TEST BANK for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen | Complete Solution ULTIMATE GUIDE A+.

Test Bank for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen
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Chapter 1 kr




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1. A problem arising from equal information is called information asymmetry.
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a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
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HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
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NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: krUnited States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED: kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED: kr 4/14/2023 11:31 AM kr kr




2. The demand for relevant and reliable financial information stems from the needs of the internal and
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external stakeholders.
kr kr



a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: krUnited States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED: kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED: kr 4/14/2023 11:31 AM kr kr




3. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and
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efficient markets, and assist in the formation of capital.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr



Page 1
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,Chapter 1 kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




4. The SEC uses its authority to establish accounting standards, while also enforcing regulations on
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companies, exchanges, and investors.
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a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr




LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




5. The Financial Accounting Standards Board (FASB) began in 1973 after the AICPA phased out the
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Accounting Principles Board (APB).
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.3 - LO: 1.3
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




6. FASB’s Emerging Issues Task Force assists and advises the FASB by identifying and addressing timely but
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more narrow and specific standard setting issues.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
Page 2
kr

,Chapter 1 kr




LEARNING OBJECTIVES: kr k r ACCT.WAHL.24.1.3 - LO: 1.3 kr kr kr




NATIONAL STANDARDS: kr k rUnited States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling
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KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




7. The Codification is set up as a system of levels starting with sections, topics, and subtopics.
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a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: krTrue / False kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.4 - LO: 1.4
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr




LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




8. The Codification was established to assist in reducing the time necessary to research an accounting issue and
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improve the ability to utilize accounting information that conforms with GAAP.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.4 - LO: 1.4
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr




LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




9. A potential issue facing the convergence project is that many companies have entered into contracts based upon U.S.
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GAAP financial reporting; many of these contracts will have to be renegotiated using IFRS which potentially could
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cause some companies more harm than good.
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a. True
b. False
ANSWER: True
POINTS: 1
Page 3
kr

, Chapter 1 kr




DIFFICULTY: Easy
QUESTION TYPE: kr True / False
kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: kr k r ACCT.WAHL.24.1.5 - LO: 1.5 kr kr kr




NATIONAL STANDARDS: kr k rUnited States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling
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KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




10. The balance sheet is a snapshot of a company’s financial position at a particular date.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.6 - LO: 1.6
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
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LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




11. The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or
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liability transactions that change Accumulated Other Comprehensive Income.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr




HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.6 - LO: 1.6
kr k r kr kr kr




NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr




LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr




KEYWORDS: Bloom's: Remember kr




DATE CREATED:
kr 8/27/2018 10:46 AM kr kr




DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr




12. ―In carrying out their responsibilities as professionals, members should exercise sensitive professional and
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moral judgments in all their activities.‖ This is the Integrity Principle of the AICPA Code of Professional
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Conduct.
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a. True
Page 4
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