Exam 1, Intermediate Accounting, Tulane University -2024

Neutrality {Ans: without bias in the selection or presentation of financial information}Predictive value {Ans: help users predict future outcomes}Consistency {Ans: measured and reported the same way in each time period}Cost Effectiveness/Constraint {Ans: consideration of the costs and value of information}Going Concern {Ans: financial statements are prepared with the expectation that a business will remain in operation indefinitely}Timeliness {Ans: available to decision makers in time to be capable of influencing their decisions}