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Terms in this set (10)
Primary qualitative characteristics
relevance and faithful representation
Enhancing qualitative characteristics
comparability, verification, timeliness and understandability
entity, going concern, time period and unit of measure
historical cost, revenue recognition, matching and full disclosure
Cost to benefit
Governmental Accounting Standards Board (GASB)
establishes accounting and reporting standards for state and local governmental entities
Financial Accounting Standards Board (FASB)
establishes accounting and reporting standards for not-for-profit (nongovernmental) entities.
ex. hospitals and universities
GASB Statement No. 34
government-wide financial statements
GASB Statement No. 54
completely changed all of the categories of fund balance and the word reserve no longer appears
GASB Statement No. 63
changed net assets to net position. This change was made to accommodate two new financial statement elements: (1) deferred outflows of resources and (2) deferred inflows of resources.
THIS SET IS OFTEN IN FOLDERS WITH...
Lesson 2: FASB and Standard Setting
Lesson 3: Accrual Accounting
Lesson 4: Financial Statements
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