Quiz 01.118 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, Financial Accounting Standards Board, Accounting Principle Board, etc…
Match each phrase with its corresponding terminology, Financial Accounting Standards Board, Accounting Principle Board, etc…
Match each phrase with its corresponding terminology, expenses, equity, etc…
When a particular accounting standard does not apply, GAAP is indicated by the conceptual framework in the United States.
Match each phrase with its corresponding terminology, losses, assets, etc…
Match each organization with its corresponding description, SEC, FASB, etc…
Both the dollar amount and nature of an item can affect its materiality.
What are the four financial statements that are commonly provided to external users?
Conservatism is a desired qualitative characteristic of accounting information as per the FASB’s Statements of Financial Accounting Concepts.
Equity represents the owner’s interest in the assets of the business and is the remaining amount after all liabilities have been deducted.
According to financial reporting, revenues are inflows of assets or settlements of liabilities that arise from an entity’s ongoing operations.