This class was created by Brainscape user Dan Lin. Visit their profile to learn more about the creator.
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Dan Lin
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Decks in this class (12)
FASB and Standard Setting
Describe the role of the Financial Accounting Standards Board.
Describe the primary purpose of financial reporting.
List the three aspects of financial reporting addressed by GAAP.
Identify the major organizations in U.S. accounting standards.
Know the standard-setting process in the United States.
9
cards
Accrual Accounting
List the components of an external financial report.
Define accruals and deferrals and give examples of each.
Reconcile cash basis income to accrual basis income.
Reconcile accrual basis income to cash basis income.
Evaluate the components of accrual and deferral accounts using T-accounts.
5
cards
Financial Accounting Standards Codification
Describe the goals and purpose of the Codification.
Identify the main areas of the Codification.
Illustrate how you would research using the Codification.
2
cards
Assumptions and Principles
List and describe the assumptions in the conceptual framework.
List and describe the principles in the conceptual framework.
4
cards
Constraint and Present Value
List and describe the constraints in the conceptual framework.
Describe how cash flow and present value are used in accounting measurements.
3
cards
Fair Value Framework—Introduction and Definitions
Define “fair value” for accounting purposes.
Describe the individual components of the fair value definition and how each component impacts the application of the definition.
Demonstrate the application of the fair value definition to assets, liabilities, and shareholders’ equity and to a net portfolio of assets and liabilities.
Explain when a practical expedient can be used to determine fair value.
7
cards
IASB Accounting Standards
Identify the authoritative guidance for international accounting standards.
Describe the standard-setting process for the International Accounting Standards Board (IASB).
Identify major differences between U.S. GAAP and IFRS.
5
cards
Overview—General-Purpose Financial Statements Results
No deck description has yet been added by the author.
3
cards
Income Statement
List and define the components of the Income Statement.
Identify the difference between economic income and accounting income.
Prepare an Income Statement.
7
cards
Balance Sheet
No deck description has yet been added by the author.
3
cards
The statement of comprehensive income
No deck description has yet been added by the author.
1
cards
The statement of retain earning
No deck description has yet been added by the author.
1
cards
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