Listed below are several terms and phrases associated with the FASBs conceptual framework. Pair each item from List A with the item from List B that is most appropriately associated with it.

List A =

1. Predictive Value

2. Relevance

3. Timeliness

4. Distribution to owners

5. Confimatory value

6. Understandability

7. Gain

8. Faithful representation

9. Comprehensive income

10. Materiality

11. Comparability

12. Neutality

13. Recongnition

14. Consistency

15. Cost effectiveness

16. Verifiability

List B =

1. Agreement between a measure and the phenomenon it purports to represent.

2. Applying the same accounting practices over time.

3. Concerns the relative size of an item and its effects on decisions.

4. Decreases in equity resulting from trasfers to owners.

5. Implies consensus among different measurers.

6. Important for makin interfirm comparsions.

7. Imformation confirms expectations.

8. Information is available prior to the decision

9. Information is useful in prediction the future.

10. Pertinent to the decision at hand.

11. Requires consideration of the cost and value of information.

12. Results if an asset is sold for more than its book value.

13. The absence of bias

14. The change in equity from nonowner transactions.

15. The process of admitting information into financial statements.

16. Users understand the information in the context of the decision being made.