Reference no: EM131018398

All changes in equity during a period other than investments by and distributions to owners are called - comprehensive income

Although a wastebasket is expected to last for three years it is treated as an expense in the AIS because of ____ constraint - Materiality

A ____ such as Cash is something that has a probable future economic value to an organization - Asset

Because of the ____ assumption, the accounting records of a business are kept separate from the accounting records of its owners - Economic identity

Certain short-term investments in securities are recorded at their fair market value thus demonstrating the qualitative characteristic of - Relevance

Collectively, qualities that make information helpful in decision making are called - Qualitative Characteristics

Outflows or users of assets during a period from delivering well such as costs of goods sold are -

Regardless of changes in market value, land is reported at its historical cost an application of the qualitative characteristic of - Relevance

The ___ of financial reporting is to provide information needed for decisions - objective

The ___ principle is the main justification for depreciating assets like equipment - Matching