CPA FAR practice Comprehensive Questions with Verified Answers
Graded
A+
Study online at
https://quizlet.com/_ihmzap
1. The residual interest in assets: Equity
2. The acct process for reducing an amount by periodic
payments or write downs: Amortization
3. The change in equity during a period from transactions & other
events & circumstances from nonowner sources: Comprehensive
income
4. The use of assets or incurrence of liability by an entity's
major or cental operations: Expenses
5. The assignment of an amount according to a plan or formula:
Allocation
6. The accounting process for cash prepayments received or paid:
Deferral
7. The decreases in equity resulting from transfers by the entity to
owner: Dividends
8. Assessing mgmnt stewardship and performance: Non-for-profit entities
9. Assessing services provided: Non-for-profit entities
10. Entity resources, claims to those resources, and changes in
them: General purpose fin reporting
11. Factors that may affect an organization's liquididty: Non-for-profit
entities
12. Investment and credit decisions: General purpose fin reporting
13. Public accountability: Governmental entities
14. The relevant attribute for plant assets and most inventorie
Historical cost
15. 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)
16. The relevant attribute used to measure assets expected to be
sold at below their carrying amount: Current market value (for marketable securities)
17. The relevant attribute used to measure short-term receivable
Net realizable value
18. The relevant attribute that incorporates time value of money
1/
3
Graded
A+
Study online at
https://quizlet.com/_ihmzap
1. The residual interest in assets: Equity
2. The acct process for reducing an amount by periodic
payments or write downs: Amortization
3. The change in equity during a period from transactions & other
events & circumstances from nonowner sources: Comprehensive
income
4. The use of assets or incurrence of liability by an entity's
major or cental operations: Expenses
5. The assignment of an amount according to a plan or formula:
Allocation
6. The accounting process for cash prepayments received or paid:
Deferral
7. The decreases in equity resulting from transfers by the entity to
owner: Dividends
8. Assessing mgmnt stewardship and performance: Non-for-profit entities
9. Assessing services provided: Non-for-profit entities
10. Entity resources, claims to those resources, and changes in
them: General purpose fin reporting
11. Factors that may affect an organization's liquididty: Non-for-profit
entities
12. Investment and credit decisions: General purpose fin reporting
13. Public accountability: Governmental entities
14. The relevant attribute for plant assets and most inventorie
Historical cost
15. 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)
16. The relevant attribute used to measure assets expected to be
sold at below their carrying amount: Current market value (for marketable securities)
17. The relevant attribute used to measure short-term receivable
Net realizable value
18. The relevant attribute that incorporates time value of money
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3
