FAA Retake

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11 Terms

1
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PRINCIPLE - Historical Cost -

Record things at the price you payed for it

2
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PRINCIPLE - Matching -

Match expenses with Revenue

3
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PRINCIPLE - Full disclosure -

Provide all relevant financial information to users of financial statements.

4
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PRINCIPLE - Revenue Recognition.

Recognize revenue when it is earned and realizable.

5
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CONSTRAINT- Cost - Benefit

Dont spend 10€ to earn 1€

6
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CONSTRAINT - Materiality -

small things can be ignored

7
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CONSTRAINT - Conservatism -

be careful not hopeful

8
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CONSTRAINT - Industry Practice -

follow what is normal for your type of business

9
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Current ratio

Current Assets/Current Liabilities

10
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Profit Margin on sales

Net Income/Net Sales

11
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Payout-Ratio

Cash dividends/Net income