Test bank for intermediate accounting 11th edition by david spiceland mark nelson_

Test Bank For Intermediate Accounting,
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11th Editionq,j q,j




by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
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Version1 q,j 1

,Answer Key q,j




Test name: chapter 1
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1)
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TERM PHRASE Term number q,j




that matches
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the phrase.
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1. Predictive va
q,j q,j lue Information is useful in q,j q,j q,j 1
projecting cash flows. q,j q,j




2. Relevance
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Pertinent to the decision at q,j q,j q,j q,j 2
hand.
3. Distribution
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owners to the decision.
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4. Confirmatory
q,j Decrease in equity due to q,j q,j q,j q,j 3
value transfers to owners.
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5. Timeliness
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Information confirms q,j 4
expectations.
2)
TERM PHRASE Term number q,j




thatmatches
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the phrase.q,j




1. Gain
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fundamental decision-specific q,j




quality.
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2. Materiality
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Results if an asset is sold q,j q,j q,j q,j q,j for 1
more than book value.
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3. Completeness
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Contains all information q,j q,j 3
necessary for faithful q,j q,j




representation.
4.Comprehensive
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income nonowner transactions. q,j




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, 5. Faithful
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representatio
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n nature of an item.
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3)
TERM PHRASE Term number q,j




that matches
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the phrase.
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1. Neutrality Important in analysis between q,j q,j q,j 2
firms.
2. Comparability Accounting information should q,j q,j 1
be unbiased. q,j




3. Consistency The decision to include an
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amount in the financial q,j q,j q,j




statements.
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4. Cost-effectiveness q Applying the same accounting
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practices over time. q,j q,j




5. Recognition Considers the value of using q,j q,j q,j q,j 4
information relative to cost of q,j q,j q,j q,j




providing it.
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4)
TERM PHRASE Term number q,j




that matches
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the phrase.
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1. Monetary unit q,j Implies consensus among q,j q,j 2
assumption
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2. Verifiability Assumes all transactions can be q,j q,j q,j q,j 3
identified with a particular q,j q,j q,j




entity.
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3. Economic entity q,j Assumes an entity will continue q,j q,j q,j q,j 4
assumption
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4. Going concern q,j Requires reporting the q,j q,j 5
assumption
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discrete time frames.
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5. Periodicity Ignores the possibility of q,j q,j q,j 1
assumption
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5)
TERM PHRASE Term number q,j




that matches q,j




the phrase.
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1. Historical
q,j cost Basis of measurement for fixed
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Version1 q,j 3

, assets.
2. Materiality Discounts future cash flows. q,j q,j q,j 5
3. Revenue Occurs when goods or services q,j q,j q,j q,j 3
recognitio
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n customer.
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4. Full disclosureq,j Reporting of all information q,j q,j q,j 4
that could affect decisions.
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5. Present value q,j Application of GAAP sometimes q,j q,j q,j 2
avoided under this constraint. q,j q,j q,j




6)
TERM PHRASE Term number q,j




that matches
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the phrase.
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1. Financial Undermines representational q,j 3
Accounting Standards
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Board
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2. Accounting It established GAAP before the
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PrinciplesBoard
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q FASB.
3. Conservatism Its EITF Issues are GAAP when
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entered in the Accounting q,j q,j q,j




Standards Codification.
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4. American It has the authority to set U.S.
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Institute of CPAs
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(AICPA)
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5. Securities and q,j It is the national organization
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ExchangeCommission
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7)
TERM PHRASE Term number q,j




that matches q,j




the phrase.
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1. Expenses
q,j Net assets. q,j 2
2. Equity
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generate revenues.
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3. Distributions to
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owners
4. Investments by q,j Claims of creditors against q,j q,j q,j 5
owners
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5. Liabilities Transfers of resources in q,j q,j q,j 4
exchange for common and q,j q,j q,j




preferred stock.
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Version1 q,j 4