Intermediate Acctg

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Author:
mack8984
ID:
197273
Filename:
Intermediate Acctg
Updated:
2013-02-02 00:47:54
Tags:
Intermediate Accounting
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Description:
Stuff
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  1. Never adjustments with........
    Cash
  2. Level One Objectives

    1. Useful for........
    investment and credit decisions
  3. Level One Objectives

    2. Help investors and creditors assess....
    cash flows

    *income does not pay debts or dividends - cash flow DOES.
  4. Level One Objectives

    3. Help investors and creditors understand
    resources (assets) and claims (liabilities).
  5. Balance sheet gives you ______ and cash flow statement explains ______.
    totals; changes
  6. Level Two Qualitative Characteristics

    1 of 2

    Defined:
    What you need to know to make a decision
    Relevance
  7. Level Two Qualitative Characteristics

    What might be future be
    Predictive Value
  8. Level Two Qualitative Characterics

    Ability to compare to expectations
    Confirmatory value
  9. Level Two Qualitative Characteristics

    Materiality
    Significant enough to make a difference.
  10. Level Two Qualitative Characteristics

    Faithful Represenation (Reliability)
    Can prove the amount is correct in court.
  11. Level Two Qualitative Characteristics

    Tells what really happened
    b. Free from error
  12. Level Two Qualitative Characteristics

    Completeness
    All necessary information included.
  13. Level Two Qualitative Characteristics

    To other companies
    Comparatibility
  14. Level Two Qualitative Characteristics

    Not biased by preparer's opinion
    Neutrality
  15. Level Two Characteristics

    Comparability vs Consistency

    CPA's only warrant one of these....
    Consistency
  16. Two accountants would get the same result from common data
    Verifiability
  17. Get information soon enough to make decisions
    Timeliness
  18. Understandability
    reasonably informed user can see significance

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