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TEST BANK Intermediate Accounting, 18th Edition by Kieso, Warfield Chapter 1 - 23 Complete

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1. Financial statements are the principal means through which a company communicates its financial information to those outside it. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 2. Users of financial reports of a company use the information provided by these reports to make capital allocation decisions. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 3. An effective process of capital allocation provides an efficient market for buying and selling securities and obtaining and granting credit. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 4. Investors are interested in financial reporting because it provides information that is useful for making decisions. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 5. Users of financial accounting statements have both coinciding and conflicting needs for information of various types. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting Concepts have been issued to date. Ans: F, LO: 1, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None 7. The passage of a new FASB Accounting Standards Update requires the support of five of the seven board members. Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Preparation, IFRS: None 8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are used by the FASB in developing future standards of financial accounting and reporting. Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None 9. The FASB’s Codification creates a new set of GAAP. Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None

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TEST BANK
Intermediate Accounting, 18th Edition
by Kieso, Warfield Chapter 1 - 23 Complete

,Table of Contents
r r

1rTherEnvironmentrandrConceptualrFrameworkrofrFinancialrReporting

2rTherAccountingrInformationrSystem

3rIncomerStatement,rRelatedrInformation,randrRevenuerRecognition

4rBalancerSheetrandrStatementrofrCashrFlows

5rAccountingrandrtherTimerValuerofrMoney

6rCashrandrReceivables

7rValuationrofrInventories:rArCost-BasisrApproach

8rInventories:rAdditionalrValuationrIssues

9rAcquisitionrandrDispositionrofrProperty,rPlant,randrEquipment

10rDepreciation,rImpairments,randrDepletion

11rIntangiblerAssets

12rCurrentrLiabilitiesrandrContingencies

13rLong-TermrLiabilities

14rStockholders’rEquity

15rDilutiverSecuritiesrandrEarningsrperrShare

16rInvestments

17rRevenuerRecognition

18rAccountingrforrIncomerTaxes

19rAccountingrforrPensionsrandrPostretirementrBenefits

20rAccountingrforrLeases

21rAccountingrChangesrandrErrorrAnalysis

22rStatementrofrCashrFlows

23rFullrDisclosurerinrFinancialrReportingr

, CHAPTER 1 r




THE ENVIRONMENT AND CONCEPTUAL FRAMEWORK
r r r r r


OF FINANCIAL REPORTING r r



IFRSrquestionsrareravailableratrtherendrofrthisrchapter.


TRUE-FALSE—Conceptual
1. Financialrstatementsrarertherprincipalrmeansrthroughrwhichrarcompanyrcommunicatesritsrfina
ncialrinformationrtorthoseroutsiderit.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


2. Usersr ofr financialr reportsr ofr ar companyr user ther informationr providedr byr theser reportsr torm
akercapitalrallocationrdecisions.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


3. Anreffectiverprocessrofrcapitalrallocationrprovidesranrefficientrmarketrforrbuyingrandrsellingrsec
uritiesrandrobtainingrandrgrantingrcredit.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


4. Investorsrarerinterestedrinrfinancialrreportingrbecauseritrprovidesrinformationrthatrisrusefulrforr
makingrdecisions.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


5. Usersr ofr financialr accountingr statementsr haver bothr coincidingr andr conflictingr needsr forrinf
ormationrofrvariousrtypes.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


6. AlthoughrtherFASBrhasrdevelopedrarconceptualrframework,rnorStatementsrofrFinancialrAccou
ntingrConceptsrhaverbeenrissuedrtordate.
Ans:rF,rLO:r1,rBloom:rK,rDifficulty:rModerate,rMin:r1,rAACSB:rKnowledge,rAICPArBC:rNone,rAICPArAC:rReporting,rAICPArPC:rNone,rIMA:rReportingr&r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

7. TherpassagerofrarnewrFASBrAccountingrStandardsrUpdaterrequiresrthersupportrofrfiverofr thers
evenrboardrmembers.
Ans:r F,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrPreparation,rIFRS:rNone


