Test Bank For Intermediate Accounting,
76 76 76 76 76
11th Edition
76 76
by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
76 76 76 76 76 76 76
Version 1
1
,Answer Key 76
Test name: chapter
76 76
76 11)
6
7
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Predictive va lue
76 76 Information is useful in 76 76 76 1
projecting cash flows. 76 76
2. Relevance
76 Pertinent to the decision at 76 76 76 76 2
hand.
3. Distribution to
76 Information is available prior 76 76 76 5
owners to the decision.
76 76
4. Confirmatory
76 Decrease in equity due 76 76 76 3
value totransfers to owners.
76 6
7 76 76
5. Timeliness
76 Information confirms 76 4
expectations.
2)
TERM PHRASE Term
76 numberthat 6
7
76 matches
the phrase.
76
1. Gain
76 Along with relevance, a
76 76 76 5
fundamental decision- 76
specificquality. 6
7
2. Materiality
76 Results if an asset is sold for
76 76 76 76 76 1
more than book value.
76 76 76
3. Completeness
76 Contains all information 76 76 3
necessary for faithful 76 76
representation.
4. Comprehensive
76 The change in equity from
76 76 76 76 4
income nonowner transactions. 76
Version 2
1
, 5. Faithful
76 Concerns the decision-making 76 76 2
representatio
76 impact of both the amount
76 76 76 76
n andnature of an item.
76 6
7 76 76 76
3)
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Neutrality Important in analysis between 76 76 76 2
firms.
2. Comparability Accounting information should 76 76 1
be unbiased.
76
3. Consistency The decision to include an
76 76 76 76 5
amount in the 76 76
financialstatements.
76 6
7
4. Cost-effectiveness 7 Applying the same accounting
6 76 76 76 3
practices over time. 76 76
5. Recognition Considers the value of using 76 76 76 76 4
information relative to cost 76 76 76
ofproviding it.
76 6
7 76
4)
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Monetary Implies consensus among 76 76 2
unitassumption
76 6
7 different observers. 76
2. Verifiability Assumes all transactions can be 76 76 76 76 3
identified with a 76 76
particularentity.
76 6
7
3. Economic Assumes an entity will continue 76 76 76 76 4
entityassumption
76 6
7 to operate indefinitely.
76 76
4. Going Requires reporting the 76 76 5
concernassumpti
76 6
7 financial life of an entity 76 76 76 76
on indiscrete time frames.
76 6
7 76 76
Ignores the possibility of 76 76 76 1
5. Periodicity 6
7 inflation.
assumption
5)
TERM PHRASE Term number
76
Version 3
1
, that matches
76
the phrase.
76
1. Historical cost
76 Basis of measurement for fixed
76 76 76 76 1
Version 4
1
76 76 76 76 76
11th Edition
76 76
by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
76 76 76 76 76 76 76
Version 1
1
,Answer Key 76
Test name: chapter
76 76
76 11)
6
7
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Predictive va lue
76 76 Information is useful in 76 76 76 1
projecting cash flows. 76 76
2. Relevance
76 Pertinent to the decision at 76 76 76 76 2
hand.
3. Distribution to
76 Information is available prior 76 76 76 5
owners to the decision.
76 76
4. Confirmatory
76 Decrease in equity due 76 76 76 3
value totransfers to owners.
76 6
7 76 76
5. Timeliness
76 Information confirms 76 4
expectations.
2)
TERM PHRASE Term
76 numberthat 6
7
76 matches
the phrase.
76
1. Gain
76 Along with relevance, a
76 76 76 5
fundamental decision- 76
specificquality. 6
7
2. Materiality
76 Results if an asset is sold for
76 76 76 76 76 1
more than book value.
76 76 76
3. Completeness
76 Contains all information 76 76 3
necessary for faithful 76 76
representation.
4. Comprehensive
76 The change in equity from
76 76 76 76 4
income nonowner transactions. 76
Version 2
1
, 5. Faithful
76 Concerns the decision-making 76 76 2
representatio
76 impact of both the amount
76 76 76 76
n andnature of an item.
76 6
7 76 76 76
3)
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Neutrality Important in analysis between 76 76 76 2
firms.
2. Comparability Accounting information should 76 76 1
be unbiased.
76
3. Consistency The decision to include an
76 76 76 76 5
amount in the 76 76
financialstatements.
76 6
7
4. Cost-effectiveness 7 Applying the same accounting
6 76 76 76 3
practices over time. 76 76
5. Recognition Considers the value of using 76 76 76 76 4
information relative to cost 76 76 76
ofproviding it.
76 6
7 76
4)
TERM PHRASE Term
numberthat
76 6
7
matchesthe
76 6
7
phrase.
76
1. Monetary Implies consensus among 76 76 2
unitassumption
76 6
7 different observers. 76
2. Verifiability Assumes all transactions can be 76 76 76 76 3
identified with a 76 76
particularentity.
76 6
7
3. Economic Assumes an entity will continue 76 76 76 76 4
entityassumption
76 6
7 to operate indefinitely.
76 76
4. Going Requires reporting the 76 76 5
concernassumpti
76 6
7 financial life of an entity 76 76 76 76
on indiscrete time frames.
76 6
7 76 76
Ignores the possibility of 76 76 76 1
5. Periodicity 6
7 inflation.
assumption
5)
TERM PHRASE Term number
76
Version 3
1
, that matches
76
the phrase.
76
1. Historical cost
76 Basis of measurement for fixed
76 76 76 76 1
Version 4
1
