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