Accounting And finance ACFN EXIT

Large corporations typically use the indirect method for preparing cash flow statements. This method is favored because it starts with net income and adjusts for non-cash items, making it easier to prepare using existing financial statements. It also aligns well with accrual accounting practices, which are standard among publicly traded companies due to their complexity and the need for detailed financial reporting1. The direct method, while providing more detailed cash flow information, is less commonly used due to its complexity and the extensive record-keeping required.

The main differences between the direct and indirect methods of preparing a cash flow statement are:
Starting Point: The direct method begins with actual cash transactions, detailing cash received and paid, while the indirect method starts with net income and adjusts for non-cash items and changes in working capital125.
Detail Level: The direct method provides a detailed view of cash flows, showing specific cash inflows and outflows. In contrast, the indirect method offers a broader overview, focusing on adjustments to net income46.
Complexity: The direct method is often more complex and time-consuming due to the need for detailed records, whereas the indirect method is generally quicker and easier to prepare using existing financial statements

There are two primary methods for preparing a cash flow statement:
Direct Method
Overview: Lists all cash receipts and payments during the reporting period.
Process:
Record cash received from customers.
List cash paid to suppliers and employees.
Calculate net cash flow by subtracting total payments from total receipts12.
Indirect Method
Overview: Starts with net income and adjusts for non-cash transactions and changes in working capital.
Process:
Begin with net income from the income statement.
Adjust for non-cash items like depreciation.
Account for changes in accounts receivable, inventory,

The depositor's balance can differ from the bank's balance due to several transactions and factors. Here are some common reasons for discrepancies:

1. Outstanding Checks: These are checks that have been written and recorded in the depositor's account but have not yet cleared the bank. Until the checks are cashed or deposited by the recipients, they will not affect the bank balance.

2. Deposits in Transit: These are deposits that have been made by the depositor but have not yet been processed by the bank. For example, if a deposit is made after the bank's cutoff time, it may not be reflected in the bank's balance until the next business day.

3. Bank Fees: Banks may charge fees (e.g., monthly maintenance fees, overdraft fees) that may not yet be reflected in the depositor's records if they haven't been accounted for.

4. Interest Earned: If the bank pays interest on the account, it may take time for that interest to be credited to the depositor’s account, leading to differences between the two balances.

5. Errors: Mistakes can occur in either the depositor's records or the bank’s records. This could include data entry errors or incorrect transaction postings.

6. Automatic Payments or Transfers: If there are scheduled payments (like utilities or subscriptions) that have been set up but not yet processed by the bank, this can cause a difference.

7. Pending Transactions: Some transactions may be pending and not yet fully processed, leading to temporary discrepancies.

8. Fraudulent Transactions: Unauthorized transactions can also lead to discrepancies between what the depositor believes they have and what the bank shows.

To reconcile these differences, it's important for both parties to maintain accurate records and regularly review account statements, ensuring that all transactions are accounted for and correctly recorded.

Bank reconciliation is the process of comparing and matching the transactions recorded in a company's accounting records with the transactions listed on its bank statement. This practice ensures that there's agreement between the company’s financial records and the bank's records, and it helps identify any discrepancies, such as errors or unauthorized transactions, that may need to be resolved. The main goal of bank reconciliation is to ensure the accuracy of financial statements and maintain the integrity of a company's financial position.

A call option is considered "in the money" (ITM)

when the current market price of the underlying asset is higher than the option's strike price.

This means that exercising the option would allow the holder to buy the asset at a lower price than its current market value, resulting in an intrinsic value for the option.
Example of an In-the-Money Call Option
Strike Price: Suppose an investor holds a call option with a strike price of Br 50.
Current Market Price: The current market price of the underlying asset (e.g., a stock) is Br 60.
In this case, since the market price (Br 60) is greater than the strike price (Br 50), the call option is ITM. The intrinsic value of this option can be calculated as follows:
Intrinsic Value=Market Price−Strike Price=Br60−Br50=Br10
Intrinsic Value=Market Price−Strike Price=Br60−Br50=Br10
This means that if the investor exercises the option, they can buy the asset for Br 50 and immediately sell it for Br 60, realizing a profit of Br 10 per share.
Key Points about In-the-Money Call Options
Higher Premiums: ITM options typically have higher premiums compared to out-of-the-money (OTM) options because they possess intrinsic value.
Profit Potential: The profit potential for ITM options is significant as they can be exercised for immediate gain or sold in the market at a premium.
Expiration: If held until expiration and still ITM, these options can be exercised to acquire the underlying asset at a favorable price.
In summary, a call option is "in the money" when exercising it provides an economic advantage due to the underlying asset's market price being above the strike price, allowing for potential profits upon exercise or resale.

