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Intermediate Accounting, 11e David Spiceland (Test Bank All Chapters) (Answers at the end of each Chapter) (Download link at the end of this file)
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Version 1 1 Chapter 1 (1)
1) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term.TERM PHRASE Term number that matches the phrase.
- Predictive value Information is useful in
- Relevance Pertinent to the decision at
- Distribution to
- Confirmatory
- Timeliness Information confirms
projecting cash flows.____
hand.____
owners Information is available prior to the decision.____
value Decrease in equity due to transfers to owners.____
expectations.____
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Version 1 2 2) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term.TERM PHRASE Term number that matches the phrase.
- Gain Along with relevance, a
- Materiality Results if an asset is sold
- Completeness Contains all information
- Comprehensive
- Faithful
fundamental decision-specific quality.____
for more than book value.____
necessary for faithful representation.____
income The change in equity from nonowner transactions.____
representation Concerns the decision -making impact of both the amount and nature of an item.____
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Version 1 3 3) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term.TERM PHRASE Term number that matches the phrase.
- Neutrality Important in analysis between
- Comparability Accounting information should
- Consistency The decision to include an
- Cost-
- Recognition Considers the value of using
firms.____
be unbiased.____
amount in the financial statements.____
effectiveness Applying the same accounting practices over time.____
information relative to cost of providing it.____
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