Mnemonics Flashcards
1
Q
PCM = Ingredientes of Relevance
A
P = Predictive value. C = Confirming value. M = Materiality.
2
Q
CNF = Ingredientes of Faithful Representation
A
C = Complete. N = Neutral (no bias). F = Free from error.
3
Q
CUTV - Enhancing qualitative characteristics
A
C = Comparability. U = Understandability. T = Timeliness. V = Verifiability.
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.
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.
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.
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).
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.
9
Q
HATE = Types of securities
A
H = Held-to-maturity. A = Available-for-sale. T = Trading securities. E = Equity securities.
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.
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.
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.
13
Q
SOME = Criteria to record donated/contributed services
A
S = Specialized Skill O = Otherwise Needed M = Measured E = Easily
14
Q
CCURRT = Characteristics of financial reporting by governments
A
C = Comparability C = Consistency U = Understandability R = Reliability R = Relevance T = Timeliness
15
Q
CLIC = Primary Users of Government FS
A
C = Citizens L = Legislators I = Investors C = Creditors