Call and Put Options in the Money Market
Options are financial derivatives that provide investors with the right, but not the obligation, to buy or sell an underlying asset at a predetermined price (the strike price) within a specified time frame. The two primary types of options are call options and put options.

Call Options
A call option gives the holder the right to purchase an underlying asset at the strike price before the option expires. Investors typically buy call options when they anticipate that the price of the underlying asset will rise.
Example of a Call Option
Strike Price: Br 50
Premium (Cost of Option): Br 5 per share
Current Market Price at Expiration: Br 70
In this example, if an investor buys one call option contract (which typically covers 100 shares), they would pay:
Total Premium=Premium per Share×Number of Shares=Br5×100=Br500Total Premium=Premium per Share×Number of Shares=Br5×100=Br500
At expiration, since the market price (Br 70) is higher than the strike price (Br 50), the call option is in the money (ITM). The investor can exercise the option to buy 100 shares at Br 50 each, costing:
Cost of Shares=Strike Price×Number of Shares=Br50×100=Br5000Cost of Shares=Strike Price×Number of Shares=Br50×100=Br5000
The investor can then sell these shares at the current market price:
Sale Proceeds=Market Price×Number of Shares=Br70×100=Br7000Sale Proceeds=Market Price×Number of Shares=Br70×100=Br7000
The profit from exercising the option would be:
Profit=Sale Proceeds−(Cost of Shares+Total Premium)=Br7000−(Br5000+Br500)=Br1500Profit=Sale Proceeds−(Cost of Shares+Total Premium)=Br7000−(Br5000+Br500)=Br1500
If the market price had been below the strike price at expiration, for example, Br 40, the investor would not exercise the option and would only lose the premium paid (Br 500).

Put Options
A put option gives the holder the right to sell an underlying asset at the strike price before expiration. Investors typically buy put options when they expect that the price of the underlying asset will decline.
Example of a Put Option
Strike Price: Br 60
Premium (Cost of Option): Br 4 per share
Current Market Price at Expiration: Br 50
If an investor buys one put option contract covering 100 shares, they would pay:
Total Premium=Br4×100=Br400Total Premium=Br4×100=Br400
At expiration, since the market price (Br 50) is lower than the strike price (Br 60), the put option is in the money (ITM). The investor can exercise their right to sell shares at Br 60 each. If they own these shares, they can sell them for:
Sale Proceeds=Strike Price×Number of Shares=Br60×100=Br6000Sale Proceeds=Strike Price×Number of Shares=Br60×100=Br6000
If they had purchased these shares earlier at market price (Br 50), their cost basis would be:
Cost of Shares=Br50×100=Br5000Cost of Shares=Br50×100=Br5000
The profit from exercising the put option would be:
Profit=(Sale Proceeds)−(Cost of Shares+Total Premium)=Br6000−(Br5000+Br400)=Br600Profit=(Sale Proceeds)−(Cost of Shares+Total Premium)=Br6000−(Br5000+Br400)=Br600
If instead, at expiration, the market price were above the strike price (e.g., Br 70), the put option would expire worthless, and the loss would be limited to just the premium paid (Br 400).
Summary
A call option is ITM when its strike price is below the current market price, allowing for potential profit upon exercise.
A put option is ITM when its strike price is above the current market price, enabling profit by selling at a higher predetermined price.
Understanding these mechanics allows investors to utilize options strategically for hedging or speculative purposes in their investment portfolios.

6. Management accounting:

🔘 focus on estimate future revenues, costs & other measures to forecast activities and their results
🔘 provides information about the company as a whole
🔘 reports information that has occurred in the past that is verifiable and reliable
🔘 provides information that is generally available only on a quarterly or annual basis‌‌

