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11 Cards in this Set
- Front
- Back
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Third Level |
ASSUMPTION, PRINCIPLE, AND CONSTRAINT |
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Second Level |
Qualitative Characteristics and Elements of finical statements |
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First Level |
We write to Investor and Creditor |
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ASSUMPTIONS |
GOING CONCERN Economic Entity Monetary Unit Periodcity |
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What do Qualitative Characteristics include |
1.Fundamental Qualities( A. Relevance, B. Faithful Representation ) 2.Enhancing Qualities |
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What are the topics in Relevance |
Predictive Value Confirmatory Value Materiality |
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What are the topics in Faithful Representation |
Completeness Neutrality Free from Error |
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What are the topics in Enhancing Qualities |
Comparability Verifiability Timeliness Understandability |
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What are all the elements |
ASSETS LIABILITIES EQUITY INVESTMENTS BY OWNERS DISTRIBUTIONS TO OWNERS COMPREHENSIVE INCOME REVENUES EXPENSES GAINS LOSSES |
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Principles |
Measurement Revenue Recognition Expense Recognition Full Disclosure |
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Constraints |
Cost Industry Practice |
