Financial Accounting, 8th Edition
8th Edition
ISBN: 9780078025556
Author: Robert Libby, Patricia Libby, Daniel Short
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1E
To determine
Match the given definition with the related term or abbreviation.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
“Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized.”
a. Identify and explain the four possible measurement bases?
MULTIPLE CHOICE. Choose the best answer among the following choices.
6. The financial statements should be stated in terms of a common financial denominator.
A. Accrual
B. Going Concern
C. Time Period
D. Stable Monetary Unit
7. The principle of objectivity includes the concept of
A. Summarization
B. Verifiability
C. Classification
D. Conservatism
8. The financial accounting information is directed toward the common needs of users and is
independent of presumptions about particular needs and desires of specific users.
A. Completeness
B. Verifiability
C. Relevance
D. Neutrality
9. The attribute of relevance include ALL EXCEPT:
A. Predictive value
B. Feedback value
C. Materiality
D. Neutrality
10. The assumption that an entity will continue to operate for the foreseeable future is called
A. Accrual basis
B. Comparability
C. Going concern
D. Cash basis
The conceptual framework is a statement of accepted theoretical principles, which is the ________________________of financial reporting.
a.
Back bone
b.
Frame of reference
c.
Foundation
d.
Mission
Chapter 1 Solutions
Financial Accounting, 8th Edition
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 3MECh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 1APCh. 1 - Prob. 2APCh. 1 - Prob. 3APCh. 1 - Prob. 1CPCh. 1 - Prob. 2CPCh. 1 - Prob. 3CPCh. 1 - Prob. 4CPCh. 1 - Prob. 5CPCh. 1 - Prob. 6CPCh. 1 - Prob. 7CPCh. 1 - Prob. 1CC
Knowledge Booster
Similar questions
- The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumptionarrow_forwardExplain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gencyarrow_forwardQUESTION TWO c. The IASB Conceptual Framework for Financial Reporting has identified certain qualitativecharacteristics of information in financial statements. Identify and explain briefly the six(6) qualitative characteristics of financial reporting.arrow_forward
- BE18.1 (LO 1) K Match each of the following terms with the most appropriate description. Terms Description 1. Intracompany a. An analysis tool that expresses relationships among selected items of financial statement data 2. Intercompany 3. Horizontal analysis 4. Vertical analysis 5. Ratio analysis b. An analysis tool that evaluates data by expressing an item in a financial statement as a percentage of a total or base amount within the same financial statement c. Comparisons made between companies d. An analysis tool that evaluates data by calculating and comparing the percentage increase or decrease of an item in a financial statement over multiple periods of time e. Comparisons made within a company E18.1 (LO 2) AP Video Comparative data from the balance sheet of Dhaliwal Inc. are shown below. 2022 Instructions Current assets 2024 $120,000 2023 $ 80,000 $100,000 Non-current assets 400,000 350,000 300,000 Current liabilities 90,000 70,000 65,000 Non-current liabilities 145,000 125,000…arrow_forwardOne output of the accounting information system is the balance sheet. Transactions commonly associated with an organization's purchases and cash disbursements cycle are most likely to be reflected in which sections of balance sheet? A Current assets and current liabilities B Current assets and long-term liabilities C Long-term assets and current liabilities D Long-term assets and long-term liabilitiesarrow_forward2. The accounting process of assigning numbers, commohly monetary terms, to the economic transactions and events is referred to as classifying.arrow_forward
- The system of using a monetary unit, such as the US dollar, to value the transaction is known aswhich of the following?A. separate entity conceptB. monetary measurement conceptC. going concern assumptionD. time period assumptionarrow_forwardq27 The classification and therefore subsequent measurement of financial assets depends on…? Select one: a. The amount and terms of payment for the purchase of the financial assets. b. Maturity and cash flows received on maturity of the financial assets c. The business model of the reporting entity considering management’s intention of holding the portfolio of financial assets. d. The specifications of the external auditors.arrow_forwardThe main objective of general-purpose financial reports is, a. To describe the characteristics for financial information. O b. To provide the financial information about the reporting entity c. To define the individual elements of the financial statements. O d. To provide an effective communication tool in the financial statements.arrow_forward
- Under AASB101 Presentation of Financial Statements, which of the following items, if it exists, must be presented as a line item in the statement of financial position? a. Revenue b. Share of profit of associates c. Cost of sales d. Trade and other receivablesarrow_forwardQ.1.1 Provide the best word/s to describe each of the statements below. In your answer book you need only write the number of the question and then the relevant word/s: Q.1.1.1 In order for financial statements to be useful to the different users, it should represent the financial performance, financial position and cash flows of the reporting entity. Q.1.1.2 Information in the financial statements is relevant when it influences the economic decisions of users by helping them evaluate past, present of future events relating to an entity and by confirming or correcting past evaluations they have made. Q.1.1.3 Users must be able to compare the financial statements of an entity over time, so that they can identify trends in its financial position and performance. Q.1.1.4 The expense incurred when trading inventory previously purchased is sold. Q.1.1.5 A = O+ L Q.1.1.6 According to this principle, the books of account should not…arrow_forwardWhich of the following is not one of the four basic financial statements?a. The balance sheetb. The audit reportc. The income statementd. The statement of cash flowsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College