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Flashcards in 9A Key Terms Deck (13):
1

Accounting Standards Codification (ASC)

Single source for all US GAAP

2

Accrual

Recognition precedes cash receipt/expenditure

3

Accrual basis

Recognize revenues as earned, recognize expenses as incurred

And match expenses to revenues for those expenses that help to
Earn those revenues

4

Current market value

Amount of cash, or its equivalent, that could be obtained by Selling as asset in orderly liquidation

5

Deferral

Cash receipt/expenditure precedes accrual basis recognition

6

Fair value

Price that would be received to sell an asset or paid to transfer A liability in an orderly transaction

Between market participants at the measurement date underCurrent market conditions

7

Historical cost

Amount of cash or its equivalent paid to acquire an asset

8

Installment sales

Revenue is recognized as cash is collected

9

Net realizable value

Nondiscounted amount of cash, or its equivalent, into which an Asset is expected to be converted

During normal course of business less direct costs to make Conversion

10

Period costs

Costs not particularly or conveniently assignable to product

11

Present value

Current measure of estimated future cash inflow or outflow, Discounted at an interest rate for the number of periods

between Today and date of estimated cash outflow

12

Product costs

Costs which can be associated with particular sales

13

Realized (realizable)

When related assets received or held are readily convertible into Known amounts of cash or claims to cash