Matching questions
1-109 of 109
Click a definition to match it with a term
Going Concern Assumption
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Business entities will have a long enough life to justify the use of accruals
and deferrals
What are examples of product costs?
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Material, labor, overhead
Who determines GAAP
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SEC, oversees US Capital Markets, but does not create policy to non-
politically affiliated.
FASB and other organizations
Neutrality
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Unbiased information must be overriding consideration in selecting
information
What is LIFO liquidation and what is its effect on the income statement?
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You sold more than you bought so you dip into the LIFO layer, or the units
of inventory which have been valued at an older (usually lower) cost. LIFO
liquidation is bad for shareholders because it drives COGS down.
,Which inventory method has the lowest inventory valuation?
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LIFO
The gross margin is a measure of ________
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control
What are the steps in converting cash to accrual and vice versa?
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1) Which way? Cash to accrual or accrual to cash
2) Start with the correct number given
3) Adjust for change sin accounts that indicate net accruals and deferrals
this period.
From CASH TO ACCRUAL, we are going from current cash receipts to ______________
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, current revenue
What is the LIFO adjustment entry?
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Dr. COGS
Cr. Allowance to reduce inventory to LIFO
Conceptual Framework underlying GAAP
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Enhance comparability among companies' financial statements, more
quickly solve new and emerging practical problems by referring to an
existing framework of basic theory
Would the effect of a new investor end up on the income statement?
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No, it would violate faithful representation
Would you list the correction of an error on an income statement?
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1-109 of 109
Click a definition to match it with a term
Going Concern Assumption
Give this one a try later!
Business entities will have a long enough life to justify the use of accruals
and deferrals
What are examples of product costs?
,Give this one a try later!
Material, labor, overhead
Who determines GAAP
Give this one a try later!
SEC, oversees US Capital Markets, but does not create policy to non-
politically affiliated.
FASB and other organizations
Neutrality
Give this one a try later!
Unbiased information must be overriding consideration in selecting
information
What is LIFO liquidation and what is its effect on the income statement?
Give this one a try later!
You sold more than you bought so you dip into the LIFO layer, or the units
of inventory which have been valued at an older (usually lower) cost. LIFO
liquidation is bad for shareholders because it drives COGS down.
,Which inventory method has the lowest inventory valuation?
Give this one a try later!
LIFO
The gross margin is a measure of ________
Give this one a try later!
control
What are the steps in converting cash to accrual and vice versa?
Give this one a try later!
1) Which way? Cash to accrual or accrual to cash
2) Start with the correct number given
3) Adjust for change sin accounts that indicate net accruals and deferrals
this period.
From CASH TO ACCRUAL, we are going from current cash receipts to ______________
Give this one a try later!
, current revenue
What is the LIFO adjustment entry?
Give this one a try later!
Dr. COGS
Cr. Allowance to reduce inventory to LIFO
Conceptual Framework underlying GAAP
Give this one a try later!
Enhance comparability among companies' financial statements, more
quickly solve new and emerging practical problems by referring to an
existing framework of basic theory
Would the effect of a new investor end up on the income statement?
Give this one a try later!
No, it would violate faithful representation
Would you list the correction of an error on an income statement?
Give this one a try later!
