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11 Cards in this Set
- Front
- Back
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Four Basic Financial Statements
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balance sheet, income statement, shareholder's equity, statement of cash flows
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Accounting (vs auditing)
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management prepares the financial statements and maintains a system of internal controls
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Auditing (vs accounting)
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auditor, independent of management, tests the financial statements and internal controls
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CFO's 6 responsibilities
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existence, ownership, valuation, cut-off, classification, disclosure
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SEC Pres
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Mary Schapiro
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SEC: Accounting makeup
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GAAP and FASB
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SEC: Auditing makeup (&pres)
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PCAOB Mark Olson
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Balance Sheet Securities: Trading (BS, UR Gain/Loss, & Realized)
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fair value, net income (though trade has not occurred), realized gains/losses and int. income to net income
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Balance Sheet Securities: Held-to-Maturity (BS, UR Gain/Loss, & Realized)
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at cost, none, realized gains/losses and int. income to net income
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Balance Sheet Securities: Available-for-Sale (BS, UR Gain/Loss, & Realized)
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fair value, comprehensive income (in equity), realized gains/losses and int. income to net income
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Derivative Securities: (BS, UR Gain/Loss, & Realized)
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fair value, comprehensive income (cash flow)/income (speculative/FV hedge)
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