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Test Bank For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
Test Bank For Intermediate Accounting, 11th Edition by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
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Test Bank For Intermediate Accounting,11th Edition
by David Spiceland, Mark Nelson, Wayne Thomas, Jennifer
Versionr1 1
,Answer Key r
Test name: chapter 1
r r r r
1)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1.rPredictiverva lue Informationrisrusefulrin 1
projectingrcashrflows.
2.rRelevance Pertinentrtortherdecisionrat 2
hand.
3.rDistribution to Informationrisravailablerprior 5
owners tortherdecision.
4.rConfirmatory Decreaserinrequityrduertort 3
value ransfersrtorowners.
5.rTimeliness Informationrconfirms 4
expectations.
2)
TERM PHRASE Termrnumberr
thatrmatches
therphrase.
1.rGain Alongrwithrrelevance,ra 5
fundamentalrdecision-
specificrquality.
2.rMateriality Resultsrifranrassetrisrsold for 1
morerthanrbookrvalue.
3.rCompleteness Containsrallrinformation 3
necessaryrforrfaithful
representation.
4.rComprehensive Therchangerinrequityrfrom 4
income nonownerrtransactions.
Versionr1 2
, 5.rFaithfulrrep Concernsrtherdecision-making 2
resentation impactrofrbothrtheramountrandrna
turerofranritem.
3)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1. Neutrality Importantrinranalysisrbetween 2
firms.
2. Comparability Accountingrinformationrshould 1
berunbiased.
3. Consistency Therdecisionrtorincluderan 5
amountrinrtherfinancialrs
tatements.
4. Cost-effectivenessr Applyingrthersameraccounting 3
practicesroverrtime.
5. Recognition Considersrthervaluerofrusing 4
informationrrelativertorcostrofrp
rovidingrit.
4)
TERM PHRASE
Termrnumberr
thatrmatchesr
therphrase.
1. Monetaryrunitr Impliesrconsensusramong 2
assumption differentrobservers.
2. Verifiability Assumesrallrtransactionsrcanrbe 3
identifiedrwithrarparticularre
ntity.
3. Economicrentityr Assumesranrentityrwillrcontinue 4
assumption toroperaterindefinitely.
4. Goingrconcernr Requiresrreportingrthe 5
assumption financialrliferofranrentityrinrdi
scretertimerframes.
5. Periodicityr Ignoresrtherpossibilityrof 1
assumption inflation.
5)
TERM PHRASE Termrnumber
thatrmatches
Versionr1 3
, therphrase.
1.rHistorical cost Basisrofrmeasurementrforrfixed 1
Versionr1 4
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