TestBankForIntermediateAccounting,11thEditionby DavidSpiceland,MarkNelson,WayneThomas,Jennifer

Test Bank For Intermediate Accounting, 11th Edition by
David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
Answers are at the end of each Chapter
A A A A A A A




Answer Key A




Test name: chapter 1
A A A




1)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
PredictiveAvalue InformationAisAusefulAin 1
projectingAcashAflows.
Relevance PertinentAtoAtheAdecisionAat 2
hand.
DistributionAtoA InformationAisAavailableAprior 5
owners toAtheAdecision.
Confirmator DecreaseAinAequityAdueAto 3
yAvalue transfersAtoAowners.
Timeliness InformationAconfirms 4
expectations.
2)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
Gain AlongAwithArelevance,Aa 5
fundamentalAdecision-specific
quality.
Materiality ResultsAifAanAassetAisAsoldAfor 1
moreAthanAbookAvalue.
Completeness ContainsAallAinformation 3
necessaryAforAfaithful
representation.
Comprehensive TheAchangeAinAequityAfrom 4
Aincome nonownerAtransactions.



VersionA1 1

, 5.AFaithful ConcernsAtheAdecision-making 2
representation impactAofAbothAtheAamountAand
natureAofAanAitem.
3)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
Neutrality ImportantAinAanalysisAbetween 2
firms.
Comparability AccountingAinformationAshould 1
beAunbiased.
Consistency TheAdecisionAtoAincludeAan 5
amountAinAtheAfinancial
statements.
Cost-effectiveness ApplyingAtheAsameAaccounting 3
practicesAoverAtime.
Recognition ConsidersAtheAvalueAofAusing 4
informationArelativeAtoAcostAof
providingAit.
4)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
MonetaryAunitAas ImpliesAconsensusAamong 2
sumption differentAobservers.
Verifiability AssumesAallAtransactionsAcanAbe 3
identifiedAwithAaAparticular
entity.
EconomicAentityAas AssumesAanAentityAwillAcontinue 4
sumption toAoperateAindefinitely.
GoingAconcernAas RequiresAreportingAthe 5
sumption financialAlifeAofAanAentityAin
discreteAtimeAframes.
PeriodicityAas IgnoresAtheApossibilityAof 1
sumption inflation.
5)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
1.AHistoricalAcost BasisAofAmeasurementAforAfixed 1


VersionA1 2

, assets.
Materiality DiscountsAfutureAcashAflows. 5
RevenueA OccursAwhenAgoodsAorAservices 3
recognition areAtransferredAtoAthe
customer.
FullAdisclosure ReportingAofAallAinformation 4
thatAcouldAaffectAdecisions.
PresentAvalue ApplicationAofAGAAPAsometimes 2
avoidedAunderAthisAconstraint.
6)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
FinancialAAccount UnderminesArepresentational 3
ingAStandardsABoard faithfulnessAbyAbeing
Accounting inconsistentAwithAneutrality.
PrinciplesABoard ItAestablishedAGAAPAbeforeAthe 2
Conservatism FASB.
ItsAEITFAIssuesAareAGAAPAwhen 1
enteredAinAtheAAccounting
AmericanAInsti StandardsACodification.
tuteAofACPAsA(AICP ItAhasAtheAauthorityAtoAsetAU.S. 5
A) accountingAstandards.
SecuritiesAandAEx
changeACommission ItAisAtheAnationalAorganization 4
forACPAsAinAtheAUnitedAStates.
7)
TERM
PHRASE TermAnumber
thatAmatches
Expenses theAphrase.
Equity NetAassets. 2
OutflowsAofAresourcesAto 1
DistributionsAtoA generateArevenues.
owners CashAdividends. 3
InvestmentsAbyA
owners ClaimsAofAcreditorsAagainst 5
Liabilities theAassetsAofAaAbusiness.
TransfersAofAresourcesAin 4
exchangeAforAcommonAand
preferredAstock.


VersionA1
3

, 8)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
Losses NetAoutflowsAfromAperipheral 1
transactions.
Assets IncreasesAinAequityAfromAthe 3
saleAofAgoodsAand/orAservices.
Revenues ResultsAifAanAassetAisAsoldAfor 5
moreAthanAbookAvalue.
Comprehensive AllAchangesAinAequityAexcept 4
Aincome ownerAtransactions.
Gains ProbableAfutureAeconomic 2
benefitsAcontrolledAbyAan
entity.
9)
TERM PHRASE TermAnumber
thatAmatches
theAphrase.
SEC EstablishesAauditingAstandardsAin 6
theAU.S.AforApublicAcompanies.
FASB PrimaryAnationalAorganizationAof 7
accountantsAworkingAinAindustry.
IASB SetsAaccountingAstandardsAinAthe 2
UnitedAStates.
AICPA ProvidesAtimelyAresponsesAto 5
financialAreportingAissues.
EITF TheAFASB'sAparentAorganization. 10
PCAOB AdvisesAtheAFASB. 8
IMA FASB'sApredecessor. 9
FASAC RegulatesAtheAfinancialAreporting 1
forApublicAcompanies.
APB NationalAorganizationAofAcertified 4
publicAaccountants.
FAF SetsAglobalAaccountingAstandards. 3




VersionA1 4