Question

Listed below are several terms and definitions associated with the FASB’s conceptual framework.
Terms
1. __________________Predictive value
2. __________________Relevance
3. __________________Timeliness
4. __________________Dividends
5. __________________Confirmatory value
6. __________________Faithful representation
7. __________________Materiality
8. __________________Monetary unit assumption
9. __________________Periodicity assumption
Definitions
a. Decreases in equity resulting from transfers to owners.
b. Business transactions are measured using a common denominator.
c. The indefinite life of a company can be broken into definite periods.
d. Information helps in understanding prior activities.
e. Agreement between a measure and the phenomenon it represents.
f. Information arrives prior to the decision.
g. Information is related to the decision at hand.
h. Information is useful in predicting the future.
i. Concerns the relative size of an item and its effect on decisions.

Required:
Pair each term with its related definition.



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  • CreatedJuly 15, 2014
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