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2 - Select Accounts

CPA - FAR 2 - Select Financial Statement Accounts

QuestionAnswer
What is depreciation, amortization, & depletion? Method of allocating cost as the asset is used to generate revenues
What makes a investment a cash equivalent? If the ORIGINAL maturity date is 3 months or less
Bank overdrafts are classified as which account? current liability
What are the 5 revenue recognition steps? 1) identify CONTRACT, 2) identify performance OBLIGATIONS, 3) determine transaction PRICE, 4) ALLOCATE transaction price to performance obligations, & 5) recognize revenue as obligations are SATISFYed. (COPAS)
How is Cost of Goods Sold (COGS) calculated? Beginning inventory + purchases = cost of goods available Cost of goods available - ending inventory = Cost of Goods Sold!
Created by: katieaymin