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AIAF 114 Chapter 1 - Section 1 With Questions And 100% ALL DETAILED CORRECT ANSWERS
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JACKLINEAIAF 114 Chapter 1 - Section 1 With Questions And 100% ALL DETAILED CORRECT
ANSWERS
Terms in this set (22)
complete, valued correctly, exists, belongs to the company, and is properly classified, described,
Five basic assertions of accounting
and disclosed
Understandability, Relevance, Reliability, Comparability and Consistency, Lack of Bias, and Cost-
Accounting information criteria
Benefit Effectiveness
Understandability Must be transparent, intelligible, and clearly disclosed
Must be timely, have predictive value, and provide useful feedback about previously made
Relevance
decisions
Reliability Should embody Representational Faithfulness, Verifiability, Completeness, and Neutrality
Representational Faithfulness The information represents what it claims to represent
Another person or entity should be able to recreate the reported value using the same
Verifiability
information as the reporting entity
Completeness The reported information should not omit any material fact or consideration
economic, political, or social behavior
The information can be used for economic decision making without regard to how it my affect
Neutrality
AIAF 114 Chapter 1 - Section 1
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