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25 Cards in this Set

  • Front
  • Back
Predictive Value
Decreases in equity resulting from transfers to owners.
Relevance
Pertinent to the decision at hand.
Timeliness
Information is available prior to the decision.
Distribution to owners
Decrease in equity resulting from transfers to owners.
Confirmatory value
Information confirms expectations.
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.
Liability
Obligation to transfer cash or other resources as a result of a past transaction.
Revenue
Inflow of an asset from providing a good or service.
Assets, liabilities and equity
The financial position of a company.
Loss
Sale of an asset used in the operations of a business for less than the asset's book value.
Equity
The owners' residual interest in the assets of a company.
Asset
An item owned by the company representing probable future benefits.
Net income
Revenue plus gains less expenses and losses.
Investment by owner
An owner's contribution of cash to a corporation in exchange for ownership shares of stock.
Expense
Outflow of an asset related to the production of revenue.