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Flashcards in 9A Key Terms Deck (13)
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1
Q

Accounting Standards Codification (ASC)

A

Single source for all US GAAP

2
Q

Accrual

A

Recognition precedes cash receipt/expenditure

3
Q

Accrual basis

A

Recognize revenues as earned, recognize expenses as incurred

And match expenses to revenues for those expenses that help to
Earn those revenues

4
Q

Current market value

A

Amount of cash, or its equivalent, that could be obtained by Selling as asset in orderly liquidation

5
Q

Deferral

A

Cash receipt/expenditure precedes accrual basis recognition

6
Q

Fair value

A

Price that would be received to sell an asset or paid to transfer A liability in an orderly transaction

Between market participants at the measurement date underCurrent market conditions

7
Q

Historical cost

A

Amount of cash or its equivalent paid to acquire an asset

8
Q

Installment sales

A

Revenue is recognized as cash is collected

9
Q

Net realizable value

A

Nondiscounted amount of cash, or its equivalent, into which an Asset is expected to be converted

During normal course of business less direct costs to make Conversion

10
Q

Period costs

A

Costs not particularly or conveniently assignable to product

11
Q

Present value

A

Current measure of estimated future cash inflow or outflow, Discounted at an interest rate for the number of periods

between Today and date of estimated cash outflow

12
Q

Product costs

A

Costs which can be associated with particular sales

13
Q

Realized (realizable)

A

When related assets received or held are readily convertible into Known amounts of cash or claims to cash