Understanding Carry Back and Carry Forward with ExamplesCarry ForwardCarry forward allows taxpayers to apply a net operating loss (NOL) from one year to offset taxable income in future years. This is particularly useful for businesses that experience fluctuating income.Example of Carry Forward:
Year 1: A company incurs a loss of Br 8 million.
Year 2: The company earns Br 6 million.
Year 3: The company earns Br 5 million.
In this scenario, the company can carry forward the Br 8 million loss to offset future profits:
In Year 2, it can offset the entire Br 6 million profit, reducing taxable income to zero.
In Year 3, it can apply the remaining Br 2 million of the loss against the Br 5 million profit, resulting in taxable income of Br 3 million.
The company effectively reduces its tax liability over these years by utilizing the NOL.Carry BackCarry back allows taxpayers to apply a current year's loss against profits from previous years, resulting in a potential tax refund for taxes previously paid.Example of Carry Back:
Year 1: A company earns a profit of Br 10 million and pays taxes on this amount.
Year 2: The company incurs a loss of Br 4 million.
Year 3: The company returns to profitability with earnings of Br 8 million.
In this case, the company can choose to carry back the Br 4 million loss from Year 2 to Year 1:
By applying the loss to Year 1, the company's taxable income for that year would be reduced from Br 10 million to Br 6 million.
As a result, it could receive a tax refund for the taxes paid on the reduced income.
If the company opts not to carry back the loss, it could instead carry it forward to offset future profits in Year 3, where it could reduce its taxable income from Br 8 million to Br 4 million.

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Accounting is Economic Timekeeper: Keeping track of a company’s financial timeline, ensure all transactions are recorded accurately and timely.

3. The primary purpose of audit procedures is to

🔘 detect all errors or fraudulent activities as well as illegal activities.
🔘 comply with auditing standards
🔘 gather verifiable audit evidence about management’s assertions regarding client financial statement
🔘 determine amount of errors in the balance sheet accounts in order to adjust the accounts to actual.‌‌

14.Physical examination" is the inspection or count by the auditor of items such as

🔘 cash, inventory, and payroll timecards
🔘 cash, inventory, canceled checks, and sales documents
🔘 cash, inventory, canceled checks, and tangible fixed assets
🔘 cash, inventory, securities, notes receivable, and tangible fixed assets.‌‌

16. Which of the following is an accurate statement regarding audit evidence?

🔘 Responses to the auditor's questions by client employees is considered highly persuasive evidence.
🔘 Audit evidence should provide an absolute level of assurance.
🔘 The auditor uses evidence to determine whether the statements are fairly presented.
🔘 All evidence must be highly persuasive.‌‌

15. Audit evidence obtained directly by the auditor will be reliable not if

🔘 the auditor lacks the competence to evaluate the evidence
🔘 it is provided by the client's attorney
🔘 the client denies its veracity
🔘 it is impossible for the auditor to obtain additional verifiable evidence.‌‌

18. In the sales and collection cycle when is, generally, the earliest point at which revenue can be recognized?

🔘 sales approval
🔘 credit approval
🔘 cash collection
🔘 shipment of goods‌‌

19. Which one of the following is more difficult to evaluate objectively?

🔘 Presentation of financial statements in accordance with generally accepted accounting principles.
🔘 Compliance with government regulations.
🔘 Efficiency and effectiveness of operations.
🔘 All three of the above are equally difficult‌‌

9. Which of the following statements is not true with respect to assurance, attest, and audit services?

🔘 These services are applied only to financial statements and financial statement accounts.
🔘 These services all involve obtaining and evaluating evidence.
🔘 These services all involve determining the correspondence of some information to a set of criteria.
🔘 These services all involve issuing a report.‌‌

Under the Direct Write-Off Method, the journal entries for writing off an uncollectible account are straightforward:
Debit Bad Debts Expense
Credit Accounts Receivable
For example, if Semaw Company writes off Birr 8,375 owed by Washew:
Debit Bad Debts Expense: 8,375
Credit Accounts Receivable: 8,375
In contrast, the Allowance Method involves estimating uncollectible accounts in advance:
Debit Bad Debts Expense (for estimated uncollectibles)
Credit Allowance for Doubtful Accounts
When a specific account is later written off:
Debit Allowance for Doubtful Accounts
Credit Accounts Receivable
This method adheres to the matching principle by recognizing expenses in the same period as the related revenues.

The balance sheet and the statement of net assets serve similar purposes but differ in terminology and context.
Balance Sheet: This report summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of financial health and liquidity 
2
4
.
Statement of Net Assets: Often used in nonprofit organizations, this statement focuses on net assets (assets minus liabilities) and categorizes them as restricted or unrestricted, reflecting the organization's financial position over time 
3
5
.
In essence, while both documents outline financial standing, the balance sheet is more common in for-profit entities, whereas the statement of net assets is tailored for nonprofits.

