Test Bank for Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas & Jennifer – Complete All Chapters with Correct Answers (Latest 2025 Updates)

Test Bank For Intermediate Accounting,
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11th Edition
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by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
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Version 1
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,Answer Key wy




Test name: chapter
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wy 11)
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TERM PHRASE Term
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matchesthe
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phrase.
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1. Predictive
wy lue Information is useful in wy wy wy 1
va
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projecting cash flows. wy wy


2. Relevance
wy Pertinent to the decision at wy wy wy wy 2
hand.
3. Distribution to
wy Information is available prior wy wy wy 5
owners to the decision.
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4. Confirmatory
wy Decrease in equity due wy wy wy 3
value totransfers to owners.
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y wy wy


5. Timeliness
wy Information confirms wy 4
expectations.
2)
TERM PHRASE Term
numberthat
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matches
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the phrase.
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1. Gain
wy Along with relevance, a
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fundamental decision- wy


specificquality. w
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2. Materiality
wy Results if an asset is for
wy wy wy wy 1
sold
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more than book value.
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3. Completeness
wy Contains all information wy wy 3
necessary for faithful wy wy


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




Version 2
1
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, 5. Faithful
wy Concerns the decision-making wy wy 2
representatio
wy impact of both the amount
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n andnature of an item.
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3)
TERM PHRASE Term
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matchesthe
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phrase.
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1. Neutrality Important in analysis between wy wy wy 2
firms.
2. Comparability Accounting information should wy wy 1
be unbiased.
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3. Consistency The decision to include an
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amount in the wy wy


financialstatements.
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4. Cost-effectiveness Applying the same accounting
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practices over time. wy wy



5. Recognition Considers the value of using wy wy wy wy 4
information relative to cost wy wy wy


ofproviding it.
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y wy




4)
TERM PHRASE Term
numberthat
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matchesthe
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phrase.
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1. Monetary Implies consensus among wy wy 2
unitassumption
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y different observers. wy



2. Verifiability Assumes all transactions can be
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identified with a wy wy


particularentity.
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3. Economic Assumes an entity will continue
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entityassumption
wy w
y to operate indefinitely.
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4. Going Requires reporting the wy wy 5
concernassumpti
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y financial life of an entity wy wy wy wy


on indiscrete time frames.
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Ignores the possibility of
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5. Periodicity w
y inflation.
assumption
5)
TERM PHRASE Term number
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Version 3
1
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, that
wymatches
the phrase.
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1. Historical cost
wy Basis of measurement for
wy wy wy 1
fixed
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Version 4
1
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