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CPA > FAR Study Session 1 > Flashcards

FAR Study Session 1 Flashcards

1
Q

According to the FASB and IASB conceptual frameworks, completeness is an ingredient of:

A

Faithful Representation.

Other ingredients of faithful representation include neutrality and freedom from error.

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2
Q

According to the FASB conceptual framework, which of the following statements conforms to the realization concept?

A

Depreciated equipment was sold in exchange for a note receivable.
Revenues and gains are realized when assets are exchanged for cash or claims to cash. SFAC 5 para. 83

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3
Q

According to the FASB and IASB conceptual frameworks, What are the enhancing qualitative characteristic?

A

Timeliness, understandability, comparability and verifiability

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4
Q

According to the FASB and IASB conceptual frameworks, completeness is an ingredient of:

A

Faithful Representation

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CPA (5 decks)

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