Test Bank For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer

Test Bank For Intermediate Accounting,
b6 b6 b6 b6 b6




11th Edition
b6 b6




by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
b6 b6 b6 b6 b6 b6 b6




Version 1
1

,Answer Key b6




Test name: chapter
b6 b6




b6 11)
6
b




TERM PHRASE Term
numberthat
b6 6
b


matchesthe
b6 6
b


phrase.
b6


1. Predictive va lue
b6 b6 Information is useful in b6 b6 b6 1
projecting cash flows. b6 b6


2. Relevance
b6 Pertinent to the decision at b6 b6 b6 b6 2
hand.
3. Distribution to
b6 Information is available prior b6 b6 b6 5
owners to the decision.
b6 b6


4. Confirmatory
b6 Decrease in equity due b6 b6 b6 3
value totransfers to owners.
b6 6
b b6 b6


5. Timeliness
b6 Information confirms b6 4
expectations.
2)
TERM PHRASE Term
b6 numberthat 6
b


b6 matches
the phrase.
b6



1. Gain
b6 Along with relevance, a
b6 b6 b6 5
fundamental decision- b6


specificquality. 6
b


2. Materiality
b6 Results if an asset is sold for
b6 b6 b6 b6 b6 1
more than book value.
b6 b6 b6


3. Completeness
b6 Contains all information b6 b6 3
necessary for faithful b6 b6


representation.
4. Comprehensive
b6 The change in equity from
b6 b6 b6 b6 4
income nonowner transactions. b6




Version 2
1

, 5. Faithful
b6 Concerns the decision-making b6 b6 2
representatio
b6 impact of both the amount
b6 b6 b6 b6


n andnature of an item.
b6 6
b b6 b6 b6




3)
TERM PHRASE Term
numberthat
b6 6
b


matchesthe
b6 6
b


phrase.
b6


1. Neutrality Important in analysis between b6 b6 b6 2
firms.
2. Comparability Accounting information should b6 b6 1
be unbiased.
b6


3. Consistency The decision to include an
b6 b6 b6 b6 5
amount in the b6 b6


financialstatements.
b6 6
b


4. Cost-effectiveness b Applying the same accounting
6 b6 b6 b6 3
practices over time. b6 b6


5. Recognition Considers the value of using b6 b6 b6 b6 4
information relative to cost b6 b6 b6


ofproviding it.
b6 6
b b6



4)
TERM PHRASE Term
numberthat
b6 6
b


matchesthe
b6 6
b


phrase.
b6


1. Monetary Implies consensus among b6 b6 2
unitassumption
b6 6
b different observers. b6


2. Verifiability Assumes all transactions can be b6 b6 b6 b6 3
identified with a b6 b6


particularentity.
b6 6
b


3. Economic Assumes an entity will continue b6 b6 b6 b6 4
entityassumption
b6 6
b to operate indefinitely.
b6 b6


4. Going Requires reporting the b6 b6 5
concernassumpti
b6 6
b financial life of an entity b6 b6 b6 b6


on indiscrete time frames.
b6 6
b b6 b6


Ignores the possibility of b6 b6 b6 1
5. Periodicity 6
b inflation.
assumption
5)
TERM PHRASE Term number
b6




Version 3
1

, that matches
b6


the phrase.
b6



1. Historical cost
b6 Basis of measurement for fixed
b6 b6 b6 b6 1




Version 4
1