CFAS

Question 1

Process of analyzing events and transactions to determine whether or not they will be recognized.

Answer 1

Identifying

Question 2

including the effects of an accountable event in the statement of financial position through journal entry

Answer 2

Recognition

Question 3

Involve an entity and another external party

Answer 3

External Event

Question 4

Giving and receiving of economic resources.

Answer 4

Exchange or Reciprocal transfer

Question 5

one way transaction

Answer 5

Non-reciprocal transfer

Question 6

changes in economic resources and does not involve transfers

Answer 6

External event other than transfer

Question 7

Do not involve an external party

Answer 7

Internal event

Question 8

Resources are transformed into finished goods

Answer 8

Production

Question 9

Unanticipated loss from disasters

Answer 9

Casualty

Question 10

Assigning numbers to the economic transactions and events

Answer 10

measuring

Question 11

commonly used to measure economic transactions

Answer 11

historical cost

Question 12

FS is a mixture of?

Answer 12

fact and opinion

Question 13

affected by estimates

Answer 13

valued by opinion

Question 14

unaffected by estimates

Answer 14

valued by facts

Question 15

Transforming economic data into useful accounting information, such as FS

Answer 15

Communicating

Question 16

Interpreting the significance of the processed information

Answer 16

Communicating

Question 17

Writing the identified and measured accountable events in the journal

Answer 17

Recording

Question 18

Grouping of similar and interrelated items into their respective classes through posting in the ledger

Answer 18

Classifying

Question 19

Putting together or expressing in condensed form the recorded and classified transactions and events

Answer 19

Summarizing

Question 20

Preparation of FS and other accounting reports

Answer 20

Summarizing

Question 21

Computation of FS ratios

Answer 21

Interpreting