# at this point ONLY FSA

guys nothing matter. forget what you haven’t done or dont remember. just do fsa. know every rule. post some fsa questions, start with basics. I’ll start with one. assume us gaap applies. which of the following qualities of accounting information is least likely to improve reliability of accounting informaiton. a) neutrality b) consistency c) verifiability d) representational faithfulness.

Verifiability *edit* by the way, anyone else think these ‘qualities of framework’ questions are totally meaningless! If I wanted to be a CPA, i’d be doing that instead…

consintancy if you lie consistantly, that is not going to make you more reliable …

i couldn’t remember with a gun to my head - says schweser for half the things, and then they show up in the exam. so pissed off.

Verifiability ?

I remember reading this “with a gun to my head” comment in the professors note in schweser while decribing convertion of MM rate to BDY … Just because of that comment I still remember that formula…

So what is the answer. Verifiable or consistent?

Its consistency.

I swear consistency is one of them that is wrong on EVERY question, where does it fit?

kochunni69 Wrote: ------------------------------------------------------- > consintancy > > if you lie consistantly, that is not going to > make you more reliable … Good point, bTW what is the BDY and MMY conversion formula? S

BDY=(discount/face)*360/t MMY=HPY*360/t

or MMY = 360 X BD/ 360 - (T * BD)

if consistency is one of the characteristics of financial reporting…how will it not improve the reliability of accounting information?

The following are the qualitative characteristics related to Reliability •Free from material error and bias •Faithful representation •Substance over form •Neutrality •Prudence •Completeness