Mnemonics Flashcards

1
Q

PCM = Ingredientes of Relevance

A
P = Predictive value.
C = Confirming value.
M = Materiality.
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2
Q

CNF = Ingredientes of Faithful Representation

A
C = Complete.
N = Neutral (no bias).
F = Free from error.
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3
Q

CUTV - Enhancing qualitative characteristics

A
C = Comparability.
U = Understandability.
T = Timeliness.
V = Verifiability.
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4
Q

TMUSA = Types of output methods

A
T = Time elapsed.
M = Milestones achieved.
U = Units produced or delivered.
S = Surveys of performance completed to date.
A = Appraisals of results achieved.
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5
Q

CTRL = Types of input methods

A
C = Costs incurred relative to total expected costs. 
T = Time elapsed.
R = Resources consumed.
L = Labor-hours expended.
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6
Q

PUFIE - Elements of OCI

A
P = Pension Adj.
U = Unrealized gains (losses).
F = FX items.
I = Instrument-Specific Credit Risk.
E = Effective Portion of Cash Flow Hedges.
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7
Q

FUCSBADI = Significant Accounting Policies

A
F = Fiscal year (Calendar, June 30)
U = Use of estimates.
C = Criteria for which investments are cash equivalents.
S = Special revenue recognition issues (POC vs Completed, LT construction contracts).
B = Basis of consolidation. 
A = Amortization of intagibles. 
D = Depreciation methods.
I = Inventory pricing (LIFO, FIFO).
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8
Q

GIIGEM = Exclusions from segment profit (loss)

A
G = General corporate revenues and expenses.
I = Interest expense.
I = Income taxes.
G = Gains (losses) of discontinued ops. 
E = Equity in earnings and losses of an unconsolidated subsidiary. 
M = Minority interest.
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9
Q

HATE = Types of securities

A
H = Held-to-maturity.
A = Available-for-sale.
T = Trading securities.
E = Equity securities.
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10
Q

PTOO - Post Employment Benefits (Vacation)

A
P = Payment is probable.
T = The amount can be reasonably estimated.
O = Obligation relating to EE's rights to get PTO is related to Accrued PTO.
O = Obligation relates to rights that vest or accumulate.
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11
Q

ICE = Exit and disposal costs.

A
I = Involuntary employee termination benefits.
C = Costs to terminate a contract that is not a lease. 
E = Employee relocation, consolidation of facilities, and others.
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12
Q

DESP = Criteria for a derivative to be designated and qualified as a FV hedge.

A
D = Documentation must exist. 
E = Expected to be highly effective in offsetting changes in FV and is assessed every 3 mos.
S = Specifically identified.
P = Presents exposure in FV that could affect income.
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13
Q

SOME = Criteria to record donated/contributed services

A
S = Specialized Skill
O = Otherwise Needed
M = Measured
E = Easily
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14
Q

CCURRT = Characteristics of financial reporting by governments

A
C = Comparability 
C = Consistency 
U = Understandability
R = Reliability
R = Relevance 
T = Timeliness
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15
Q

CLIC = Primary Users of Government FS

A
C = Citizens
L = Legislators
I = Investors
C = Creditors
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16
Q

FEF = Themes of governmental accounting

A
F = Fund Structure
E = External Reporting
F = Fund Accounting
17
Q

FOACO = Classifications of Govt Expenditures

A
F = Function or Program 
O = Organizational Unit
A = Activity
C = Character
O = Object Classes
18
Q

BAS = Criteria for Discrete Presentation

A
B = Benefit Std.
A = Access Std.
S = Significance Std.
19
Q

BIP - Required Supplementary Information

A
B = Budgetary Comparison Reporting
I = Infrastructure Info
P = Pension Info
20
Q

COA - Optional Supplementary Information

A
C = Combined nonmajor fund reporting
O = Original Budget Vs Amended Budget
A = Actual Budget Vs Amended Budget
21
Q

SOC - Types of Program Revenue

A
S = Service Charges
O = Operating Grants
C = Capital Grants
22
Q

ISTAR - 5 Steps or Revenue Recognition

A
I =  Identify contract with customer.
S = Separate performance obligations.
T = Transaction price
A = Allocate transaction price to separate performance obligations.
R = Recognize revenue when satisfies each performance obligation.
23
Q

BAE - BAE = Budgetary Accounting

A
B = Budgets
A = Appropriations
E = Encumbrances
24
Q

SIRAGE = Net Periodic Pension Cost

A
C = Current Service Cost
I =  Interest Cost
R = (Return on Plan Assets)
A = Amortization of Prior Service Cost
G = (Gains) and Losses
E = Amortization of Existing Net Obligation of Net Asset