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Various Terms

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show Information is useful in predicting the future.  
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Relevance   show
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show Information is available prior to the decision.  
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Distribution to owners   show
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show Implies consensus among different measurers.  
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Understandability   show
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show Results if an asset is sold for more than its book value.  
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Faithful representation   show
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Comprehensive Income   show
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Materiality   show
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Comparability   show
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show The absence of bias.  
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show The process of admitting information into financial statements.  
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show Applying the same accounting practices over time.  
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Cost effectiveness   show
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Verifiability   show
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show probably future economic benefits obtanied or controlled by an entity  
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show probably future sacrifices of economic benefits arising from present obligations to transfer assets or future services.  
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equity   show
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investments by owners   show
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show decreases in equity of a particular enterprise resulting from transfers to owners  
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comprehensive income   show
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show inflows of assets or settlemnts of liabilties during a period from delivering goods in central operations  
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show ouflows or other using up of assets or incurrences of liabilites  
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gains   show
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losses   show
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Created by: jsmeltz2