Mnemonics

Question 1

PCM = Ingredientes of Relevance

Answer 1

P = Predictive value.
C = Confirming value.
M = Materiality.

Question 2

CNF = Ingredientes of Faithful Representation

Answer 2

C = Complete.
N = Neutral (no bias).
F = Free from error.

Question 3

CUTV - Enhancing qualitative characteristics

Answer 3

C = Comparability.
U = Understandability.
T = Timeliness.
V = Verifiability.

Question 4

TMUSA = Types of output methods

Answer 4

T = Time elapsed.
M = Milestones achieved.
U = Units produced or delivered.
S = Surveys of performance completed to date.
A = Appraisals of results achieved.

Question 5

CTRL = Types of input methods

Answer 5

C = Costs incurred relative to total expected costs. 
T = Time elapsed.
R = Resources consumed.
L = Labor-hours expended.

Question 6

PUFIE - Elements of OCI

Answer 6

P = Pension Adj.
U = Unrealized gains (losses).
F = FX items.
I = Instrument-Specific Credit Risk.
E = Effective Portion of Cash Flow Hedges.

Question 7

FUCSBADI = Significant Accounting Policies

Answer 7

F = Fiscal year (Calendar, June 30)
U = Use of estimates.
C = Criteria for which investments are cash equivalents.
S = Special revenue recognition issues (POC vs Completed, LT construction contracts).
B = Basis of consolidation. 
A = Amortization of intagibles. 
D = Depreciation methods.
I = Inventory pricing (LIFO, FIFO).

Question 8

GIIGEM = Exclusions from segment profit (loss)

Answer 8

G = General corporate revenues and expenses.
I = Interest expense.
I = Income taxes.
G = Gains (losses) of discontinued ops. 
E = Equity in earnings and losses of an unconsolidated subsidiary. 
M = Minority interest.

Question 9

HATE = Types of securities

Answer 9

H = Held-to-maturity.
A = Available-for-sale.
T = Trading securities.
E = Equity securities.

Question 10

PTOO - Post Employment Benefits (Vacation)

Answer 10

P = Payment is probable.
T = The amount can be reasonably estimated.
O = Obligation relating to EE's rights to get PTO is related to Accrued PTO.
O = Obligation relates to rights that vest or accumulate.

Question 11

ICE = Exit and disposal costs.

Answer 11

I = Involuntary employee termination benefits.
C = Costs to terminate a contract that is not a lease. 
E = Employee relocation, consolidation of facilities, and others.

Question 12

DESP = Criteria for a derivative to be designated and qualified as a FV hedge.

Answer 12

D = Documentation must exist. 
E = Expected to be highly effective in offsetting changes in FV and is assessed every 3 mos.
S = Specifically identified.
P = Presents exposure in FV that could affect income.

Question 13

SOME = Criteria to record donated/contributed services

Answer 13

S = Specialized Skill
O = Otherwise Needed
M = Measured
E = Easily

Question 14

CCURRT = Characteristics of financial reporting by governments

Answer 14

C = Comparability 
C = Consistency 
U = Understandability
R = Reliability
R = Relevance 
T = Timeliness

Question 15

CLIC = Primary Users of Government FS

Answer 15

C = Citizens
L = Legislators
I = Investors
C = Creditors

Question 16

FEF = Themes of governmental accounting

Answer 16

F = Fund Structure
E = External Reporting
F = Fund Accounting

Question 17

FOACO = Classifications of Govt Expenditures

Answer 17

F = Function or Program 
O = Organizational Unit
A = Activity
C = Character
O = Object Classes

Question 18

BAS = Criteria for Discrete Presentation

Answer 18

B = Benefit Std.
A = Access Std.
S = Significance Std.

Question 19

BIP - Required Supplementary Information

Answer 19

B = Budgetary Comparison Reporting
I = Infrastructure Info
P = Pension Info

Question 20

COA - Optional Supplementary Information

Answer 20

C = Combined nonmajor fund reporting
O = Original Budget Vs Amended Budget
A = Actual Budget Vs Amended Budget

Question 21

SOC - Types of Program Revenue

Answer 21

S = Service Charges
O = Operating Grants
C = Capital Grants

Question 22

ISTAR - 5 Steps or Revenue Recognition

Answer 22

I =  Identify contract with customer.
S = Separate performance obligations.
T = Transaction price
A = Allocate transaction price to separate performance obligations.
R = Recognize revenue when satisfies each performance obligation.

Question 23

BAE - BAE = Budgetary Accounting

Answer 23

B = Budgets
A = Appropriations
E = Encumbrances

Question 24

SIRAGE = Net Periodic Pension Cost

Answer 24

C = Current Service Cost
I =  Interest Cost
R = (Return on Plan Assets)
A = Amortization of Prior Service Cost
G = (Gains) and Losses
E = Amortization of Existing Net Obligation of Net Asset