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