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Accounting chp 1

Various Terms

QuestionAnswer
Predictive Value Information is useful in predicting the future.
Relevance Pertinent to the decision at hand.
Timeliness Information is available prior to the decision.
Distribution to owners Decreases in equity resulting from transfers to owners.
Confirmatory Value Implies consensus among different measurers.
Understandability Users understand the information in the context of the decision being made.
Gain Results if an asset is sold for more than its book value.
Faithful representation Agreement between a measure and the phenomenon it purports to represent.
Comprehensive Income The change in equity from nonowner transactions.
Materiality Concerns the relative size of an item and its effect on decisions.
Comparability Important for making interfirm comparisons.
Neutrality The absence of bias.
Recognition The process of admitting information into financial statements.
Consistency` Applying the same accounting practices over time.
Cost effectiveness Requires consideration of the costs and value of information.
Verifiability Implies consensus among different measurers.
Assets probably future economic benefits obtanied or controlled by an entity
Liabilities probably future sacrifices of economic benefits arising from present obligations to transfer assets or future services.
equity residual interest in the assets of an entity after deducting liabilities
investments by owners increase in 3equity resulting from transfers to it from other entities
distribution to owners decreases in equity of a particular enterprise resulting from transfers to owners
comprehensive income change in equity of a business enterprise during a period from transactions and other events an
Revenue inflows of assets or settlemnts of liabilties during a period from delivering goods in central operations
expenses ouflows or other using up of assets or incurrences of liabilites
gains increases in equity from peripheral or incidental transactions of an entity
losses represent decreases in equity arising from peripheral incidental transactions of an entity
Created by: jsmeltz2
 

 



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