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

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




Versionr1 1

,Answer Key r




Test name: chapter 1
r r r r




1)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1.rPredictiverva lue Informationrisrusefulrin 1
projectingrcashrflows.
2.rRelevance Pertinentrtortherdecisionrat 2
hand.
3.rDistribution to Informationrisravailablerprior 5
owners tortherdecision.
4.rConfirmatory Decreaserinrequityrduertort 3
value ransfersrtorowners.
5.rTimeliness Informationrconfirms 4
expectations.
2)
TERM PHRASE Termrnumberr
thatrmatches
therphrase.
1.rGain Alongrwithrrelevance,ra 5
fundamentalrdecision-
specificrquality.
2.rMateriality Resultsrifranrassetrisrsold for 1
morerthanrbookrvalue.
3.rCompleteness Containsrallrinformation 3
necessaryrforrfaithful
representation.
4.rComprehensive Therchangerinrequityrfrom 4
income nonownerrtransactions.




Versionr1 2

, 5.rFaithfulrrep Concernsrtherdecision-making 2
resentation impactrofrbothrtheramountrandrna
turerofranritem.
3)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1. Neutrality Importantrinranalysisrbetween 2
firms.
2. Comparability Accountingrinformationrshould 1
berunbiased.
3. Consistency Therdecisionrtorincluderan 5
amountrinrtherfinancialrs
tatements.
4. Cost-effectivenessr Applyingrthersameraccounting 3
practicesroverrtime.
5. Recognition Considersrthervaluerofrusing 4
informationrrelativertorcostrofrp
rovidingrit.
4)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1. Monetaryrunitr Impliesrconsensusramong 2
assumption differentrobservers.
2. Verifiability Assumesrallrtransactionsrcanrbe 3
identifiedrwithrarparticularre
ntity.
3. Economicrentityr Assumesranrentityrwillrcontinue 4
assumption toroperaterindefinitely.
4. Goingrconcernr Requiresrreportingrthe 5
assumption financialrliferofranrentityrinrdi
scretertimerframes.
5. Periodicityr Ignoresrtherpossibilityrof 1
assumption inflation.
5)
TERM PHRASE Termrnumber
thatrmatches


Versionr1 3

, therphrase.
1.rHistorical cost Basisrofrmeasurementrforrfixed 1




Versionr1 4