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 2) | $ComprehensiveIncome = ($Revenues - $Expenses + $Gains - $Losses) | Satisfied | $ComprehensiveIncome=3000 = ($Revenues=7000 - $Expenses=3000 + $Gains=1000 - $Losses=2000) |
| 5 | FAC_SFAC6_ComprehensiveIncome (evaluation 3) | $ComprehensiveIncome = ($Revenues - $Expenses + $Gains - $Losses) | Satisfied | $ComprehensiveIncome=-750 = ($Revenues=1000 - $Expenses=1000 + $Gains=250 - $Losses=1000) |
| 6 | FAC_ASC_NetCashFlow (evaluation 1) | $NetCashFlow = ($NetCashFlowOperatingActivities + $NetCashFlowFinancingActivities + $NetCashFlowInvestingActivities) | Satisfied | $NetCashFlow=3500 = ($NetCashFlowOperatingActivities=1500 + $NetCashFlowFinancingActivities=1000 + $NetCashFlowInvestingActivities=1000) |
| 7 | FAC_SFAC6_NetIncome (evaluation 1) | $NetIncome = ($IncomeFromNormalActivitiesOfEntity + $IncomeFromPeripheralOrIncidentalTransactionsOfEntity) | Satisfied | $NetIncome=3000 = ($IncomeFromNormalActivitiesOfEntity=2000 + $IncomeFromPeripheralOrIncidentalTransactionsOfEntity=1000) |
| 9 | FAC_SFAC6_NetAssets (evaluation 1) | $NetAssets = ($Assets - $Liabilities) | Satisfied | $NetAssets=3500 = ($Assets=3500 - $Liabilities=0) |
| 10 | FAC_SFAC6_NetAssets (evaluation 2) | $NetAssets = ($Assets - $Liabilities) | Satisfied | $NetAssets=0 = ($Assets=0 - $Liabilities=0) |
| 11 | FAC_SFAC6_ChangeInEquity (evaluation 1) | $Equity_BalanceEnd = ($Equity_BalanceStart + $ComprehensiveIncome + $InvestmentsByOwners - $DistributionsToOwners) | Satisfied | $Equity_BalanceStart=0 + $ComprehensiveIncome=3000000 + $InvestmentsByOwners=1000000 - $DistributionsToOwners=500000 = $Equity_BalanceEnd=3500000 |
Last updated: 11/17/2020 12:08:57 PM