Help Save & Exit Submit Check my work Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with the tem from List B that is most appropriately associated with it. List A 1. Predictive value 2 Relevance 3. Timeliness 4. Distribution to owners 5. Confirmatory value 6. Understandability 7. Gain 8. Faithful representation 9. Comprehensive income. 10. Materiality 11. Comparability 12. Neutrality 13. Recognition 14. Consistency 15. Cost effectiveness 16. Verifiability List B Agreement between a measure and the phenomenon it purports to represent Agreement between a measure and the phenomenon it purports to represent. Applying the same accounting practices over time. Concerns the relative size of an item and its effect on decisions. Decreases in equity resulting from transfers to owners. Bleach item from List A with the item List A value to owners ery value dability presentation nsive income List B Agreement between a measure and the phenomenon it purports to represent. Concerns the relative size of an item and its effect on decisions. Decreases in equity resulting from transfers to owners. Implies consensus among different measurers. Important for making interfirm comparisons. Increases in equity from peripheral or incidental transactions of an entity. ility n cy tiveness Check my work that is most appropriately associated with it. phrases associated with the FASB's conceptual framework. Pair each item from List A with the item List A Live value List B Agreement between a measure and the phenomenon it purports to represent nce ess ation to owners matory value andability representation hensive income Information confirms expectations. Information is available prior to the decision. Information is useful in predicting the future. Pertinent to the decision at hand. Requires consideration of the costs and value of information. ity ability tion ency ectiveness Check my work ed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with the item List B that is most appropriately associated with it. List A Predictive value Relevance Timeliness Distribution to owners Confirmatory value Understandability Gain Faithful representation Comprehensive income Materiality List B Agreement between a measure and the phenomenon it purports to represent Requires consideration of the costs and value of information. The absence of bias. The change in equity from nonowner transactions. The process of admitting information into financial statements. Users understand the information in the context of the decision being made. Comparability Neutrality Recognition Consistency Cost effectiveness Verifiability Text