Verifies that the associations of fundamental high-level accounting concepts are consistent with expectation for a specific style of reporting. (For example, Assets = Liabilities + Equity)
| # | Formula Identifier | Test | Result of Test | Evaluation of Test |
|---|---|---|---|---|
| 1 | FAC_AccountingEquation (evaluation 1) | $Assets = ($Liabilities + $Equity) | Satisfied | $Assets=0 = ($Liabilities=0 + $Equity=0) |
| 2 | FAC_AccountingEquation (evaluation 2) | $Assets = ($Liabilities + $Equity) | Satisfied | $Assets=3500 = ($Liabilities=0 + $Equity=3500) |
| 3 | FAC_SFAC6_ElementsOfFinancialStatement (evaluation 1) | 0= ($Equity_BalanceStart + ($Revenues - $Expenses + $Gains - $Losses + $InvestmentsByOwners - $DistributionsToOwners) + ($Liabilities_BalanceEnd - $Assets_BalanceEnd)) | Satisfied | 0= (($Equity_BalanceStart=0 + (($Revenues=7000 - $Expenses=3000) + ($Gains=1000 - $Losses=2000)) + ($InvestmentsByOwners=1000 - $DistributionsToOwners=500)) + ($Liabilities_BalanceEnd=0 - $Assets_BalanceEnd=3500)) |
| 4 | FAC_SFAC6_ComprehensiveIncome (evaluation 1) | $ComprehensiveIncome = ($Revenues - $Expenses + $Gains - $Losses) | Satisfied | $ComprehensiveIncome=3750 = ($Revenues=6000 - $Expenses=2000 + $Gains=750 - $Losses=1000) |
| 5 | FAC_SFAC6_ComprehensiveIncome (evaluation 2) | $ComprehensiveIncome = ($Revenues - $Expenses + $Gains - $Losses) | Satisfied | $ComprehensiveIncome=3000 = ($Revenues=7000 - $Expenses=3000 + $Gains=1000 - $Losses=2000) |
| 6 | FAC_SFAC6_ComprehensiveIncome (evaluation 3) | $ComprehensiveIncome = ($Revenues - $Expenses + $Gains - $Losses) | Satisfied | $ComprehensiveIncome=-750 = ($Revenues=1000 - $Expenses=1000 + $Gains=250 - $Losses=1000) |
Last updated: 11/17/2020 12:08:57 PM