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Flashcards: CPA Financial Accounting and Reporting (FAR)

Bloom’s Gift Shop, a retail store, sold gift certificates that are redeemable in merchandise. On October 1, Year 2, a customer buys $1,000 of gift certificates from Bloom’s Gift Shop. The gift certificates expire 1 year after the date of purchase. Which of the following is correct?

On October 31, Year 2, Bloom should record a credit to revenue of $1,000

On December 31, Year 2, revenue should be recorded for November and December

On October 31, Year 2, Bloom should record a credit to deferred revenue of $1,000

On October 31, Year 2, Bloom should record a debit to prepaid expenses of $1,000

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Flashcards: CPA Financial Accounting and Reporting (FAR)

Your answer:

On October 31, Year 2, Bloom should record a credit to revenue of $1,000

Your answer:

On December 31, Year 2, revenue should be recorded for November and December

Your answer:

On October 31, Year 2, Bloom should record a debit to prepaid expenses of $1,000

Correct answer:

On October 31, Year 2, Bloom should record a credit to deferred revenue of $1,000

Explanation:

When gift cards are purchased, the company will credit deferred revenue. When gift cards are redeemed, the company will debit deferred revenue for the amount redeemed and credit revenue.

Flashcards: CPA Financial Accounting and Reporting (FAR)

Healthy Families is a private, not-for-profit organization. In Year 2, Healthy Families receives a check for $30,000 to be used to help low-income families in the area access medical care. In Year 3, the money is paid to a local doctor who provided medical care for several families that could not afford the treatment themselves. What will Health Families report in unrestricted net assets in Year 3?

Nothing

A decrease of $30,000

An increase of $30,000

Both an increase and decrease of $30,000

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Flashcards: CPA Financial Accounting and Reporting (FAR)

Your answer:

Nothing

Your answer:

A decrease of $30,000

Your answer:

An increase of $30,000

Correct answer:

Both an increase and decrease of $30,000

Explanation:

The receipt of the check will increase unrestricted net assets by $30K and the payment to the doctor would use and therefore decrease unrestricted net assets.

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All CPA Financial Accounting and Reporting (FAR) Resources

Flashcards: CPA Financial Accounting and Reporting (FAR)

Flashcards: CPA Financial Accounting and Reporting (FAR)

Flashcards: CPA Financial Accounting and Reporting (FAR)

Flashcards: CPA Financial Accounting and Reporting (FAR)

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