FAR pt. 2

Question 1

full set of financial statements

Answer 1

• statement of financial position
  -statement of earnings
  -statement of comprehensive income
  -statement of cash flows
  -statement of owner’s equity

Question 2

cost
unexpired cost

Answer 2

1. amount actually paid for something
2. cost that will expire in future periods
   (inventory –> cogs)

Question 3

comprehensive income

Answer 3

changes in equity from non-owner sources - PUFI

Question 4

PUFI

Answer 4

pension adjustments
unrealized gains and losses
foreign currency items
instrument specific credit risk