100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS $10.49   Add to cart

Exam (elaborations)

CFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS

 9 views  0 purchase
  • Course
  • Finance
  • Institution
  • Finance

CFI FMVA WITH QUESTIONS AND 100% ALL DETAILED CORRECT ANSWERS

Preview 2 out of 7  pages

  • September 10, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Finance
  • Finance
avatar-seller
Queenstin
JACKLINE




CFI 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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Queenstin. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79079 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart