FAR Mnemonics

When computing depletion on land, remember it is REAL propery

Residual value (subtract)

Extraction/development cost

Anticipated restoration cost

Land purchase price

What is the OWNES criteria to determine whether a lease should be treated as a finance or an operating lease?

Finance if yes to any of:

Ownership transfers to the lessee at the end of the lease term

Written purchase option which lessee is reasonably certain to exercise

Net present value > 90% of FV

Economic life is contained within the lease term (75%)
Specialized asset such that it will not have an expected, alternative use

What is the journal entry flow chart for consolidations

The CAR I’m IN is BIG

What does CAR IN BIG stand for?

Common Stock

APIC

Retained Earnings

Investment in Subsidiary

Noncontrolling Interest

Balance sheet FV adjustment

Identifiable intangible assets

Goodwill (or Gain)

What are adjustments made to the operating activities of the cash flows statement? (CLAD)

Current assets and liabilities

Losses and gains

Amortization and depreciation

Deferred items

What items are on OCI (PUFI)?

Pension funded status change

Unrealized G/L on available-for-sale debt securities and hedges

Foreign translation adjustment

Instrument specific credit risk

How often are contributions that do not enhance nonfinancial assets recognized?

Only SOME of the time

What does SOME stand for?

Specialized skills are required and possessed by the donor

Otherwise needed by the organization

Measurable

Easily (at fair value)

What are the characteristics in financial reporting for government (UR MICE)?

Understandability

Reliability

Make a difference - relevance

In timeliness

Consistency year over year

Entity-to-entity comparability

What are the proprietary and fiduciary funds?

SE-CIPPOE

What does SE-CIPPOE stand for?

Service (internal)

Enterprise

Custodial

Investment Trust

Private purpose trust

Pension (and Other Employee benefit) trust

What are the governmental funds

GRaSPP

What does GRaSPP stand for?

General

Special Revenue

and

Debt Service

Capital Projects

Permanent