ACC 310 - Mini Test 2

There are _____ assumptions when one prepare FC including: ______

4; economic entity; going concern; monetary unit; periodicity

_____ is change in equity (net assets) of an entity during a period from transactions and other events and circumstances from _____ sources. It includes all changes in equity during a period except those resulting from _____ by owners and distributions to owners.

Comprehensive income; nonowners; investments

_____ are increases in net assets of a particular enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it

Investments by owners

3 organizations that are instrumental in the development of financial accounting standard in the US are _____, _____ and _____,

SEC; AICPA; FASB

Enhancing qualities include _____, verifiability, _____ and _____.

comparability; timeliness; understandability

Faithful representation includes _____, _____ and _____.

completeness; neutrality; free from error

_____ owners are decreases in net assets of a particular enterprise resulting from transferring _____, rendering services, or incurring liabilities by the enterprise to owners. Distributions to owners decrease ownership _____ (equity) in an enterprise

distributions to; assets; interests

Qualitative characteristics of FS include _____ qualities and ____ qualities

fundamental; enhancing

Measurement principles include _____ principle and _____ principle

historical cost; fair value

Assets are most commonly received as _____ by _____, but that which is received may also include services or satisfaction of _____ of the enterprise

investments; owners; liabilities

Basic principles of accounting include ______

measurement; revenue recognition; expense recognition; full disclosure

Comprehensive income is change in equity (_____) of an entity during a period from _____ and other events and circumstances from nonowner sources. It includes all changes in _____ during a period except those resulting from investments by owners and distributions to owners.

net assets; transactions; equity

Investments by owners are increases in _____ of a particular enterprise resulting from _____ to it from other entities of something of value to obtain or increase _____ interests in it

net assets; transfers; ownership

Relevance qualities include _____ value; _____ value and _____

predictive; confirmatory; materiality

Fundamental qualities of FS include _____ and _____.

relevance; faithful representation