CONNECT ONLINE ACCESS FOR INTERMEDIATE
CONNECT ONLINE ACCESS FOR INTERMEDIATE
10th Edition
ISBN: 9781264798834
Author: SPICELAND
Publisher: MCG
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Chapter 1, Problem 1.7E

Concepts; terminology; conceptual framework

• LO1–7

Listed below are several terms and phrases associated with the FASB’s conceptual framework. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.

List A List B
____ 1. Predictive value a. Decreases in equity resulting from transfers to owners.
____ 2. Relevance b. Requires consideration of the costs and value of information.
____ 3. Timeliness c. Important for making interfirm comparisons.
____ 4. Distribution to owners d. Applying the same accounting practices over time.
____ 5. Confirmatory value e. Users understand the information in the context of the decision being made.
____ 6. Understandability f. Agreement between a measure and the phenomenon it purports to represent.
____ 7. Gain g. Information is available prior to the decision.
____ 8. Faithful representation h. Pertinent to the decision at hand.
____ 9. Comprehensive income i. Implies consensus among different measurers.
____ 10. Materiality j. Information confirms expectations.
____ 11. Comparability k. The change in equity from nonowner transactions.
____ 12. Neutrality l. The process of admitting information into financial statements.
____ 13. Recognition m. The absence of bias.
____ 14. Consistency n. Increases in equity from peripheral or incidental transactions of an entity.
____ 15. Cost effectiveness o. Information is useful in predicting the future.
____ 16. Verifiability p. Concerns the relative size of an item and its effect on decisions.
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Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,854

Chapter 1 Solutions

CONNECT ONLINE ACCESS FOR INTERMEDIATE

Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.12QCh. 1 - Prob. 1.13QCh. 1 - Prob. 1.14QCh. 1 - Prob. 1.15QCh. 1 - Explain what is meant by: The benefits of...Ch. 1 - Prob. 1.17QCh. 1 - Briefly define the financial accounting elements:...Ch. 1 - Prob. 1.19QCh. 1 - What is the going concern assumption?Ch. 1 - Prob. 1.21QCh. 1 - Prob. 1.22QCh. 1 - What are two advantages to basing the valuation of...Ch. 1 - Describe how revenue recognition relates to...Ch. 1 - What are the four different approaches to...Ch. 1 - In addition to the financial statement elements...Ch. 1 - Briefly describe the inputs that companies should...Ch. 1 - Prob. 1.28QCh. 1 - Prob. 1.29QCh. 1 - Prob. 1.30QCh. 1 - Prob. 1.31QCh. 1 - Prob. 1.32QCh. 1 - Accrual accounting LO12 Cash flows during the...Ch. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Prob. 1.3BECh. 1 - Basic assumptions and principles LO17 through...Ch. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Concepts; terminology; conceptual framework LO17...Ch. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Basic assumptions and principles LO18, LO19...Ch. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.1DMPCh. 1 - Research Case 12 Accessing SEC information through...Ch. 1 - Prob. 1.7DMPCh. 1 - Prob. 1.8DMPCh. 1 - Prob. 1.9DMPCh. 1 - Prob. 1.10DMPCh. 1 - Real World Case 115 Elements; disclosures; The...Ch. 1 - Prob. 1.12DMPCh. 1 - Target Case LO19 Target Corporation prepares its...
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