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PASS FAR > My FAR Flashcards > Flashcards

My FAR Flashcards

1
Q

Define Equity

A

Equity = Assets - Liabilities

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2
Q

Define Comprehensive Income

A

Equity = Contributions by owners- Distrib. to owners = Comprehensive Income
Comprehensive Income = Rev - Expenses + Gains - Losses = NI +/- Adj to SH Equity

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3
Q

Net Realizable Value

A

NRV= Selling Price of Asset - Disposal costs

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PASS FAR (19 decks)

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