.
What is CAS report 805?
500
Company J has a Dec 31 YE. If owner of Company J took out a shareholder loan of $10,000 on Jan 1, 2015, it must be repaid by this date in order for it not to be included in the shareholder's income.
What is December 31, 2016?
500
In accounting, minority interest is another word for this.
What is non-controlling interest?
500
Tom Hanks saves Matt Damon in this critically acclaimed war movie.
What is Saving Private Ryan?