Test Bank For Intermediate Accounting 2nd Edition By
Michelle L. Hanlon; Leslie Hodder; Karen K. Nelson; Darren
Roulstone; Amie L. Dragoo 9781618533357 ALL Chapters .
The Securities and Exchange Commission organization primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Users
The Financial Executives International organization primarily represents ____ that participate in the
process of establishing GAAP. - ANSWER: Preparers
The American Institute of Certified Public Accountants primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Auditors
The Institute of Management Accountants organization primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Preparers
The Association of Investment Management and Research organization primarily represents ____ that
participate in the process of establishing GAAP. - ANSWER: Users
Obligation to transfer cash or other resources as a result of a past transaction - ANSWER: Liability
Dividends paid by a corporation to its shareholders; decreases in equity resulting from transfers to
owners - ANSWER: Distribution to owners
Inflow of an asset from providing a good or service - ANSWER: Revenue
The financial position of a company - ANSWER: Assets, Liabilities and Equity
Increase in equity during a period from non-owner transactions; change in equity - ANSWER:
Comprehensive Income
Increase in equity from peripheral or incidental transaction; results if an asset is sold for more than its
book value - ANSWER: Gain
Sale of an asset used in the operations of a business for less than the asset's book value - ANSWER:
Loss
The owners' residual interest in the assets of a company - ANSWER: Equity
An item owned by the company representing probable future benefits - ANSWER: Asset
Revenues plus gains less expenses and losses - ANSWER: Net Income
An owners' contribution of cash to a corporation in exchange for ownership shares of stock -
ANSWER: Investment by Owners
Outflow of an asset related to the production of revenue - ANSWER: Expense
Predictive Value - ANSWER: Information is useful in predicting the future
Relevance - ANSWER: Pertinent to the decision at hand
Timeliness - ANSWER: Information is available prior to the decision
Michelle L. Hanlon; Leslie Hodder; Karen K. Nelson; Darren
Roulstone; Amie L. Dragoo 9781618533357 ALL Chapters .
The Securities and Exchange Commission organization primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Users
The Financial Executives International organization primarily represents ____ that participate in the
process of establishing GAAP. - ANSWER: Preparers
The American Institute of Certified Public Accountants primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Auditors
The Institute of Management Accountants organization primarily represents ____ that participate in
the process of establishing GAAP. - ANSWER: Preparers
The Association of Investment Management and Research organization primarily represents ____ that
participate in the process of establishing GAAP. - ANSWER: Users
Obligation to transfer cash or other resources as a result of a past transaction - ANSWER: Liability
Dividends paid by a corporation to its shareholders; decreases in equity resulting from transfers to
owners - ANSWER: Distribution to owners
Inflow of an asset from providing a good or service - ANSWER: Revenue
The financial position of a company - ANSWER: Assets, Liabilities and Equity
Increase in equity during a period from non-owner transactions; change in equity - ANSWER:
Comprehensive Income
Increase in equity from peripheral or incidental transaction; results if an asset is sold for more than its
book value - ANSWER: Gain
Sale of an asset used in the operations of a business for less than the asset's book value - ANSWER:
Loss
The owners' residual interest in the assets of a company - ANSWER: Equity
An item owned by the company representing probable future benefits - ANSWER: Asset
Revenues plus gains less expenses and losses - ANSWER: Net Income
An owners' contribution of cash to a corporation in exchange for ownership shares of stock -
ANSWER: Investment by Owners
Outflow of an asset related to the production of revenue - ANSWER: Expense
Predictive Value - ANSWER: Information is useful in predicting the future
Relevance - ANSWER: Pertinent to the decision at hand
Timeliness - ANSWER: Information is available prior to the decision
