Financial Accounting & Reporting || with 100% Error-free Answers.

What are net sales correct answers Sales - returns (expected returns) What is the pervasive constraint correct answers Benefits Costs In Decision usefulness what falls under Relevance correct answers Predictive Value Confirmatory Value In Decision usefulness what falls under Faithful Representation correct answers Complete Neutral Free from Error What are the Enhancing Qualitative Characteristics correct answers Comparability (consistency helps achieve comparability) Verifiability Timeliness Understandability What's the most authoritative accounting pronouncement (Formal/authoritive announcement/declaration) correct answers Accounting standards Codification SFAC not authoritative cause it's just rules for following the rules For customers who pay annual fees in advance how is the revenue recognized correct answers Recognize revenue evenly over the contract year as the service are performed the unearned liability gets reduced as you perform more work How to calculate realized GP correct answers Compute GP% x Cash Collected What is modified cash basis correct answers Hybrid method which combines the cash & accrual basis provides more info to uses than cash basis while continuing to avoid the complexities of GAAP. What's the process for issuing a new FASB accounting standards update correct answers Identify Financial Reporting issue from stakeholders