1 |
Predictive value |
Information is useful in predicting the future. |
2 |
Relevance |
Pertinent to the decision at hand. |
3 |
Timeliness |
Information is available prior to the decision. |
4 |
Distribution to owners |
Decreases in equity resulting from transfers to owners. |
5 |
Confirmatory value |
The information confirms expectations. |
6 |
Understandability |
Users understand the information in the context of the decision being made. |
7 |
Gain |
Results if an asset is sold for more than its book value |
8 |
Faithful representation |
Agreement between a measure and the phenomenon it purports to represent. |
9 |
Comprehensive income |
The change in equity from nonowner transactions. |
10 |
Materiality |
Concerns the relative size of an item and its effect on decisions. |
11 |
Comparability |
Important for making interfirm comparisons. |
12 |
Neutrality |
The absence of bias. |
13 |
Recognition |
The process of admitting information into financial statements. |
14 |
Consistency |
Applying the same accounting practices over time. |
15 |
Cost-effectiveness |
Requires consideration of the costs and value of information. |
16 |
Verifiability |
Implies consensus among different measures. |
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Homework 3: Ch1 6 Saved Help Listed below are several terms and phrases associated with the...
Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with from List B that is most appropriately associated with it. List B List A 1. Predictive value 2. Relevance 3. Timeliness 4. Distribution to owners 5. Confirmatory value 6. Understandability 7. Gain 8. Faithful representation 9. Comprehensive income 10. Materiality 11. Comparability 12. Neutrality 13. Recognition 14 Consistency 15. Cost effectiveness 16. Veritability
The following is a list of qualitative characteristics of useful accounting information identified in the FASB's and the IASB's Statement of Financial Accounting Concepts No. 8 and statements describing the qualities. A. Comparability B. Decision usefulness C. Relevance D. Faithful representation E. Predictive value F. Confirmatory value G. Verifiability H. Neutrality I. Free from error J. Consistency K. Materiality L. Timeliness M. Understandability N. Completeness Required: Select the appropriate letter identifying each quality on the statement describing the quality. 1....
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from L B that is most appropriately associated with it. List B 0.76 points eBook List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concem assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle References
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
6. Match the qualitative characteristics below with the statements that follow. Timeliness Faithful Representation Predictive value Completeness Relevance Confirmatory value Free from error Comparability Neutrality Understandability Materiality a. Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. b. Having information available to users before it loses its capacity to influence decisions. c. Information about an economic phenomenon that has value as an input to the processes used by capital providers to...
Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Understandability characteristic k. Verifiability characteristic f. Revenue recognition principle ____ 1....
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It should be a basis for standard-setting. B) It should allow practical problems to be solved more quickly by reference to it. C) It should be based on fundamental truths that are derived from the laws of nature. D) All of these answer choices are true 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be...
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it a. c. List A 1. Intraperiod tax allocation 2. Comprehensive income Unrealized holding gain on 3. investments 4. Operating income 5. A discontinued operation 6. Earnings per share 7. Prior period adjustment 8. Financing activities 9. Operating activities (SCF) 10. Investing...
Check my work Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. 16.68 points List A | 1. Balance sheet eBook 2. Liquidity 3. Current assets 4. Operating cycle 5. Current liabilities 6. Cash equivalent 7. Intangible asset 8. Working capital List B a. Will be satisfied through the use of current assets....
Listed below are several terms and phrases associated with concepts discussed in the chapter. Pair each item from List A (by letter with the item from List B that is most appropriately associated with it List A List B 1. Interest a First cash flow occurs one period after agreement begins 2. Monetary asset b. The rate at which money will actually grow during a year 3. Compound interest c. First cash flow occurs on the first day of the...