GOING TO PASS FAR YUP Flashcards
A Financial Reporting Framework includes:
- Recognition Criteria
- Measurement Criteria
- Presentation Criteria
- Disclosure Criteria
Name the Special Purpose Frameworks.
- Cash Basis
- Modified Cash Basis
- Tax Basis
- Contractual Basis
- Regulatory Basis
Name the Primary Qualitative Characteristics
- Relevance
2. Faithful Representation
Primary Ingredients of Relevance
Roger is PC
Predictive Value
Confirmatory Value (Feedback Value)
(Materiality)
Primary Ingredients of Faithful Representation
Roger is never on the FENCe
Free From Error
Neutral
Completeness
According to the FASB conceptual framework, comprehensive income includes which of the following?
Loss on Discontinued Operations
What is included in Comprehensive Income?
Derivative Cash Flow Hedges
Excess Adjustment of Pension PBO and FV of plan assets at year end
Net Unrealized gains or losses on AFS Securities
Translation adjustments for foreign currency
A shoe retailer allows customers to return shoes within 90 days of purchase. The company estimates that 5% of sales will be returned within the 90-day period. During the month, the company has sales of $200,000 and returns of sales made in prior months of $5,000. What amount should the company record as net sales revenue for new sales made during the month?
$190,000
200,000*0.95
The FASB amends the Accounting Standards Codification through the issuance of
Accounting Standards Updates
The criteria for recognizing an element of financial reporting are that occurrence must be probable and measurement must be reliable under:
IFRS but not GAAP
Giaconda, Inc. acquires an asset for which it will measure the fair value by discounting future cash flows of the asset. Which of the following terms best describes this fair value measurement approach?
The income approach
Which of the following is a level three input to valuation techniques used to measure the fair value of an asset?
Unobservable inputs for the asset
