VOCAB #1

Card Set Information

Author:
wrexshop
ID:
309276
Filename:
VOCAB #1
Updated:
2015-10-08 14:54:24
Tags:
VOCAB
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Description:
VOCAB
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The flashcards below were created by user wrexshop on FreezingBlue Flashcards. What would you like to do?


  1. Predict Value
    Predict Cash flows and earning
  2. Confirmatory Value
    Confirm or disconfirm Expectations
  3. Materiality
    Impacts the user's decision
  4. Completeness
    Includes all required info to understand the real story
  5. Neutrality
    Free from biased
  6. Qualities of Faithful Representations
    completeness, neutrality, free from errors
  7. Comparability (enhancing characteristics)
    being able to compare apples to apples
  8. Verifiability
    Ability for users to reach similar conclusions
  9. Timeliness
    Info is available to be useful
  10. Understandability
    Info is comphrensible to those with a reasonable understanding of business
  11. Cost Effectiveness
    Does the benefits of financial reporting out weight the cost
  12. Assets
    Future economic benefit
  13. Liability
    future economic sacrifices
  14. Investment by owners
    Increase in equity due to transfer of assets from liabilities to obtain or increase ownerships
  15. Equity
    Residual interest in the assets of entity
  16. Distribution to owners (dividend)
    decreases in equity resulting from transfer to owners
  17. Revenues
    • INFLOW of assets during a period.
    • activities that are ongoing central operations
  18. Expenses
    • OUTFLOW of assets
    • activities that are ongoing central operations
  19. Gains
    Increases in equity from peripheral activities
  20. Losses
    Decreases in equity from peripheral activites

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