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F.A.THEORY MED

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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.

20 Questions5 MinutesCreated by CalculatingCat57

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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