Elements of the Reports
A present obligation of an entity to transfer an economic resource as a result of past events
What is a Liability?
Financial information should be of the real-world economic event it claims to represent: complete, free from material error and neutral
What is Faithful Representation?
The assumption that the records of assets, liabilities and business activities of the entity are kept completely separate from those of the owner of the entity as well as from those of other entities
What is the Accounting Entity Assumption?
What was the first animal to go to space
A Dog
What are decorated and hidden during Easter?
Eggs
A present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used for less than 12 months
What is a current asset?
Source Documents are evidence of this qualitative characteristic
What is Verifiability? (or Faithful representation?)
The assumption that the business will continue to operate in the future, and its records are kept on that basis
What is the Going Concern Assumption?
What is the name of the girl in Stranger Things?
Eleven
Which country introduced the Easter Bunny?
Germany
A present obligation of the entity (as a result of past events) that will result in the transfer of economic resources in more than 12 months.
What is a non-current liability?
Financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
What is Relevance?
The assumption that reports are prepared for a particular period of time, such as a month or year, in order to obtain comparability of results
What is the Period Assumption?
What is the name of Scooby Doo's Cousin?
Scooby-Dum
In which country is Easter Island?
Chile
Advertising, Interest
What is an expense?
The need to represent financial data in tabular or graphical form
What is Understandability?
Elements of the reports are recognized and reported when they satisfy the definitions and recognition criteria for those elements
What is the Accrual Basis Assumption?
What is the dot over the letter i and j called?
A tittle
How do they celebrate Good Friday in Bermuda?
Fly kites
Residual interest in the assets after liabilities deducted.
What is Owner's Equity?
Having information available to help influence business decisions.
What is Timeliness?
The process used to generate financial information from source documents leading to recording, reporting and the provision of advice to assist decision-making
What is the accounting process?
What is the only food that doesn't spoil?
Honey
How is the date of Easter Sunday determined?
The first Sunday after the first full moon after the Spring Equinox in mid-March.