TEST BANK FOR
Intermediate Accounting
by David Spiceland
11th Edition
Version 1 1
,Full Test Bank For
Intermediate Accounting, 11th Edition
Answer Key
Test Name:
Chapter 1 1)
Term Phrase Term Number
That Matches
The Phrase.
1. Predictive Value Information Is Useful In Projecting Cash 1
Flows.
2. Relevance Pertinent To The Decision At 2
Hand.
3. Distribution To Information Is Available Prior 5
Owners To The Decision.
4. Confirmatory Decrease In Equity Due To 3
Value Transfers To Owners.
5. Timeliness Information Confirms 4
Expectations.
2)
Term Phrase Term Number
That Matches
The Phrase.
1. Gain Along With Relevance, A 5
Fundamental Decision-Specific Quality.
2. Materiality Results If An Asset Is Sold For 1
More Than Book Value.
3. Completeness Contains All Information Necessary For 3
Faithful
Representation.
4. Comprehensive The Change In Equity From 4
Income Nonowner Transactions.
Version 1 2
, 5. Faithful Concerns The Decision-Making 2
Representation Impact Of Both The Amount And Nature Of
An Item.
3)
Term Phrase Term Number
That Matches
The Phrase.
1. Neutrality Important In Analysis Between Firms. 2
2. Comparability Accounting Information Should 1
Be Unbiased.
3. Consistency The Decision To Include An 5
Amount In The Financial Statements.
4. Cost-Effectiveness Applying The Same Accounting 3
Practices Over Time.
5. Recognition Considers The Value Of Using 4
Information Relative To Cost Of
Providing It.
4)
Term Phrase Term Number
That Matches
The Phrase.
1. Monetary Unit Implies Consensus Among Different 2
Assumption Observers.
2. Verifiability Assumes All Transactions Can Be 3
Identified With A Particular
Entity.
3. Economic Entity Assumes An Entity Will Continue To 4
Assumption Operate Indefinitely.
4. Going Concern Requires Reporting The 5
Assumption Financial Life Of An Entity In Discrete
Time Frames.
5. Periodicity Ignores The Possibility Of Inflation. 1
Assumption
5)
Term Phrase Term Number
That Matches
The Phrase.
1. Historical Cost Basis Of Measurement For Fixed 1
Version 1 3
, Assets.
2. Materiality Discounts Future Cash Flows. 5
3. Revenue Recognition Occurs When Goods Or Services 3
Are Transferred To The Customer.
4. Full Disclosure Reporting Of All Information 4
That Could Affect Decisions.
5. Present Value Application Of Gaap Sometimes 2
Avoided Under This Constraint.
6)
Term Phrase Term Number
That Matches
The Phrase.
1. Financial Undermines Representational 3
Accounting Standards Faithfulness By Being Inconsistent With
Board Neutrality.
2. Accounting It Established Gaap Before The 2
Principles Board Fasb.
3. Conservatism Its Eitf Issues Are Gaap When 1
Entered In The Accounting Standards
Codification.
4. American Institute Of It Has The Authority To Set U.S. 5
Cpas Accounting Standards.
(Aicpa)
5. Securities And It Is The National Organization For Cpas 4
Exchange Commission In The United States.
7)
Term Phrase Term Number
That Matches
The Phrase.
1. Expenses Net Assets. 2
2. Equity Outflows Of Resources To Generate 1
Revenues.
3. Distributions To Cash Dividends. 3
Owners
4. Investments By Claims Of Creditors Against The 5
Owners Assets Of A Business.
5. Liabilities Transfers Of Resources In Exchange 4
For Common And
Preferred Stock.
Version 1 4
Intermediate Accounting
by David Spiceland
11th Edition
Version 1 1
,Full Test Bank For
Intermediate Accounting, 11th Edition
Answer Key
Test Name:
Chapter 1 1)
Term Phrase Term Number
That Matches
The Phrase.
1. Predictive Value Information Is Useful In Projecting Cash 1
Flows.
2. Relevance Pertinent To The Decision At 2
Hand.
3. Distribution To Information Is Available Prior 5
Owners To The Decision.
4. Confirmatory Decrease In Equity Due To 3
Value Transfers To Owners.
5. Timeliness Information Confirms 4
Expectations.
2)
Term Phrase Term Number
That Matches
The Phrase.
1. Gain Along With Relevance, A 5
Fundamental Decision-Specific Quality.
2. Materiality Results If An Asset Is Sold For 1
More Than Book Value.
3. Completeness Contains All Information Necessary For 3
Faithful
Representation.
4. Comprehensive The Change In Equity From 4
Income Nonowner Transactions.
Version 1 2
, 5. Faithful Concerns The Decision-Making 2
Representation Impact Of Both The Amount And Nature Of
An Item.
3)
Term Phrase Term Number
That Matches
The Phrase.
1. Neutrality Important In Analysis Between Firms. 2
2. Comparability Accounting Information Should 1
Be Unbiased.
3. Consistency The Decision To Include An 5
Amount In The Financial Statements.
4. Cost-Effectiveness Applying The Same Accounting 3
Practices Over Time.
5. Recognition Considers The Value Of Using 4
Information Relative To Cost Of
Providing It.
4)
Term Phrase Term Number
That Matches
The Phrase.
1. Monetary Unit Implies Consensus Among Different 2
Assumption Observers.
2. Verifiability Assumes All Transactions Can Be 3
Identified With A Particular
Entity.
3. Economic Entity Assumes An Entity Will Continue To 4
Assumption Operate Indefinitely.
4. Going Concern Requires Reporting The 5
Assumption Financial Life Of An Entity In Discrete
Time Frames.
5. Periodicity Ignores The Possibility Of Inflation. 1
Assumption
5)
Term Phrase Term Number
That Matches
The Phrase.
1. Historical Cost Basis Of Measurement For Fixed 1
Version 1 3
, Assets.
2. Materiality Discounts Future Cash Flows. 5
3. Revenue Recognition Occurs When Goods Or Services 3
Are Transferred To The Customer.
4. Full Disclosure Reporting Of All Information 4
That Could Affect Decisions.
5. Present Value Application Of Gaap Sometimes 2
Avoided Under This Constraint.
6)
Term Phrase Term Number
That Matches
The Phrase.
1. Financial Undermines Representational 3
Accounting Standards Faithfulness By Being Inconsistent With
Board Neutrality.
2. Accounting It Established Gaap Before The 2
Principles Board Fasb.
3. Conservatism Its Eitf Issues Are Gaap When 1
Entered In The Accounting Standards
Codification.
4. American Institute Of It Has The Authority To Set U.S. 5
Cpas Accounting Standards.
(Aicpa)
5. Securities And It Is The National Organization For Cpas 4
Exchange Commission In The United States.
7)
Term Phrase Term Number
That Matches
The Phrase.
1. Expenses Net Assets. 2
2. Equity Outflows Of Resources To Generate 1
Revenues.
3. Distributions To Cash Dividends. 3
Owners
4. Investments By Claims Of Creditors Against The 5
Owners Assets Of A Business.
5. Liabilities Transfers Of Resources In Exchange 4
For Common And
Preferred Stock.
Version 1 4