Pension Trust Fund
A Pension Trust Fund is a fiduciary fund established to manage and invest assets accumulated to pay retirement benefits to employees. Key features include:
Purpose: The primary goal is to provide a reliable income stream for retirees, ensuring that funds are available when employees retire.
Structure: Pension funds are typically set up as trusts, separating the fund's assets from the employer's business. This protects the assets from creditors and ensures they are used solely for pension obligations.
Management: A board of trustees oversees the fund, making investment decisions and ensuring compliance with regulations. Trustees must have the necessary qualifications and experience.
Funding: Contributions are made by both employers and employees, which are then invested in various asset classes (stocks, bonds, etc.) to generate returns over time.
Investment Trust Fund
An Investment Trust Fund pools capital from multiple investors to invest in a diversified portfolio of securities. Key aspects include:
Purpose: Designed to provide investors with professional management and diversification, reducing individual investment risk.
Structure: Operates as a closed-end or open-end fund, where shares can be traded on stock exchanges or purchased directly from the fund.
Management: Managed by investment professionals who make decisions based on the fund's objectives and strategies.
Permanent Fund
A Permanent Fund is a type of trust fund established to benefit future generations while preserving the principal amount. Key characteristics include:
Purpose: The fund generates income that can be used for specific purposes (e.g., education, public services) while keeping the principal intact.
Management: Similar to an endowment, it is managed with a focus on long-term growth and sustainability.
These funds play crucial roles in financial planning and resource allocation for retirement and community benefits.

A Private-Purpose Trust Fund is a fiduciary fund used to account for resources held in trust for individuals, private organizations, or other governments, where both the principal and income benefit these parties. Key characteristics include:
Purpose: Designed for specific private purposes as dictated by the trust agreement, such as scholarships or charitable contributions.
Principal Preservation: The principal amount must remain intact, with only the income generated being available for disbursement according to the donor's stipulations.
Management: These funds are managed by a trustee who ensures compliance with the trust terms and proper investment of assets.
Reporting: Under GASB standards, these funds are reported separately from governmental funds and are not used to support governmental programs.
This structure ensures that the intentions of the donors are honored while providing financial accountability.

Under IFRS, the accounting treatment for equity investments varies based on ownership percentages:
Holdings of Less Than 20%: These investments are generally treated as non-trading and are recorded at fair value. Unrealized gains and losses are recognized either in profit or loss (FVTPL) or in other comprehensive income (FVTOCI) depending on the designation. Dividends received are recognized in profit or loss when declared
1
6
.
Holdings Between 20% and 50%: This range typically indicates significant influence, allowing the use of the equity method. Under this method, the investor recognizes its share of the investee's profits or losses in its financial statements. However, significant influence can be rebutted if evidence suggests otherwise, such as a majority of shares held by another investor
2
3
.
Holdings Greater Than 50%: This ownership level usually implies control over the investee, requiring consolidation of the investee's financials into the investor's financial statements. The investor reports all revenues, expenses, assets, and liabilities from the subsidiary, including any non-controlling interests

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When the budget of a governmental unit is adopted and Appropriations exceed Estimated Revenues, the excess is

a. Debited to Reserve for Encumbrances.:
b. Credited to Reserve for encumbrances:
c. Credited to Fund Balance.:
d. Debited to Fund Balance.:

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In the context of accounting funds, assets may not be exactly equal to liabilities in the Agency Fund and Enterprise Fund. Agency Funds typically hold assets for others and do not represent the government's own financial obligations, while Enterprise Funds operate like a business and may have varying asset and liability balances due to operational activities. 

. A CPA may wish to emphasize specific matters regarding the financial statements even though an unqualified opinion will be issued. Normally, such explanatory information is:

🔘 included in the scope paragraph.
🔘 included in the opinion paragraph
🔘 included in a separate paragraph in the repor
🔘 included in the introductory paragraph.‌‌

3. Initial audit planning involves four matters. Which of the following is not one of these?

🔘 Develop an overall audit strategy
🔘 Request that bank balances be confirmed
🔘 Schedule engagement staff and audit specialists.
🔘 Identify the client’s reason for the audit‌‌

2. Failure to record the acquisition of goods is a violation of which audit objective?

🔘 Accuracy
🔘 Occurrence
🔘 Authorization
🔘 Completeness‌‌

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Which of the following accounts is not part of the acquisition and payment cycle?

