Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Acct 301 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Third Level

A

Recognition, measurement and disclose concepts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Recognition, measurement and disclosure concept

A
  1. Assumptions
  2. Principals
  3. Constraints
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Assumptions

A
  1. Economic Entity
  2. Going Concern
  3. Monetary Unit
  4. Periodicity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Principals

A
  1. Measurements
  2. Revenue Recognition
  3. Expense Recognition
  4. Full Disclosure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Constraints

A

Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Second Level

A

Qualitative Characteristics

Elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Qualitative Characteristics 2

A

Fundamental Qualities

Enhancing Qualities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Fundamental Qualities 2

A

Relevance

Faithful Representation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Relevance 3

A

Predictive Value
Confirmatory Value
Materiality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Faithful Representation 4

A
  1. Completeness
  2. Neutrality
  3. Free From Error
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Enhancing Qualities 4

A
  1. Comparability
  2. Verifiability
  3. Timeliness
  4. Understandability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Elements 10

A
  1. Assets
  2. Liabilities
  3. Equity
  4. Investment by Owners
  5. Distribution by Owners
  6. Comprehensive Income
  7. Revenue
  8. Expenses
  9. Gains
  10. Losses
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

First level- Objective

A

Provide information about the reporting entity that is useful to present and potential equity investors, lenders and other creditors in their capacity as capital providers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Financial Accounting

A

is External and looks at the entire company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Managerial Accounting

A

is Internal and looks at info piece by piece

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Most Frequent Financial Statement

A
  1. balance sheet
  2. income statement
  3. statement of cash flow
17
Q

Due Process 6 Steps

A
  1. Topics identified and placed on boards agenda
  2. Research and analysis conducted and preliminary views of pros and cons are issued
  3. Public hearing on proposed standard held 60 days past release
  4. Board evaluates responses and publics response and issues an exposure draft
  5. Board evaluates responses and changes exposure draft after 30 days if needed
  6. Final Standard Issued
18
Q

Two Major Types of Pronouncements Issued by FASB

A
  1. Accounting Standard Updates (ASU)

2. Concept Statements

19
Q

Accounting Standard Updates (ASU)

A

These updates amend the accounting standards codification, which represents the source of authoritative account standards other than standards issued by SEC
- Emerging issues task force (EITF): deals with new and unusual financial transaction

20
Q

Concept Statements

A

Board uses in developing standards. Uses due process but does not establish GAAP

Acct 301 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions