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Exam 1, Intermediate Accounting, Tulane University (1).
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Exam 1, Intermediate Accounting, Tulane University (1).
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Exam 1, Intermediate Accounting, TulaneUniversity
Predictive value -✅✅-help users predict future outcomes
Confirmatory value - ✅✅-help users confirm or change prior assessments
Materiality - ✅✅-omitting it or misstating it could affect users' decisions
Faithful representation - ✅✅-agreement between a measure and a real
-world phenomenon that the measure is
supposed to represent
✅✅-without bias in the selection or presentation of financial information
Neutrality -
Comparability - ✅✅-similar items are treated the same way and different items are
treated differently
Consistency - ✅✅-measured and reported the same way in each time period
Verifiability - ✅✅-different measurers would reach consensus about whether it is
representationally faithful
Timeliness - ✅✅-available to decision makers in time to be capable of influencing
their decisions
Understandability -✅✅-comprehensible to users
Cost Effectiveness/Constraint - ✅✅-consideration of the costs and value of
information
Going Concern - ✅✅ -financial statements are prepared with the expectation that a
business will remain in operation indefinitely
Periodicity - ✅✅ -Life of a company is divided into
time periods
to provide timely information
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