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What is the underlying concept govening the recording of gain contingencies
Conservatism
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Can present value of future cash flows be used to measure inventory?
no
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Can Historical cost be used to measure inventory?
yes
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Can Replacement cost be used to measure inventory?
yes
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Can net realizable value be used to measure inventory?
yes
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name some attributes that can be used to measure inventory
Historical cost, Replacement cost, Net realizable value
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The objective of general purpose financial reporting is to provide ------------------------- about the reporting entity that is useful to the primary users of general purpose financial reports in making decisions about providing resources to the reporting entity
financial information
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The objective of --------------------------------------------- is to provide financial informaiton about the reporting entity that is useful to the primary users of general purpose financial reports in making decisions about providing resources to the reporting entity
general purpose financial reporting
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The objective of general purpose financial reporting is to provide financial informaiton about the reporting entity that is useful to the ------------------ of general purpose financial reports in making decisions about providing resources to the reporting entity
primary users
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What is recognition
the process of recording an item in the financial statemetns of an entity
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the process of recording an item in the financial statemetns of an entity
recognition
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What is realization
the process of converting noncash resources and rights into money
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the process of converting noncash resources and rights into money
realization
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What are the elements of present value measurement
The Price for bearing Uncertainty, Expectations about timing variations of future cash flows, other factors, time value of money, estimate of future cash flow
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What does UVOTE stand for?
It helps remind us of the present value measurement elements, The Price for Bearing Uncertainty, Expectations about Timing Variations of Future Cash Flows, Other Factors, Time Value of Money, Estimate of Future Cash Flow.
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What is the rule of conservatism
The rule of conservatism states that revenues and gains should be recognized when the earning process is complete but that expenses and losses should be expensed immediately.
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what is replacement cost
the amount of cash or its equivalent that would be paid to aquire or replace an asset corrently. Replacemetn cost is an acquisition cost.
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Under the IASB framework ------------------- and ---------------------------ar ethe two underlying assumptions of financial statemetn preparation and presentation
going concern, accual accounting
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