FAR 1

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/6

flashcard set

Earn XP

Description and Tags

study that azz off

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

7 Terms

1
New cards

Relevance

Predictive, Confirmatory, Materiality

2
New cards

Faithful representation

Completeness, Neutrality, Freedom from error

3
New cards

Enhancing qualitative characteristics

Comparability, Verifiability, Timeliness, Understandability. Enhancing is both relevant and faithful representation

4
New cards

Matching Principle

Recognize expenses and revenues when there incurred. If employees worked in august and you pay them for that work in September. Expense should be recognized in august.

5
New cards

Going Concern Principle

Assumes business will run indefinitely

6
New cards

Conservatism principle

Emphasizes caution. Expected expenses should be recorded while expected revenues should not be recorded

7
New cards

How does FASB issue a new law

They provide an accounting standards update