Comprehensive Test Bank for Intermediate Accounting Volume 1 – Enhanced Learning Edition Based on Spiceland, Nelson & Thomas Textbook | Practice Questions, Exam Prep, and Concept Mastery Tools

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 Ws




Test name: chapter 1
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1)
TERM PHRASE
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that matches
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the phrase.
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1. Predictive va lue
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projecting cash flows. Ws Ws




2. Relevance
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hand.
3. Distribution to
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owners to the decision.
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4. Confirmatory
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value ransfers to owners. Ws Ws




5. Timeliness
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expectations.
2)
TERM PHRASE Term number Ws s
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that matches
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the phrase.
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1. Gain
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specificquality. s
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2. Materiality
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more than book value.
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3. Completeness
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necessary for faithful Ws Ws



representation.
4. Comprehensive
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income nonowner transactions. Ws




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, 5. Faithful rep
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resentation impact of both the amount andna
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ture of an item.
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3)
TERM PHRASE
Term number
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that matches
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the phrase.
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1. Neutrality Important in analysis between Ws Ws Ws 2
firms.
2. Comparability Accounting information should Ws Ws 1
be unbiased.
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3. Consistency The decision to include an
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amount in the financials
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tatements.
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practices over time. Ws Ws




5. Recognition Considers the value of using Ws Ws Ws Ws 4
information relative to cost ofp Ws Ws Ws Ws s
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roviding it. Ws




4)
TERM PHRASE
Term number Ws s
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that matches
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the phrase.
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1. Monetary unit Ws s
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2. Verifiability Assumes all transactions can be
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ntity.
3. Economic entity Ws s
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assumption to operate indefinitely.
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4. Going concern
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assumption financial life of an entity indi Ws Ws Ws Ws Ws s
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screte time frames.
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5. Periodicity s
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5)
TERM PHRASE Term number Ws



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, the phrase.
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1. Historical cost
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