INTERMEDIATE ACCOUNTING EXAM #1
QUESTIONS WITH COMPLETE
SOLUTIONS
Providers of financial information - answer-profit oriented companies, not for profit
entities, households
External users of financial information - answer-investors, creditors, employees, banks,
labor unions, customers, suppliers, gov regulatory agencies
Conceptual framework - answer-underlying structure for the development of accounting
standards
Gaap - answer-generally accepted accounting principles- body of accounting standards
Exists when there is an agreement between a measure and the phenomenon it purports
to represent
Predictive value - answer-info useful in predicting the future
Confirmatory value - answer-info confirms expectations
Materiality - answer-concerns relative size of an item and its effect on decisions
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