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CFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS
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CFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS
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JACKLINECFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS
Terms in this set (343)
Accrual - revenues & costs recorded as a business earns or incurs them, not as it receives and
pays money
It includes them in the relevant period's income statement and matches them as closely as
Income statement accounting possible
CF makes no difference whatsoever - IS where sale happens
=> How do you decide when sale happens? RECOGNIZE REV UPON DELIVERY OF
GOOD/SERVICE PERFORMED
Why are profits and cash flow not the same thing? Accounting differences
The idea of matching over time
Only records transactions when cash is received
CFS Accounting VS
IS records ALL revenues earned, whether in cash or accrued
Cash accounting method record income and expenditures at the time the money changes hands
CFI FMVA
1/7
, 9/10/24, 9:19 AM
An accounting method in which income and expenditures are recorded at the time the money
Cash accounting method
changes hands.
recording in each fiscal period applicable expenses, whether paid or not, and income earned,
Accrual Accounting
whether collected or not.
Accrual Basis Accounting reporting income when it is earned and expenses when they are incurred
the method of accounting that recognizes revenue when it is earned and matches expenses to
Accrual Basis Accounting
the revenues they helped produce
Accounting basis in which companies record, in the periods in which the events occur,
Accrual Basis Accounting
transactions that change a company's financial statements, even if cash was not exchanged.
accrued expenses expenses incurred in one fiscal period but not paid until a later fiscal period
accrued expenses expenses incurred but not yet paid in cash or recorded
Cash flow from operating activities The net amount of cash provided from operating activities.
cash flow from financing activities
The idea of matching over time
Only records transactions when cash is received
CFS Accounting VS
IS records ALL revenues earned, whether in cash or accrued
Cash accounting method record income and expenditures at the time the money changes hands
An accounting method in which income and expenditures are recorded at the time the money
Cash accounting method
changes hands.
recording in each fiscal period applicable expenses, whether paid or not, and income earned,
Accrual Accounting
whether collected or not.
Accrual Basis Accounting reporting income when it is earned and expenses when they are incurred
the method of accounting that recognizes revenue when it is earned and matches expenses to
Accrual Basis Accounting
the revenues they helped produce
Accounting basis in which companies record, in the periods in which the events occur,
Accrual Basis Accounting
transactions that change a company's financial statements, even if cash was not exchanged.
CFI FMVA
2/7
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