F.A.THEORY MED
F.A. Theory and Med Quiz
Test your knowledge on F.A. Theory and Med concepts with this comprehensive quiz. Designed to help you understand key terms and principles, this interactive assessment will challenge your understanding and application of essential accounting topics.
- Perfect for students, teachers, and professionals alike.
- Covers important concepts like recognition, realization, and accounting principles.
- Feedback on your answers will enhance your learning experience.
Used to confirm or to correct prior expectation and to revise or correct prior expectation
State use same accounting treatment over years
Irrelevant for economic decisions, due to the difference between cost and fair value this criticism related to:
when in doubt, managers should choose the alternative that is the least likely to increase net assets or income
Process of converting product or asset or services into cash or cash claim
State that overstatement of restriction charge (depreciation and other expenses) to reduce similar charge in following year in order to enhance revenue
The degree of correlation between accounting earning with economic earning.
Require restatement of prior year financial statement
Change from unaccepted to accepted method or correct mistakenly applied method
Firms ability to pay debt when it matures
Cash available for immediate use to meet emergency situation
Cash set aside to finance future investment or to retire a debt
At what and how value should be recorded
Can be collected before due date by selling it to bank at discount
Condition to classify short term investment as cash equivalent
Issuing ordinary, preference shares part of operating cash flow
True
False
1. Change in Accounting Estimates applied prospectively in current year and past year
True
False
Fair presentation state that Cost of providing information should not exceed the benefits from that information
True
False
FCMC:Income achieved only if the productive capacity “operating and physical productivity ”at the end of the period higher than the begging one.
True
False
LIFO gives More realistic of determining value of inventory
True
False
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