Rigos Professional Education Programs

Rigos CPA Review: Magic Memory Outlines

Our topical Magic Memory Outlines are templates which students use to create their own personal outlines of the subjects. You summarize and synthesize the textual material in your own words. This forces you to capture the essence of the text and transfers the information from the book to your mind. For students who have prepared outlines to condense vast amounts of material in law school, these templates are similar and extremely effective. You can make outlines as elaborate and comprehensive as you wish since, in a word processing file, you can enlarge the space provided for your own notes. An example follows.

MAGIC MEMORY OUTLINE EXAMPLE
RIGOS CPA REVIEW

RIGOS CPA REVIEW - VOLUME 2 - CHAPTER 1
THEORETICAL FOUNDATIONS AND BALANCE SHEET OVERVIEW

Magic Memory Outline™

BLANK (as in the text)	WITH STUDENT SUMMARY
I. CONCEPTUAL FRAMEWORK	I. CONCEPTUAL FRAMEWORK
A. Introduction	A. Introduction - *conceptual framework is broad theoretical basis*
B. House of GAAP	B. House of GAAP - *conceptual hierarchy underlying GAAP; SAS 69*
C. List of Abbreviations	C. List of Abbreviations - *common acronyms; FASB, GASB, SFAS, SFAC, etc.*
II. DEVELOPMENT OF FINANCIAL ACCOUNTING STANDARDS	II. DEVELOPMENT OF FINANCIAL ACCOUNTING STANDARDS
A. Topic Selection	A. Topic Selection - *emerging issues task force; FAS advisory council; = others*
B. Steps in the Process of Standard Development	B. Steps in the Process of Standard Development - *research, memo, exposure draft, committee, board*
C. Participation in the Standard-Setting Process	C. Participation in the Standard-Setting Process - *accountants in practice, AICPA, IMA, SEC*
D. Standard-Setting for State and Local Governments	D. Standard-Setting for State and Local Governments - *GASB*
III. STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS	III. STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS
A. SFAC No. 1 -- Objectives of Financial Reporting by Business Enterprises	A. SFAC No. 1 -- Objectives of Financial Reporting by Business Enterprises - *provide useful information to users about economic resources*
B. SFAC No. 2 -- Qualitive Characteristics of Accounting Information	B. SFAC No. 2 -- Qualitive Characteristics of Accounting Information - *hierarchy of characteristics in diagram form*
C. Definitions	C. Definitions - *see below*
1. Understandability	1. Understandability - *perceive significance of information*
2. Relevance	2. Relevance - *capacity to make a difference in a decision*
3. Predictive Value	3. Predictive Value - *increase likelihood of correctly forecasting outcomes*
4. Feedback Value	4. Feedback Value - *enables confirmation or correction of prior expectations*
5. Timeliness	5. Timeliness - *information available before loses capacity to influence decisions*
6. Reliability	6. Reliability - *assurance that information reasonably free from error and bias*
7. Verifiability	1. Verifiability - *Information measurement method used without error or bias; correct representation*
8. Neutrality	2. Neutrality - *absence of bias in reported information*
9. Representational Faithfulness	9. Representational Faithfulness - *agreement between measure/descr. and underlying event*
10. Comparability	10. Comparability - *ability to compare two sets of economic phenomena*
11. Consistency	11. Consistency - *conformity of policies and procedures from period to period*
12. Materiality	12. Materiality - *magnitude of misinformation/omission that influences decision*

The following is the actual Magic Memory Outline from the Theoretical Foundations chapter.

RIGOS PRIMER SERIES REVIEW

RIGOS CPA REVIEW - VOLUME 2 - CHAPTER 1
THEORETICAL FOUNDATIONS AND BALANCE SHEET OVERVIEW

Magic Memory Outline

I.  CONCEPTUAL FRAMEWORK
A.  Introduction
B.  House of GAAP
C.  List of Abbreviations

II.  DEVELOPMENT OF FINANCIAL ACCOUNTING STANDARDS
A.  Topic Selection
B.  Steps in the Process of Standard Development
C.  Participation in the Standard-Setting Process
D.  Standard-Setting for State and Local Governments

III.  STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS
A.  SFAC No. 1 -- Objectives of Financial Reporting by Business Enterprises
B.  SFAC No. 2 -- Qualitive Characteristics of Accounting Information
C.  Definitions
1.  Understandability
2.  Relevance
3.  Predictive Value
4.  Feedback Value
5.  Timeliness
6.  Reliability
7.  Verifiablity
8.  Neutrality
9.  Representational Faithfulness
10.  Comparability
11.  Consistency
12.  Materiality