CFAS: PAS 1 Flashcards

1
Q

refers to the comparability of financial statements of the same entity

A

intra-comparability (horizontal or inter-period)

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2
Q

refers to the comparability of financial statements between different entities

A

inter-comparability (dimensional)

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3
Q

terminology used in pas1 is suitable for

A

profit-oriented entities

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4
Q

structured representation of an entity’s financial position and results of its operations

A

financial statements

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5
Q

end product of the financial reporting process and the means by which the information gathered and processed is periodically communicated to users

A

financial statements

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6
Q

those intended to meet the needs of users who are not in the position to require an entity to prepare reports tailored to their particular information needs

A

general purpose financial statements

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7
Q

cater to most of the common needs of a wide range of external isers

A

general purpose financial statements

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8
Q

to provide information about the financial position, financial performance, and cash flows of an entity that is used to a wide range of users

A

primary objective

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9
Q

to show the results of managements stewardship over the entity’s resources

A

secondary objective

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10
Q

faithfully representing the effects of transactions and other events

A

fair presentation

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11
Q

refers to the accounting principles and other financial reporting requirements prescribed by the govn regulatory body

A

relevant regulatory framework

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12
Q

accounting principles prescribed by a regulatory body

A

regulatory accounting principles

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13
Q

estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale

A

net realizable value

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14
Q

net amount that an entity expects to realize from the sale of inventory

A

net realizable value

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15
Q

reflects the price at which an orderly transaction to sell the same inventory in the principal (most advantageous) market

A

fair value

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16
Q
A