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Intermediate Accounting Exam Questions Answered Correctly $10.09   Add to cart

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Intermediate Accounting Exam Questions Answered Correctly

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providers of financial information - Answer profit oriented companies, not for profit entities, households external users of financial information - Answer investors, creditors, employees, banks, labor unions, customers, suppliers, gov regulatory agencies conceptual framework - Answer ...

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  • October 3, 2024
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Intermediate Accounting Exam
Questions Answered Correctly.
providers of financial information - Answer profit oriented companies, not for profit entities,
households



external users of financial information - Answer investors, creditors, employees, banks, labor unions,
customers, suppliers, gov regulatory agencies



conceptual framework - Answer underlying structure for the development of accounting standards



GAAP - Answer generally accepted accounting principles- body of accounting standards



FASB - Answer financial accounting standards board



3rd level of framework - Answer constraints, assumptions, principles (CAP)



2nd level of framework - Answer qualitative characteristics, elements



1st levee of framework - Answer objective: to provide financial information useful to capital providers



qualitative characteristics - Answer DECISION USEFULNESS: 2 parts, relevance and faithful
representation



relevance - Answer 3 parts: predictive, confirmatory value, materiality



pertinent to a decision at hand



faithful representation - Answer 3 parts: completeness, neutrality, free from error, conservatism

, exists when there is an agreement between a measure and the phenomenon it purports to represent



predictive value - Answer info useful in predicting the future



confirmatory value - Answer info confirms expectations



materiality - Answer concerns relative size of an item and its effect on decisions



completeness - Answer contains all necessary information



neutrality - Answer freedom from bias



free from error - Answer no errors or omissions



conservatism - Answer accountants require greater verification before recognizing good news than bad
news



enhancing qualitative characteristics - Answer comparability, verifiability, timeliness and
understandability



comparability and consistency - Answer important for making interfirm comparisons



applying the same accounting practices overtime



verifiability - Answer consensus among different measures



timeliness - Answer information is available prior to a decision

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