Cfas exam - Study guides, Class notes & Summaries

these are the two primary qualities that make accounting information useful for decision making Correct Answer: relevance, reliability information that helps users confirm or correct prior expectations has Correct Answer: confirmatory value enables users to identify the real similarities and differences in economic phenomena because the information has been measured and reported in a similar manner for different enterprises Correct Answer: comparability some cause which give rise to ...

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION 1. Which of the following will the vendor of the goods forward to the buyer? Group of answer choices Receiving report Invoice Purchase order Voucher 2. A balance in the ‘’Deferred Revenue’’ account represents: Group of answer choices Money received by the company for goods and services not yet conveyed to the buyer. Revenues not yet received. goods or services not set received by the company that has al...

ASC Accounting is a service activity CATAICPA Accounting is the art of recording, classifying and summarizing in a signigicant manner AAA Accounting is the process of identifying, measuring and communicating economic information Identifying recognition or nonrecognition of business activities as accountable events External Transaction involve economic events between the company and some outside enterprise Internal transaction economic events that occur en...

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION 1. Which of the following will the vendor of the goods forward to the buyer? Group of answer choices Receiving report Invoice Purchase order Voucher 2. A balance in the ‘’Deferred Revenue’’ account represents: Group of answer choices Money received by the company for goods and services not yet conveyed to the buyer. Revenues not yet received. goods or services not set received by the company that has al...

If doing so eliminates or reduces an accounting mismatch Under what condition can an entity classify financial asset that meets the amortized cost criteria at FVPL? Integral part of the entity's basic financial statements An entity shall prepare and present a statement of cash flows as 00:03 01:17 Cost of designing product for specific customers Costs incurred in bringing the inventory to the present location and condition include C. Production of agricultural pr...

CFAS EXAM QUESTIONS WITH ALL CORRECTANSWERS GRADED A+ Which concept of capital should be adopted by an entity if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital? A. financial concept B. physical concept C. either a or b D. neither a nor b - Answer-A The underlying theme of the conceptual framework is A. decision usefulness B. understandability C. just as important as informa...

If doing so eliminates or reduces an accounting mismatch - - - Under what condition can an entity classify financial asset that meets the amortized cost criteria at FVPL? Integral part of the entity's basic financial statements - - - An entity shall prepare and present a statement of cash flows as Cost of designing product for specific customers - - - Costs incurred in bringing the inventory to the present location and condition include C. Production of agricultural produce - - - Biologic...

Which is NOT a purpose of having a Conceptual Framework? A. To enable the profession to solve emerging practical problems more quickly B. To provide a foundation from which to build more useful standards C. To enable the standard setting body to issue more useful and consistent pronouncements over time. D. To assist regulatory agencies in issuing rules and regulations for a particular industry - ANSWER D. To assist regulatory agencies in issuing rules and regulations for a particular...

FAA 107 Exam Questions with correct AnswersFAA 107 Exam Questions with correct Answers Above Ground Level (AGL) - ANSWER Height above the ground over which you're flying Advisory Circular - ANSWER Type of publication offered by the Federal Aviation Administration (FAA). Unless they're incorporated into a regulation by specific reference, ACs are issued to inform the public of nonregulatory material and are not binding. Aeronautical Advisory Stations (UNICOM). - ANSWER Air to groun...