🔘 Sales returns and allowances
🔘 Purchase discounts
🔘 purchase order,
🔘 receiving report, and vendor's invoice‌‌

18. Which of the following is not the economic role of the government?

🔘 Increase employmen
🔘 Fiscal policy to prevent undesirable wants
🔘 Balanced regional development
🔘 Reduction economic inequalities‌‌

11. Which of the following is the risk that an auditor will reach an incorrect conclusion because a sample is not representative of the population?

🔘 Sampling risk
🔘 Non sampling risk
🔘 Audit risk
🔘 Detection risk‌‌

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3. If a gain of $25,000 is incurred in selling (for cash) office equipment having a book value of $200,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is......

🔘 175,000
🔘 225,000
🔘 200,000
🔘 25,000‌‌

Which of the following statement is NOT correct about spoilage?.

🔘 A.  Normal spoilage occurs under efficient operating conditions.
🔘 B.  Abnormal spoilage is uncontrollable in the short runs
🔘 .C. The costs of normal spoilage are accounted as cost of good units.
🔘 D.  The costs of abnormal spoilage is recorded and reported as los

The discount rate that equates the present value of a project’s expected cash inflows to the present value of the project’s costs: or, equivalently, the rate that forces the NPV to equal zero


🔘 .A. Net Present Value     
🔘 B. Internal Rate of Return 
🔘 C. Payback Period      
🔘  D. Profitability Index

The ability of a firm to use fixed financial charges to magnify the effects of changes in EBIT on the earnings per share.

🔘 A. Operating Leverage   
🔘 B. Leverage 
🔘 C. Financial Leverage                
🔘 D. Total Leverage

1. Which of the following liabilities are not related to the operating cycle?

🔘 A. Wages payable
🔘 B. Accounts payable
🔘 C. Utilities payable
🔘 Bonds payable‌‌

A. Tax planning: This involves organizing your finances in a legal manner to minimize tax liabilities. It is a proactive strategy to manage taxes effectively within the law.

B. Tax avoidance: This refers to legally exploiting the tax code to reduce tax liabilities, such as through the splitting of transactions to avoid tax thresholds. While legal, it can sometimes tread a fine line depending on intent and execution.

C. Tax evasion: This is the illegal act of not reporting income, underreporting income, or inflating deductions to reduce tax liability. It is a criminal offense.

D. Tax saving: This is a general term that can refer to any strategy or action taken to reduce tax liabilities, whether through planning, avoidance, or legal deductions and credits.

Intermediate Financial Accounting I (IFA I)
Lecture Notes

Chapter 1 Pt I, Financial Reporting & Accounting Standards
Chapter 1 Pt. II, Conceptual Framework for Financial Reporting
Chapter 2 Pt. I, Accounting Information System
Chapter 2 Pt. II, Depreciation, Impairment & Depletion
Chapter 3, Cash & Receivables
Chapter 4 Pt. I, Valuation of Inventories; A Cost-Basis Approach
Chapter 4 Pt. II, Inventories; Additional Valuation
Chapter 5, Acquisition and Disposition of PPE
Chapter 7, Intangible Assets

Reminder!
Chapter 1 Pt. I & II are Development of Accounting Principles and Professional Practice
Chapter 2 Pt. I & II are Fair value measurement and Impairment
Chapter 4 Pt. I & II are Inventories

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🤖🪝Agency funds

are used to account for assets held by a governmental unit acting as agent for one or more other governmental units, or for individuals or private organizations.

🥷Therefore, agency fund assets are offset by liabilities equal in amount; no fund equity exists.

GASB Statement No. 34 requires agency fund assets and liabilities to
be recognized on the accrual basis. Revenues, expenditures, and expenses are not recognized in the accounts of agency funds, however

Such public-purpose trusts should be accounted for as special revenue funds if the resources are expendable for the trust purpose.

Resources that are held in trust for the benefit of the government’s own programs or its citizenry
should be accounted for in a governmental fund rather than a fiduciary fund.

These private-purpose fiduciary activities are accounted
for in:
🪝 agency funds,
🪝 investment trust funds,
🪝private-purpose trust funds, and
🪝pension trust funds.

🧜 Fiduciary Funds

Fiduciary funds, under the GASB Statement No. 34 reporting mode, are used to account for only those
activities in which a governmental unit

Accounting for Fiduciary Activities ––
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እንደዚህ ሲባል እሰማለሁ ፦

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ግን ከሻገተ  ብኋላ  ቢደርሰኝ ይበላልኛል ወይ ?
የእውነት ይበላል ወይ 😳¿
✨🌸✴️

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