100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Intermediate Accounting, 11th Edition $19.57   Add to cart

Exam (elaborations)

Intermediate Accounting, 11th Edition

 6 views  0 purchase
  • Course
  • Institution

FULL TEST BANK FOR Intermediate Accounting, 11th Edition Answer Key Test name: chapter 1 1) TERM PHRASE Term number that matches the phrase. 1. Predictive value Information is useful in projecting cash flows. 1 2. Relevance Pertinent to the decision at hand. 2 3. Distribution to o...

[Show more]

Preview 4 out of 5829  pages

  • October 20, 2024
  • 5829
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Unknown
avatar-seller
FULL TEST BANK FOR
Intermediate Accounting, 11th Edition


Answer Key

Test name: chapter 1

1)
TERM PHRASE Term number
that matches
the phrase.
1. Predictive value Information is useful 1
inprojecting cash
flows.
2. Relevance Pertinent to the decision at 2
hand.
3. Distribution to Information is available prior 5
owners to the decision.
4. Confirmatory Decrease in equity due 3
value totransfers to owners.
5. Timeliness Information confirms 4
expectations.
2)
TERM PHRASE Term number
that matches
the phrase.
1. Gain Along with relevance, a 5
fundamental decision-
specificquality.
2. Materiality Results if an asset is sold 1
for
more than book value.
3. Completeness Contains all 3
informationnecessary
for faithful
representation.
4. Comprehensive The change in equity from 4
income nonowner transactions.

Version 1 1

, 5. Faithful Concerns the decision-making 2
representation impact of both the amount
andnature of an item.
3)
TERM PHRASE Term number
that
matchesthe
phrase.
1. Neutrality Important in analysis 2
betweenfirms.
2. Comparability Accounting information should 1
be unbiased.
3. Consistency The decision to include an 5
amount in the
financialstatements.
4. Cost-effectiveness Applying the same accounting 3
practices over time.
5. Recognition Considers the value of using 4
information relative to cost
ofproviding it.
4)
TERM PHRASE Term number
that matches
the phrase.
1. Monetary Implies consensus 2
unitassumption amongdifferent
observers.
2. Verifiability Assumes all transactions can 3
beidentified with a
particular
entity.
3. Economic entity Assumes an entity will 4
assumption continueto operate
indefinitely.
4. Going Requires reporting the 5
concern financial life of an entity
assumption indiscrete time frames.
5. Periodicity Ignores the possibility 1
assumption ofinflation.
5)


Version 1 2

, TERM PHRASE Term number
that matches
the phrase.
1. Historical cost Basis of measurement for 1
fixed




Version 1 3

, assets.
2. Materiality Discounts future cash flows. 5
3. Revenue Occurs when goods or services 3
recognition are transferred to
thecustomer.
4. Full disclosure Reporting of all information 4
that could affect decisions.
5. Present value Application of GAAP sometimes 2
avoided under this constraint.
6)
TERM PHRASE Term number
that matches
the phrase.
1. Financial Undermines representational 3
Accounting faithfulness by being
StandardsBoard inconsistent with
neutrality.
2. Accounting It established GAAP before the 2
Principles Board FASB.
3. Conservatism Its EITF Issues are GAAP when 1
entered in the
AccountingStandards
Codification.
4. American It has the authority to set 5
Institute of U.S.accounting standards.
CPAs
(AICPA)
5. Securities and It is the national 4
Exchange organizationfor CPAs in the
Commission United States.
7)
TERM PHRASE Term number
that matches
the phrase.
1. Expenses Net assets. 2
2. Equity Outflows of resources 1
togenerate revenues.
3. Distributions to Cash dividends. 3
owners
4. Investments by Claims of creditors 5
owners againstthe assets of a
business.

Version 1 4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller testbanksgk. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.57. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$19.57
  • (0)
  Add to cart