Revenue realized - Study guides, Class notes & Summaries

CLFP EXAM - History & Purpose of Leasing Currently how big is the leasing industry? - Correct answer-American companies acquire $1 billion in equipment each year of which 55% is leased. What % of companies lease? - Correct answer-8 of 10 How old is leasing? - Correct answer-4000 years ago the Sumerians produced leases on clay tablets for ag tools, water rights and animals. The Code of Hammurabi is an ancient record of Babylonian dating back to 1700 bc What is the Statue of Whales? - Corr...

What are net sales correct answers Sales - returns (expected returns) What is the pervasive constraint correct answers Benefits > Costs In Decision usefulness what falls under Relevance correct answers Predictive Value Confirmatory Value In Decision usefulness what falls under Faithful Representation correct answers Complete Neutral Free from Error What are the Enhancing Qualitative Characteristics correct answers Comparability (consistency helps achieve comparability) ...

Revenue correct answers inflows of assets from delivery or producing goods or rendering services - realized and earned Realized correct answers product/service is exchanged for cash/promise/other asset Earned correct answers products have been delivered or services provided Criteria for Revenue correct answers - evidence - delivered/rendered - price fixed and determinable - assured collectability Fraud Risk - Revenue correct answers - Alter Terms - Channel Stuffing - Related-Par...

According to the FASB's conceptual framework, recognition is the process of formally incorporating an element into the financial statements of an entity. Recognition criteria include all of the following except: A. Measurability with sufficient reliability B. Definitions of elements of financial statements C. Decision usefulness D. Relevance - C According to the FASB conceptual framework, which of the following statements conforms to the realization concept? A. Equipment depreciation w...

This chapter has a lot of definitions. They are important, but we don't like to make students memorize too many of them early in the course. We let our students use the formula sheet that includes the key definitions. Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions. Multiple Choice: True/False 1. The annual report contains four basic financial statements: the income statement, the balance...

Financial Accounting for MBAs 8 th Edition BY Easton Solutions Manua Solutions Manual Financial Accounting for MBAs 8th Edition Easton Solutions Manual Solutions Manual Directly From The publisher, 100% Verified Answers. Download Immediately After the Order. Forecasting Accounting Numbers ■■Forecasting Assumptions ■■Forecasting Financial Statements Assessing Profitability and Creditworthiness ■■ROE Disaggregation ■■RNOA Disaggregation Analysis ■■...

F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Need for conceptual framework. F 4. Use of conceptual framework. F 5. Accounting theory. F 6. Accounting information. F 7. Levels of conceptual framework. T 8 International conceptual framework. F 9.Statements of Financial Accounting Concepts. T10.Decision usefulness. F11.Financial statement users. T 12.Relevance and reliability. T13.Consistency. F14.Relevance. ...

Wall Street Oasis Exam Questions with Correct Answers What is a merger model? - Answer-A merger model is a way to look at the financials of two companies, the purchase price, and how the purchase is made to determine whether it is accretive or dilutive to the buyer. The analyst will first make assumptions about purchase price and structure, and then project an Income Statement for the new company and calculate an EPS number for the combined entity. What kind of assumptions would you have to...

FAC1601-Exam-Pack - Exam pack Financial Accounting and Reporting (University of South Africa) lOMoARcPSD| Financial Accounting 1B Study & Exam Pack for FAC1601 © 2014 This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam papers used as a way of practicing the concept emphasized in the study guide for this module Compiled by Levison Kamanga (check his profile on ), for and on behalf of “Inspired to impact with a difference” All the que...

Financial Statements correct answers information used to assess the financial position and results of operations of corporations GAAP- a collection of rules and procedures which are overseen by authorities like the FASB and SEC correct answers Generally Accepted Accounting Principles FASB correct answers Financial Accounting Standards Board; explicit authority from SEC to monitor accounting standards SEC correct answers Securities and Exchange Commission accounting period correct ans...