Solution Manual For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Verified Chapters 1 - 21 & Appendix A, Complete Newest Version 2025

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




Version 1
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,Answer Key 1w




Test name: chapter 11
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TERM PHRASE
Term numberth
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at matchesthe p
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hrase.
1. Predictive va
1w 1w lue Information is useful in 1w 1w 1w 1
projecting cash flows. 1w 1w




2. Relevance
1w Pertinent to the decision at1w 1w 1w 1w 2
hand.
3. Distribution
1w to Information is available prior 1w 1w 1w 5
owners to the decision.
1w 1w




4. Confirmatory
1w Decrease in equity due totransfers to
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1 1w 1w 3
value owners.
5. Timeliness
1w Information confirms 1w 4
expectations.
2)
TERM PHRAS Term numberth
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1




E at matches
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the phrase.
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1. Gain
1w Along with relevance, a
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fundamental decision-specificquality. 1w w
1




2. Materiality
1w Results if an asset is sold
1w 1w 1w 1w 1w for 1
more than book value.
1w 1w 1w




3. Completeness
1w Contains all information 1w 1w 3
necessary for faithful 1w 1w




representation.
4. Comprehensive
1w The change in equity from
1w 1w 1w 1w 4
income nonowner transactions. 1w




Version 1 1w 2

, 5. Faithful represen
1w 1w Concerns the decision-making 1w 1w 2
tation impact of both the amount andn ature of an
1w 1w 1w 1w 1w w
1 1w 1w 1w




item.
3)
TERM PHRASE
Term numberth
1w w
1




at matchesthe p
1w w
1 1w




hrase.
1. Neutrality Important in analysis between 1w 1w 1w 2
firms.
2. Comparability Accounting information should 1w 1w 1
be unbiased.
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3. Consistency The decision to include an
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amount in the financialstatements
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.
4. Cost-effectiveness 1 w Applying the same accounting
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practices over time. 1w 1w




5. Recognition Considers the value of using 1w 1w 1w 1w 4
information relative to cost ofproviding it. 1w 1w 1w 1w w
1 1w




4)
TERM PHRASE
Term numberth
1w w
1




at matchesthe p
1w w
1 1w




hrase.
1. Monetary unitass1w w
1 Implies consensus among 1w 1w 2
umption different observers. 1w




2. Verifiability Assumes all transactions can be 1w 1w 1w 1w 3
identified with a particular entity. 1w 1w 1w w
1




3. Economic entityassu
1w w
1 Assumes an entity will continue 1w 1w 1w 1w 4
mption to operate indefinitely.
1w 1w




4. Going concernass
1w w
1 Requires reporting the 1w 1w 5
umption financial life of an entity indiscrete time fram
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1 1w 1w




es.
5. Periodicityassu w
1 Ignores the possibility of
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mption inflation.
5)
TERM PHRASE Term number1w




that matches
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the phrase.
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1. Historical
1w cost Basis of measurement for fixed
1w 1w 1w 1w 1


Version 1 1w 3

, assets.
2. Materiality Discounts future cash flows. 1w 1w 1w 5
3. Revenue re 1w Occurs when goods or services 1w 1w 1w 1w 3
cognition are transferred to thecustomer.
1w 1w 1w w
1




4. Full disclosure 1w Reporting of all information 1w 1w 1w 4
that could affect decisions.
1w 1w 1w




5. Present value 1w Application of GAAP sometimes 1w 1w 1w 2
avoided under this constraint. 1w 1w 1w




6)
TERM PHRASE
Term numberth
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1




at matchesthe p
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1 1w




hrase.
1. Financial Accounting S 1w 1w Undermines representational 1w 3
tandardsBoard w
1 faithfulness by being inconsistent with neu 1w 1w 1w 1w 1w




2. Accounting Princi 1w
trality.
ples Board 1w It established GAAP before the
1w 1w 1w 1w 2
FASB.
3. Conservatism Its EITF Issues are GAAP when
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entered in the AccountingStandards
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1 1w




Codification.
4. American Institute 1w 1w It has the authority to set U.S.
1w 1w 1w 1w 1w 1w 5
of CPAs(AICPA)
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1 accounting standards. 1w




5. Securities and Exchan 1w 1w




ge Commission
1w It is the national organization
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7) for CPAs in the United States.
1w 1w 1w 1w 1w




TERM PHRASE Term number 1w




that matches
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the phrase.
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1. Expenses
1w Net assets. 1w 2
2. Equity
1w Outflows of resourcesg to 1w 1w 1
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enerate revenues. 1w




3. Distributions to
1w Cash dividends. 1w 3
owners
4. Investments byow 1w w
1
Claims of creditors against 1w 1w 1w 5
ners the assets of a business.
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5. Liabilities Transfers of resources in 1w 1w 1w 4
exchange for common andpreferre 1w 1w 1w w
1




d stock.
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Version 1 1w 4