Mnemonics Flashcards
PCM = Ingredientes of Relevance
P = Predictive value. C = Confirming value. M = Materiality.
CNF = Ingredientes of Faithful Representation
C = Complete. N = Neutral (no bias). F = Free from error.
CUTV - Enhancing qualitative characteristics
C = Comparability. U = Understandability. T = Timeliness. V = Verifiability.
TMUSA = Types of output methods
T = Time elapsed. M = Milestones achieved. U = Units produced or delivered. S = Surveys of performance completed to date. A = Appraisals of results achieved.
CTRL = Types of input methods
C = Costs incurred relative to total expected costs. T = Time elapsed. R = Resources consumed. L = Labor-hours expended.
PUFIE - Elements of OCI
P = Pension Adj. U = Unrealized gains (losses). F = FX items. I = Instrument-Specific Credit Risk. E = Effective Portion of Cash Flow Hedges.
FUCSBADI = Significant Accounting Policies
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).
GIIGEM = Exclusions from segment profit (loss)
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.
HATE = Types of securities
H = Held-to-maturity. A = Available-for-sale. T = Trading securities. E = Equity securities.
PTOO - Post Employment Benefits (Vacation)
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.
ICE = Exit and disposal costs.
I = Involuntary employee termination benefits. C = Costs to terminate a contract that is not a lease. E = Employee relocation, consolidation of facilities, and others.
DESP = Criteria for a derivative to be designated and qualified as a FV hedge.
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.
SOME = Criteria to record donated/contributed services
S = Specialized Skill O = Otherwise Needed M = Measured E = Easily
CCURRT = Characteristics of financial reporting by governments
C = Comparability C = Consistency U = Understandability R = Reliability R = Relevance T = Timeliness
CLIC = Primary Users of Government FS
C = Citizens L = Legislators I = Investors C = Creditors
FEF = Themes of governmental accounting
F = Fund Structure E = External Reporting F = Fund Accounting
FOACO = Classifications of Govt Expenditures
F = Function or Program O = Organizational Unit A = Activity C = Character O = Object Classes
BAS = Criteria for Discrete Presentation
B = Benefit Std. A = Access Std. S = Significance Std.
BIP - Required Supplementary Information
B = Budgetary Comparison Reporting I = Infrastructure Info P = Pension Info
COA - Optional Supplementary Information
C = Combined nonmajor fund reporting O = Original Budget Vs Amended Budget A = Actual Budget Vs Amended Budget
SOC - Types of Program Revenue
S = Service Charges O = Operating Grants C = Capital Grants
ISTAR - 5 Steps or Revenue Recognition
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.
BAE - BAE = Budgetary Accounting
B = Budgets A = Appropriations E = Encumbrances
SIRAGE = Net Periodic Pension Cost
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
