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

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




Answers are at the end of each Chapter
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Test name: chapter 1
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1)
TERM PHRASE Term--number-
that--matches
-


the--phrase.
1.--Predictive--value Information--is--useful--in-- 1
projecting--cash--flows.
2.--Relevance Pertinent--to--the--decision--at-- 2
hand.
3.--Distribution--to Information--is--available--prior-- 5
owners to--the--decision.
4.--Confirmatory Decrease--in--equity--due--to-- 3
value transfers--to--owners.
5.--Timeliness Information--confirms-- 4
expectations.
2)
TERM PHRASE Term--number-
-that--matches

the--phrase.
1.--Gain Along--with--relevance,--a 5
fundamental--decision-specific--
quality.
2.--Materiality Results--if--an--asset--is--sold--for-- 1
more--than--book--value.
3.--Completeness Contains--all--information-- 3
necessary--for--faithful
representation.
4.--Comprehensive The--change--in--equity--from 4
income nonowner--transactions.
5.--Faithful-- Concerns--the--decision-making 2
representation impact--of--both--the--amount--and--
nature--of--an--item.

Version--1 1

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3)
TERM PHRASE Term--number
that--matches-
-the--phrase.


1.--Neutrality Important--in--analysis--between-- 2
firms.
2.--Comparability Accounting--information--should-- 1
be--unbiased.
3.--Consistency The--decision--to--include--an 5
amount--in--the--financial--
statements.
4.--Cost-effectiveness Applying--the--same--accounting-- 3
practices--over--time.
5.--Recognition Considers--the--value--of--using 4
information--relative--to--cost--of--
providing--it.
4)
TERM PHRASE Term--number-
-that--matches


the--phrase.
1.--Monetary--unit Implies--consensus--among-- 2
assumption different--observers.
2.--Verifiability Assumes--all--transactions--can--be-- 3
identified--with--a--particular
entity.
3.--Economic--entity Assumes--an--entity--will--continue-- 4
assumption to--operate--indefinitely.
4.--Going--concern-- Requires--reporting--the 5
assumption financial--life--of--an--entity--in--
discrete--time--frames.
5.--Periodicity Ignores--the--possibility--of-- 1
assumption inflation.
5)
TERM PHRASE Term--number-
-that--matches


the--phrase.
1.--Historical--cost Basis--of--measurement--for--fixed 1
assets.
2. Materiality Discounts--future--cash--flows. 5




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3.--Revenue-- Occurs--when--goods--or--services 3
recognition are--transferred--to--the--
customer.
4. Full--disclosure Reporting--of--all--information-- 4
that--could--affect--decisions.
5. Present--value Application--of--GAAP--sometimes-- 2
avoided--under--this--constraint.
6)
TERM PHRASE Term--number-
- that--matches
the--phrase.
1.--Financial Undermines--representational 3
Accounting--Standards-- faithfulness--by--being--
Board inconsistent--with--neutrality.
2.--Accounting It--established--GAAP--before--the-- 2
Principles--Board FASB.
3.--Conservatism Its--EITF--Issues--are--GAAP--when 1
entered--in--the--Accounting--
Standards--Codification.
4.--American-- It--has--the--authority--to--set--U.S.-- 5
Institute--of--CPAs accounting--standards.
(AICPA)
5.--Securities--and It--is--the--national--organization-- 4
Exchange--Commission for--CPAs--in--the--United--States.
7)
TERM PHRASE Term--number-
that--matches
-


the--phrase.
1.--Expenses Net--assets. 2
2.--Equity Outflows--of--resources--to-- 1
generate--revenues.
3.--Distributions--to Cash--dividends. 3
owners
4.--Investments--by Claims--of--creditors--against-- 5
owners the--assets--of--a--business.
5.--Liabilities Transfers--of--resources--in 4
exchange--for--common--and--
preferred--stock.




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8)
TERM PHRASE Term--number
that--matches-
-the--phrase.


1.--Losses Net--outflows--from--peripheral-- 1
transactions.
2.--Assets Increases--in--equity--from--the-- 3
sale--of--goods--and/or--services.
3.--Revenues Results--if--an--asset--is--sold--for-- 5
more--than--book--value.
4.--Comprehensive All--changes--in--equity--except-- 4
income owner--transactions.
5.--Gains Probable--future--economic 2
benefits--controlled--by--an--
entity.
9)
TERM PHRASE Term--number-
that--matches
-


the--phrase.
1.--SEC Establishes--auditing--standards--in-- 6
the--U.S.--for--public--companies.
2.--FASB Primary--national--organization--of-- 7
accountants--working--in--industry.
3.--IASB Sets--accounting--standards--in--the-- 2
United--States.
4.--AICPA Provides--timely--responses--to-- 5
financial--reporting--issues.
5.--EITF The--FASB's--parent--organization. 10
6.--PCAOB Advises--the--FASB. 8
7.--IMA FASB's--predecessor. 9
8.--FASAC Regulates--the--financial--reporting-- 1
for--public--companies.
9.--APB National--organization--of--certified-- 4
public--accountants.
10.--FAF Sets--global--accounting--standards. 3




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