CPA FAR practice questions

The 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