INAC 313 Final Project

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Across
  1. 2. Under the indirect method, a gain on the sale of equipment is ________ from net income.
  2. 6. Cash flows resulting from transactions with owners (equity) and borrowings (debt).
  3. 9. A lease contract qualifying for practical expedient recognition usually has a short term of _____ months or less.
  4. 10. Reviewing an asset's useful life and depreciation method requires prospective accounting as a change in accounting ______.
  5. 12. The estimated residual value of an asset is subtracted from its cost to determine its ________ amount.
  6. 13. The depreciation method that allocates an equal amount of depreciation expense to each accounting period.
  7. 14. Operating cash flows method where net income is adjusted for non-cash items and working capital changes.
  8. 16. From the lessor's perspective, a lease other than a finance lease is classified as an ________ lease.
  9. 19. A lease that transfers substantially all risks and rewards incidental to ownership of an underlying asset.
  10. 20. Under the direct method, cash collected from customers is categorized under ________ activities.
Down
  1. 1. In the Sum-of-the-Years-Digits method, the sum of digits is placed in the ________.
  2. 3. The systematic allocation of the depreciable amount of an asset over its useful life.
  3. 4. The present value of future lease payments discounted at the implicit interest rate is recognized as a lease ______.
  4. 5. An increase in accounts payable is added back to net income in operating cash flows under the indirect method.
  5. 7. Non-cash investing and financing activities must be disclosed in the ________ to the financial statements.
  6. 8. Accelerated depreciation method where a fixed rate is applied to the carrying amount at the beginning of each period.
  7. 11. Under IFRS 16, a lessee recognizes an asset representing its right to use the underlying leased asset, known as the ________ asset.
  8. 15. Under IFRS 16, a contract transferring the right to control the use of an identified asset for a period of time.
  9. 17. The total accumulated depreciation to date is reported as a ________-asset account on the balance sheet.
  10. 18. Cash inflows and outflows arising from acquiring and disposing of long-term assets are classified as ________ activities.