Test Bank For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer. Section 1: The Role of Accounting as an Information System
Chapter 1: Environment and Theoretical Structure of Financial Accounting
Chapter 2: Review of the Accounting Process
Chapter 3: ...
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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 in 1
projecting 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 to 3
value transfers 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-specific
quality.
2. Materiality Results if an asset is sold for 1
more than book value.
3. Completeness Contains all information 3
necessary 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 and
nature of an item.
3)
TERM PHRASE Term number
that matches
the phrase.
1. Neutrality Important in analysis between 2
firms.
2. Comparability Accounting information should 1
be unbiased.
3. Consistency The decision to include an 5
amount in the financial
statements.
4. Cost-effectiveness Applying the same accounting 3
practices over time.
5. Recognition Considers the value of using 4
information relative to cost of
providing it.
4)
TERM PHRASE Term number
that matches
the phrase.
1. Monetary unit Implies consensus among 2
assumption different observers.
2. Verifiability Assumes all transactions can be 3
identified with a particular
entity.
3. Economic entity Assumes an entity will continue 4
assumption to operate indefinitely.
4. Going concern Requires reporting the 5
assumption financial life of an entity in
discrete time frames.
5. Periodicity Ignores the possibility of 1
assumption inflation.
5)
TERM PHRASE Term number
that matches
the phrase.
1. Historical cost Basis of measurement for fixed 1
Version 1 2
, assets.
2. Materiality Discounts future cash flows. 5
3. Revenue Occurs when goods or services 3
recognition are transferred to the
customer.
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 Standards faithfulness by being
Board 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 Accounting
Standards Codification.
4. American It has the authority to set U.S. 5
Institute of CPAs accounting standards.
(AICPA)
5. Securities and It is the national organization 4
Exchange Commission for CPAs in the United States.
7)
TERM PHRASE Term number
that matches
the phrase.
1. Expenses Net assets. 2
2. Equity Outflows of resources to 1
generate revenues.
3. Distributions to Cash dividends. 3
owners
4. Investments by Claims of creditors against 5
owners the assets of a business.
5. Liabilities Transfers of resources in 4
exchange for common and
preferred stock.
Version 1 3
, 8)
TERM PHRASE Term number
that matches
the phrase.
1. Losses Net outflows from peripheral 1
transactions.
2. Assets Increases in equity from the 3
sale of goods and/or services.
3. Revenues Results if an asset is sold for 5
more than book value.
4. Comprehensive All changes in equity except 4
income owner transactions.
5. Gains Probable future economic 2
benefits controlled by an
entity.
9)
TERM PHRASE Term number
that matches
the phrase.
1. SEC Establishes auditing standards in 6
the U.S. for public companies.
2. FASB Primary national organization of 7
accountants working in industry.
3. IASB Sets accounting standards in the 2
United States.
4. AICPA Provides timely responses to 5
financial reporting issues.
5. EITF The FASB's parent organization. 10
6. PCAOB Advises the FASB. 8
7. IMA FASB's predecessor. 9
8. FASAC Regulates the financial reporting 1
for public companies.
9. APB National organization of certified 4
public accountants.
10. FAF Sets global accounting standards. 3
Version 1 4
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