FS Concepts
Other primary quality besides relevance
Reliability
Account for amounts not received in cash
Accounts Receivables
Received in a business transaction
Debit
Agent 007 may have owned some
Bonds
Not the space between your teeth
GAAP
Affects financial statements when taken as a whole
Materiality
BS Account for 'dead beat' customers
Allow for BD
Original book of entry
Journal
Place to drop off your old clothes
GW
Not what you get from a bean burrito el grande
GAAS
Allows for financial statement comparisons from period to period
Consistency
Values Inventory between LIFO and FIFO
Are Cost
Period end entries to support matching
Adjusted journal entries
Income derived from picking your nose
Gross profit
What the giant said after Fee and before Fum
FIFO
Two basic objectives of financial statements (U&U)
Understandability and Usefulness
Reduces the book value of long-term assets
Accumulated depreciation
Prepare after closing entries in accounting cycle
Post closing TB
We would have this if Congress ever got busy
Working capital
A college athletic conference
SEC
Agreement between underlying data and real events
representational faithfulness
Investment category for equity securities
Available for sale
Optional entries on first day of next period
Reversal journal entry
Farmer's better pigs and cows
Preferred stock
Common fuel + Resident of an apiary
GASB