Test Bank For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer

FULL TEST BANK FOR
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Intermediate Accounting, 11th Edition
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Answer Key el




Test name: chapter 1
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el 1)
TERM PHRASE Term elnumber
elthat

elmatches elthe

elphrase.


1. elPredictive lue Information elis eluseful elin 1
elva

projecting elcash elflows.
2. elRelevance Pertinent elto elthe eldecision elat 2
hand.
3. elDistribution to Information elis elavailable elprior 5
owners to elthe eldecision.
4. elConfirmatory Decrease elin elequity eldue elto 3
value eltransfers elto elowners.


5. elTimeliness Information elconfirms 4
expectations.
2)
TERM PHRASE Term elnumber
elthat

elmatches

the elphrase.
1. elGain Along elwith elrelevance, ela 5
fundamental eldecision-specific
elquality.


2. elMateriality Results elif elan elasset elis for 1
elsold

more elthan elbook elvalue.
3. elCompleteness Contains elall elinformation 3
necessary elfor elfaithful
representation.

Version el1 1

, 4. The elchange elin elequity elfrom 4
elComprehensive nonowner eltransactions.
income




Version el1 2

, 5. elFaithful Concerns elthe eldecision-making 2
elrepresentatio impact elof elboth elthe elamount eland
n elnature elof elan elitem.




3)
TERM PHRASE Term elnumber
elthat

elmatches elthe

elphrase.


Neutrality Important elin elanalysis elbetween 2
firms.
Comparability Accounting elinformation elshould 1
be elunbiased.
Consistency The eldecision elto elinclude elan 5
amount elin elthe elfinancial
elstatements.


Cost-effectiveness el e l Applying elthe elsame elaccounting 3
practices elover eltime.
Recognition Considers elthe elvalue elof elusing 4
information elrelative elto elcost
elof elproviding elit.


4)
TERM PHRASE Term elnumber
el that
elmatches elthe

elphrase.


Monetary elunit Implies elconsensus elamong 2
elassumption different elobservers.
Verifiability Assumes elall eltransactions elcan elbe 3
identified elwith ela elparticular
elentity.


Economic elentity Assumes elan elentity elwill elcontinue 4
elassumption to eloperate elindefinitely.
Going elconcern Requires elreporting elthe 5
elassumption financial ellife elof elan elentity elin
eldiscrete eltime elframes.


Periodicity Ignores elthe elpossibility elof 1
elassumption inflation.
5)
TERM PHRASE Term elnumber
that elmatches

Version el1 3

, the elphrase.
1. elHistorical cost Basis elof elmeasurement elfor elfixed 1




Version el1 4