Exam (elaborations)

Intermediate Accounting, 11th Edition

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Course
Intermediate Accounting, 11th Edition

Institution
Kings College London (KCL)

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Uploaded on October 20, 2024
Number of pages 5829
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

intermediate accounting 11th edition

Institution
Kings College London (KCL)
Education Unknown
Course
Intermediate Accounting, 11th Edition

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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

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