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A full set of financial statements should report the following:
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A full set of financial statements should report the following:
Financial position at the end of the period
Earnings for the period
Comprehensive income for the period
Cash flows during the period
Investments by and distributions to owners
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---------------------- is (a) the price paid to acquire an asset or (b) the amount received for the incurrence of a liability in an actual exchange transaction.
Historical cost is (a) the price paid to acquire an asset or (b) the amount received for the incurrence of a liability in an actual exchange transaction.
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------------------ is the price that would be (a) received to sell an asset or (b) paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fair value is the price that would be (a) received to sell an asset or (b) paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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------------------------ is the price that would be paid to acquire an asset with equivalent service potential in an orderly market transaction at the measurement date.
Replacement cost is the price that would be paid to acquire an asset with equivalent service potential in an orderly market transaction at the measurement date.
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------------------------- is the amount at which (a) an asset could be realized or (b) a liability could be liquidated with the counterparty, other than in an active market.
Settlement amount is the amount at which (a) an asset could be realized or (b) a liability could be liquidated with the counterparty, other than in an active market.
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-------------- anticipate future cash flows by recognizing assets or liabilities and the related liabilities, assets, revenues, expenses, gains, or losses
Accruals anticipate future cash flows by recognizing assets or liabilities and the related liabilities, assets, revenues, expenses, gains, or losses
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------------------ relate to past cash flows and result in recognition of liabilities (for receipts) and assets (for payments), with deferral of the related revenues, expenses, gains, and losses.
Deferrals relate to past cash flows and result in recognition of liabilities (for receipts) and assets (for payments), with deferral of the related revenues, expenses, gains, and losses.
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Four fundamental recognition criteria apply:
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Four fundamental recognition criteria apply:
The item must meet the definition of an element of financial statements.
It must have a relevant attribute measurable with sufficient reliability.
The information must be relevant. It must be capable of making a difference in user decisions.
The information must be reliable. It must be representationally faithful, verifiable, and neutral.
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The objective of ------------------------------------ is to estimate fair value by distinguishing the economic differences between sets of future cash flows that may vary in amount, timing, and uncertainty.
The objective of present value measurement is to estimate fair value by distinguishing the economic differences between sets of future cash flows that may vary in amount, timing, and uncertainty.
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A measurement based on ------------------------- should reflect uncertainty so that variations in risks are incorporated.
A measurement based on present value should reflect uncertainty so that variations in risks are incorporated.
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----------------------------------- is the amount of cash that would have to be paid for a current acquisition of the same or an equivalent asset.
Replacement (current) cost is the amount of cash that would have to be paid for a current acquisition of the same or an equivalent asset.
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Changes in the estimated cash flows used in a present value measurement may be addressed by revising the interest amortization plan. This method is the alternative to a fresh-start remeasurement. The FASB’s preferred expected cash flow approach to revision of the plan is to
Discount remaining cash flows at the original rate.
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Changes in estimated cash flows may result in (1) ----------------------------or (2) ---------------------------------------------------------.
Changes in estimated cash flows may result in (1) a fresh-start measurement or (2) a change in the plan of interest amortization.
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
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Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
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The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
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The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
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Other factors, such as liquidity or market imperfections.
A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
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A measurement based on present value should reflect uncertainty so that variations in risks are incorporated. Accordingly, the following are the necessary elements of a present value measurement:
Estimates of future cash flows,
Expected variability of their amount and timing,
The time value of money (risk-free interest rate),
The price of uncertainty inherent in an asset or liability, and
Other factors, such as liquidity or market imperfections.
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The appropriate attribute for measuring plant assets is
Historical cost.
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Plant assets should be measured at --------------------.
Plant assets should be measured at historical cost.
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Property, plant, and equipment are reported at -------------------------
Property, plant, and equipment are reported at historical cost,
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The objective of present value when used to determine an accounting measurement for initial recognition purposes is to
Estimate fair value.
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The ----------------------------------------- approach requires that comprehensive income be determined by finding the change in equity (net assets) after adjusting for investments by, and distributions to, owners.
The financial capital maintenance approach requires that comprehensive income be determined by finding the change in equity (net assets) after adjusting for investments by, and distributions to, owners.
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