8. StatementsrofrFinancialrAccountingrConceptsrsetrforthrfundamentalrobjectivesrandr conceptsrt
hatrarerusedrbyrtherFASBrinrdevelopingrfuturerstandardsrofrfinancialraccountingrandrreporting.
Ans:r T,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrAnalysis,rIFRS:rNone


9. TherFASB’srCodificationrcreatesrarnewrsetrofrGAAP.
Ans:r F,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &
r Control:rFinancialrStatementrAnalysis,rIFRS:rNone

, 1r-r2 TestrBankrforrIntermediaterAccounting,rEighteenthrEdition

10. Therobjectiverofrfinancialrreportingrisrtorreportrtherplansrmaderbyrarcompanyrtorimprovertherpro
ductivityrofritsremployees.
Ans:r F,r LO:r 1,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrPreparation,rIFRS:rNone

11. Ar soundlyr developedr conceptualr frameworkr enablesr ther FASBr tor issuer morer usefulr andrco
nsistentrpronouncementsroverrtime.
Ans:r T,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

12. Arconceptualrframeworkrisrarcoherentrsystemrofrconceptsrthatrflowrfromranrobjective.
Ans:r T,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

13. Ther firstr levelr ofr ther conceptualr frameworkr identifiesr ther recognition,r measurement,r andrdi
sclosurerconceptsrusedrinrestablishingraccountingrstandards.
Ans:r F,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone


14. Therobjectiverofrfinancialrreportingrservesrasrtherfoundationrofrtherconceptualrframework.
Ans:r T,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

15. Usersrofrfinancialrstatementsrarerassumedrtorneedrnorknowledgerofrbusinessrandrfinancialrac
countingrmattersrtorunderstandrtherinformationrcontainedrinrfinancialrstatements.
Ans:r F,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

16. Relevancer andr faithfulr representationr arer ther twor fundamentalr qualitiesr thatr makeracc
ountingrinformationrusefulrforrdecision-making.
Ans:r T,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

17. Theridearofrconsistencyrdoesrnotrmeanrthatrcompaniesrcannotrswitchrfromroneraccountingrme
thodrtoranother.
Ans:rT,rLO:r2,rBloom:rC,rDifficulty:rModerate,rMin:r1,rAACSB:rKnowledge,rAICPArBC:rNone,rAICPArAC:rReporting,rAICPArPC:rNone,rIMA:rReportingr&r C
ontrol:rFinancialrStatementrAnalysis,rIFRS:rNone

18. Timelinessrandrneutralityrarertworingredientsrofrrelevance.
Ans:r F,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

19. Verifiabilityrandrpredictivervaluerarertworingredientsrofrfaithfulrrepresentation.
Ans:r F,r LO:r 2,r Bloom:r K,r Difficulty:r Easy,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Reporting,r AICPAr PC:r None,r IMA:r Reportingr &r
Control:rFinancialrStatementrAnalysis,rIFRS:rNone

20. Revenues,rgains,randrdistributionsrtorownersrallrincreaserequity.
Ans:r F,r LO:r 2,r Bloom:r C,r Difficulty:r Moderate,r Min:r 1,r AACSB:r Knowledge,r AICPAr BC:r None,r AICPAr AC:r Measurementr Analysisr andr Interpretation,r
AICPArPC:rNone,rIMA:rReportingr&rControl:rFinancialrStatementrAnalysis,rIFRS:rNone

21. Comprehensiver incomer includesr allr changesr inr equityr duringr ar periodr exceptr thoserre
sultingrfromrinvestmentsrbyrownersrandrdistributionsrtorowners.
Ans:rT,rLO:r2,rBloom:rK,rDifficulty:rEasy,rMin:r1,rAACSB:rKnowledge,rAICPArBC:rNone,rAICPArAC:rMeasurementrAnalysisrandrInterpretation,rAICPAr
PC:rNone,rIMA:rReportingr&rControl:rFinancialrStatementrAnalysis,rIFRS:rNone
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