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Wall Street Prep Accounting Exam @ 2023
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Wall Street Prep Accounting Exam @ 2023...
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Wall Street Prep Accou nting Exam @ 2023 FASB - Answer Financial Accounting Standards Board, which oversees GAAP through issuance of SFAS, oversight by the SEC SFAS - Answer Standard Financial Accounting Statements, issued by the FASB AA,P,C: Accounting Entity - Answer The assumption that a corporation is an entity separate from any person AA,P,C: Going Concern - Answer The Assumption that a corporation will continue to exist for the foreseeable future AA,P,C: Measurement & Units - Answer The principle that financial statements can only show the quantifiable assets or liabilities of a corporation AA,P,C: Periodicity - Answer the principle that financial statements reflect a standard period of time, usually years or quarters AA,P,C: Historical Cost - Answer The principle that resources and liabilities are recorded at their initial cost rather than a continuously updating value AA,P,C: Revenue Recognition - Answer The principle that revenues are recorded when EARNED and MEASURABLE AA,P,C: Matching - Answer The principle that costs must be recorded in the same period that revenues were generated AA,P,C: Disclosure - Answer The principle that a corporation must reveal all relevant financial information AA,P,C: Estimates and Judgement - Answer The constraint that estimates/predictions cannot always be accurate AA,P,C: Materiality - Answer The constraint that one transaction may be deemed relevant for one company but not another, usually based on size AA,P,C: Consistency - Answer The constraint that recording methods and assumptions may not always be the same over timeThe benefits of buying summaries with Stuvia:
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