Intermediate Accounting with correct answers 2025>2026

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