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6 Cards in this Set
- Front
- Back
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Hierarchy Sources of GAAP
[BOSSII] |
B - Accounting Reasurch Bulliton (ARBs) [Committee on Accounting Procedure (CAP)]
O - Accounting Principle Board Opions (APBO's) [Accounting Principles Board] S - FASB Statements of Finacial Accounting Standards [FASB] S - FASB Staff Positions I - FASB Interpertations I - FASB Statement Implementation Issues I |
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Hierarchy of Accounting Qualities [BUD]
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B - Benifits > Costs
U - Understandability D - (Decision) Usefulness [Comparability/Consistancy] Also: -Relavance [Primary Quality] -Relability [Primary Quality] -Comparibility [Secondary Quality] -Consistancy [Secondary Quality] -Materiality [Threshold for Recognition] |
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Primary Qualities of Decision Usefulness [PFT - Passing Feels Terrific]
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P - Predictive Value (assist users in past/present/future events)
F - Feedback Value (Confirm prior expectations or adjust the the assesment made) T - Timeliness (Have the info before tis too late) |
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Reliability [NRFV - Nobody Relies on Finacials unless Verified]
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N - Neutrality (Free from bias)
RF - Representational Faithfullness (info is true/valid) V - Verifiability - Same results can be duplicated (primary concern for auditors) |
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Presentation Order of the Major Components of an income and Retained Earnings Statement [IDEA}
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I - Income from Continuing operations (gross of tax)
D - Income from Discontinued operations (Net of tax) E - Extraordinary items (net of tax) - unusual and infrequent. A - (Statement of Retained Earnings) Cumulative effect of a change in accounting principle (Net of tax). |
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Calculation of COGS
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BI
+Purch/COGM =COGAS -EI =COGS |
