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Superfast CPA > Principles > Flashcards

Principles Flashcards

1
Q

Steps FASB uses to establish GAAP

A
  • Project added to agenda
  • Conduct research & issue discussion memorandum
  • Public hearing
  • Issue exposure draft
  • Modify exposure draft
  • Finalize and issue Accounting Standards Update
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2
Q

Accrual to Cash

A

^Cash = ^L + ^E - ^OA

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3
Q

Cash to Accrual

A

^E = ^A - ^L

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4
Q

Note about Allowances and cash method

A

Do not net allowances against receivables under the cash method

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5
Q

Faithful Representation

A
  • Complete
  • Neutral
  • Free from error
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6
Q

Relevance

A
  • Helps predict
  • Helps confirm
  • Material
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7
Q

Enhancing Qualities

A
  • Comparability
  • Verifiability
  • Timeliness
  • Understandability
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Superfast CPA (20 decks)

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