The conceptual framework's qualitative characteristic of faithful representation includes

 The conceptual framework's qualitative characteristic of faithful representation includes:

Answer
Neutrality.


GAAP is an abbreviation for:

Answer
Generally accepted accounting principles.


The conceptual framework's qualitative characteristic of relevance includes:

Answer
Predictive value.


On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $64,400. During 2021, $102,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $50,000. Insurance expense for 2021 was:

Answer
$116,400.


An example of a contra account is:

Answer
Accumulated depreciation