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001 Financial Accounting Standards

This class was created by Brainscape user DAN HORNUNG. Visit their profile to learn more about the creator.

By: DAN HORNUNG
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Decks in this class (11)

001 FASB and Standard Setting
Describe the role of the Financial Accounting Standards Board.
10  cards
002 GAAP & Accrual Accounting
List the components of an external financial report. Define GAAP Explain the basic theory of accrual accounting. Define accruals and deferrals, and give examples of each.
11  cards
003 Financial Statements
What approach is used when financ...,
Where and how are prior period ad...,
What are the items in other compr...
12  cards
004 Financial Accounting Standards Codification
What are the major areas in the f...,
What is the lowest structure of t...,
What is the highest structure of ...
5  cards
005 Objectives and Qualitative Characteristics
What are the primary qualitative ...,
What are the ingredients of relev...,
What is predictive value
15  cards
006 Assumptions, Accounting Principles
What is the entity assumption,
What is the going concern assumption,
What is the unit of measurement a...
12  cards
007 Constraints and Present Value
Define cost effectiveness,
What is the constraints to settin...,
What is cost effectiveness
8  cards
008 Fair Value Framework
For purposes of the fair value de...,
Define fair value for accounting ...,
What are the major purposes inten...
3  cards
009 Recognition and Measurement
List the financial assets and fin...,
Describe the cost approach for de...,
List the dates when an entity may...
10  cards
010 Inputs and Hierarchy
Describe fair value measurement i...,
What purpose does the fair value ...,
What are the three levels of the ...
3  cards
011 Disclosure Requirements
What types of comparisons are fai...,
What significant fair value discl...,
Distinguish between assets and li...
4  cards

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001 Financial Accounting Standards

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