WALL STREET PREP ADVANCED
ACCOUNTING EXAMINATION
QUESTIONS ANSWERS EXPERT
VERIFIED
◉ SFAS. Answer: Standard Financial Accounting Statements, issued by
the FASB
◉ AA,P,C: Accounting Entity. Answer: The assumption that a
corporation is an entity separate from any person
◉ AA,P,C: Going Concern. Answer: The Assumption that a corporation
will continue to exist for the foreseeable future
◉ AA,P,C: Measurement & Units. Answer: The principle that financial
statements can only show the quantifiable assets or liabilities of a
corporation
◉ AA,P,C: Periodicity. Answer: the principle that financial statements
reflect a standard period of time, usually years or quarters
, ◉ AA,P,C: Historical Cost. Answer: The principle that resources and
liabilities are recorded at their initial cost rather than a continuously
updating value
◉ AA,P,C: Revenue Recognition. Answer: The principle that revenues
are recorded when EARNED and MEASURABLE
◉ AA,P,C: Matching. Answer: The principle that costs must be recorded
in the same period that revenues were generated
◉ AA,P,C: Disclosure. Answer: The principle that a corporation must
reveal all relevant financial information
◉ AA,P,C: Estimates and Judgement. Answer: The constraint that
estimates/predictions cannot always be accurate
◉ AA,P,C: Materiality. Answer: The constraint that one transaction may
be deemed relevant for one company but not another, usually based on
size
◉ AA,P,C: Consistency. Answer: The constraint that recording methods
and assumptions may not always be the same over time
ACCOUNTING EXAMINATION
QUESTIONS ANSWERS EXPERT
VERIFIED
◉ SFAS. Answer: Standard Financial Accounting Statements, issued by
the FASB
◉ AA,P,C: Accounting Entity. Answer: The assumption that a
corporation is an entity separate from any person
◉ AA,P,C: Going Concern. Answer: The Assumption that a corporation
will continue to exist for the foreseeable future
◉ AA,P,C: Measurement & Units. Answer: The principle that financial
statements can only show the quantifiable assets or liabilities of a
corporation
◉ AA,P,C: Periodicity. Answer: the principle that financial statements
reflect a standard period of time, usually years or quarters
, ◉ AA,P,C: Historical Cost. Answer: The principle that resources and
liabilities are recorded at their initial cost rather than a continuously
updating value
◉ AA,P,C: Revenue Recognition. Answer: The principle that revenues
are recorded when EARNED and MEASURABLE
◉ AA,P,C: Matching. Answer: The principle that costs must be recorded
in the same period that revenues were generated
◉ AA,P,C: Disclosure. Answer: The principle that a corporation must
reveal all relevant financial information
◉ AA,P,C: Estimates and Judgement. Answer: The constraint that
estimates/predictions cannot always be accurate
◉ AA,P,C: Materiality. Answer: The constraint that one transaction may
be deemed relevant for one company but not another, usually based on
size
◉ AA,P,C: Consistency. Answer: The constraint that recording methods
and assumptions may not always be the same over time
