CPA FAR practice questions and answer rated A+ 2023

CPA FAR practice questions and answer rated A+ 2023The residual interest in assets Equity The acct process for reducing an amount by periodic payments or write downs Amortization The change in equity during a period from transactions & other events & circumstances from nonowner sources Comprehensive income The use of assets or incurrence of liability by an entity's major or cental operations Expenses The assignment of an amount according to a plan or formula Allocation The accounting process for cash prepayments received or paid Deferral The decreases in equity resulting from transfers by the entity to owner Dividends Assessing mgmnt stewardship and performance Non-for-profit entities Assessing services provided Non-for-profit entities Entity resources, claims to those resources, and changes in them General purpose fin reporting Factors that may affect an organization's liquididty Non-for-profit entities Investment and credit decisions General purpose fin reporting Public accountability Governmental entities The relevant attribute for plant assets and most inventories Historical cost The relevant attribute defined as the cash or equivalent that would be paid for a current acquisition of the same or an equivalent asset Replacement cost (current cost)