Accounting chp 1 Word Scramble

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Question	Answer
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