CPA — Cloze: Standards, Thresholds & Rules flashcards
8 of 70 cards free to study here · 15 topics · the whole deck is built into Willys
Cloze deletions across FAR, AUD and REG: ASC 606 steps, ASC 842 lease tests, audit risk, independence, opinion types, agency and UCC rules, secured transactions, and stable statutory figures. No year-indexed tax amounts.
Drills deck · part of CPA Exam (core) · written against: AICPA CPA Exam Blueprints under CPA Evolution (2024 core: FAR, AUD, REG); no year-indexed tax figures. Updated 2026-10-10.
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The five steps of ASC 606 are: identify the …, identify the performance obligations, determine the transaction price, allocate the price to the obligations, and recognize revenue when or as each obligation is satisfied.The five steps of ASC 606 are: identify the contract, identify the performance obligations, determine the transaction price, allocate the price to the obligations, and recognize revenue when or as each obligation is satisfied.Revenue Recognition
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Under ASC 842 a lessee classifies a lease as a finance lease if ownership …, there is a purchase option reasonably certain to be exercised, the term is a major part of economic life, payments are substantially all of fair value, or the asset is so specialized it has no alternative use to the lessor.Under ASC 842 a lessee classifies a lease as a finance lease if ownership transfers, there is a purchase option reasonably certain to be exercised, the term is a major part of economic life, payments are substantially all of fair value, or the asset is so specialized it has no alternative use to the lessor.Leases
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Under the AICPA conceptual framework a member … threats, evaluates whether they are at an acceptable level, and applies safeguards to eliminate or reduce them.Under the AICPA conceptual framework a member identifies threats, evaluates whether they are at an acceptable level, and applies safeguards to eliminate or reduce them.Ethics & Independence
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When the framework sets no period, an AICPA auditor evaluates going concern for … after the date the statements are issued or available to be issued.When the framework sets no period, an AICPA auditor evaluates going concern for one year after the date the statements are issued or available to be issued.Going Concern & Related Parties
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Recognized subsequent events give evidence of conditions that … and adjust the statements, while nonrecognized events reflect conditions that arose after it and are only disclosed.Recognized subsequent events give evidence of conditions that existed at the balance sheet date and adjust the statements, while nonrecognized events reflect conditions that arose after it and are only disclosed.Representations & Subsequent Events
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An agent's actual authority may be express or …, while apparent authority arises from the principal's manifestations to the third party.An agent's actual authority may be express or implied, while apparent authority arises from the principal's manifestations to the third party.Agency
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Under the UCC firm offer rule, a …'s offer in a signed writing or record assuring it will be held open is irrevocable without consideration for up to three months.Under the UCC firm offer rule, a merchant's offer in a signed writing or record assuring it will be held open is irrevocable without consideration for up to three months.Contracts & UCC Sales
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A bankruptcy trustee may avoid a transfer for an … made while the debtor was insolvent within 90 days before filing, or one year for insiders, if it gives the creditor more than it would receive in a Chapter 7 liquidation.A bankruptcy trustee may avoid a transfer for an antecedent debt made while the debtor was insolvent within 90 days before filing, or one year for insiders, if it gives the creditor more than it would receive in a Chapter 7 liquidation.Suretyship & Bankruptcy
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About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- Checked against the AICPA CPA Exam FAR, AUD and REG blueprints (topic lists only; no text copied) and the FASB ASC topic structure (Topics 606 and 842); reference only, no codification text copied.
- Checked against the AICPA Code of Professional Conduct, clarified SASs (AU-C), SSARS, PCAOB AS 3101, SEC independence rules, the Internal Revenue Code (public domain), UCC Articles 2 and 9 and the Bankruptcy Code; reference only. Year-indexed thresholds deliberately omitted.
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