Intermediate Accounting with correct
answers 2025>2026
providersvofvfinancialvinformationv-vcorrectvanswers-
profitvorientedvcompanies,vnotvforvprofitventities,vhouseholds
externalvusersvofvfinancialvinformationv-vcorrectvanswers-
investors,vcreditors,vemployees,vbanks,vlaborvunions,vcustomers,vsuppliers,vgovvregulatoryvagenci
es
conceptualvframeworkv-vcorrectvanswers-
underlyingvstructurevforvthevdevelopmentvofvaccountingvstandards
GAAPv-vcorrectvanswers-generallyvacceptedvaccountingvprinciples-vbodyvofvaccountingvstandards
FASBv-vcorrectvanswers-financialvaccountingvstandardsvboard
3rdvlevelvofvframeworkv-vcorrectvanswers-constraints,vassumptions,vprinciplesv(CAP)
2ndvlevelvofvframeworkv-vcorrectvanswers-qualitativevcharacteristics,velements
, 1stvleveevofvframeworkv-vcorrectvanswers-
objective:vtovprovidevfinancialvinformationvusefulvtovcapitalvproviders
qualitativevcharacteristicsv-vcorrectvanswers-
DECISIONvUSEFULNESS:v2vparts,vrelevancevandvfaithfulvrepresentation
relevancev-vcorrectvanswers-3vparts:vpredictive,vconfirmatoryvvalue,vmateriality
pertinentvtovavdecisionvatvhand
faithfulvrepresentationv-vcorrectvanswers-
3vparts:vcompleteness,vneutrality,vfreevfromverror,vconservatism
existsvwhenvtherevisvanvagreementvbetweenvavmeasurevandvthevphenomenonvitvpurportsvtovrepre
sent
predictivevvaluev-vcorrectvanswers-infovusefulvinvpredictingvthevfuture
confirmatoryvvaluev-vcorrectvanswers-infovconfirmsvexpectations
materialityv-vcorrectvanswers-concernsvrelativevsizevofvanvitemvandvitsveffectvonvdecisions
completenessv-vcorrectvanswers-containsvallvnecessaryvinformation
neutralityv-vcorrectvanswers-freedomvfromvbias
freevfromverrorv-vcorrectvanswers-noverrorsvorvomissions
answers 2025>2026
providersvofvfinancialvinformationv-vcorrectvanswers-
profitvorientedvcompanies,vnotvforvprofitventities,vhouseholds
externalvusersvofvfinancialvinformationv-vcorrectvanswers-
investors,vcreditors,vemployees,vbanks,vlaborvunions,vcustomers,vsuppliers,vgovvregulatoryvagenci
es
conceptualvframeworkv-vcorrectvanswers-
underlyingvstructurevforvthevdevelopmentvofvaccountingvstandards
GAAPv-vcorrectvanswers-generallyvacceptedvaccountingvprinciples-vbodyvofvaccountingvstandards
FASBv-vcorrectvanswers-financialvaccountingvstandardsvboard
3rdvlevelvofvframeworkv-vcorrectvanswers-constraints,vassumptions,vprinciplesv(CAP)
2ndvlevelvofvframeworkv-vcorrectvanswers-qualitativevcharacteristics,velements
, 1stvleveevofvframeworkv-vcorrectvanswers-
objective:vtovprovidevfinancialvinformationvusefulvtovcapitalvproviders
qualitativevcharacteristicsv-vcorrectvanswers-
DECISIONvUSEFULNESS:v2vparts,vrelevancevandvfaithfulvrepresentation
relevancev-vcorrectvanswers-3vparts:vpredictive,vconfirmatoryvvalue,vmateriality
pertinentvtovavdecisionvatvhand
faithfulvrepresentationv-vcorrectvanswers-
3vparts:vcompleteness,vneutrality,vfreevfromverror,vconservatism
existsvwhenvtherevisvanvagreementvbetweenvavmeasurevandvthevphenomenonvitvpurportsvtovrepre
sent
predictivevvaluev-vcorrectvanswers-infovusefulvinvpredictingvthevfuture
confirmatoryvvaluev-vcorrectvanswers-infovconfirmsvexpectations
materialityv-vcorrectvanswers-concernsvrelativevsizevofvanvitemvandvitsveffectvonvdecisions
completenessv-vcorrectvanswers-containsvallvnecessaryvinformation
neutralityv-vcorrectvanswers-freedomvfromvbias
freevfromverrorv-vcorrectvanswers-noverrorsvorvomissions
