Intermediate accounting terms

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  1. Predictive value
    Results if an asset is sold for more than its book value.
  2. Relevance
    Pertinent to the decision at hand.
  3. Timeliness
    Information is available prior to the decision.
  4. Distribution to owners
    Decreases in equity resulting from transfers to owners.
  5. Confirmatory value
    information confirms expectations.
  6. Understandability
    Users understand the information in the context of the decision being made.
  7. Gain
    Results if an asset is sold for more than its book value.
  8. Faithful representation
    Agreement between a measure and the phenomenon it purports to represent.
  9. Comprehensive income
    The change in equity from nonowner transactions.
  10. Materiality
    Concerns the relative size of an item and its effect on decisions.
  11. Comparability
    Important for making interfirm comparisons.
  12. Neutrality
    The absence of bias.
  13. Recognition
    The process of admitting information into financial statements.
  14. Consistency
    Applying the same accounting practices over time.
  15. Cost effectiveness
    Requires consideration of the costs and value of information.
  16. Verifiability
    Implies consensus among different measurers.

Card Set Information

Author:
 JoetheDowd
ID:
 234688
Filename:
 Intermediate accounting terms
Updated:
 2013-09-14 00:59:12
Tags:
accounting intermediate metro msu msudenver metropolitan state university denver
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Description:
Intermediate accounting flash cards - accounting terms
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