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Related Flashcards
Related Topics
Cards In This Set
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Indicate whether a debit will increase or decrease:
Inventory |
Increase
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Indicate whether a debit will increase or decrease
depreciation expense |
Increase
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Indicate whether a debit will increase or decrease
AP |
Decrease
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Indicate whether a debit will increase or decrease
equipment |
Increase
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Predictive value
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Is useful in predicting the company's future earnings
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Relevance
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Pertinent to the decision at hand
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Timelines
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Information is available prior to the users before a decision is made
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Distribution to owners
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Decreases in equity resulting from transfer to owners
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Feedback values
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Information confirms expectations
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Reliability
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Is the extent to which information is verifiable goes along with relevance
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Gain
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Results if an asset is sold for more than its original price
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Representational faithfulness
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Agreement between a measure or description and the phenomenon it purports to represent
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Comprehensive income
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The change in equity from nonowner sources
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Materiality
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Concerns the relative size of an item. $ amount
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Comparability
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Important for making interim comparisons
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