Test Bank for Intermediate Accounting, 18th Edition 18e by Donald E. Kieso,
Terry D. Warfield
CHAPTER 1 All Chapters ✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORK
OF FINANCIAL REPORTING
IFRS questions are available at the end of this chapter.
TRUE-FALSE—Conceptual
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
,1-2 Test Bank for Intermediate Accounting, Eighteenth Edition
10. The objective of financial reporting is to report the plans made by a company to improve the
productivity of its employees.
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
11. A soundly developed conceptual framework enables the FASB to issue more useful and
consistent pronouncements over time.
Ans: T, LO: 2, 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
12. A conceptual framework is a coherent system of concepts that flow from an objective.
Ans: T, LO: 2, 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
粵語翻譯 中級會計學測試銀行，第18版，唐納德·E·基索同特里·D·沃菲爾德著
13. The first level of the conceptual framework identifies the recognition, measurement, and
用呢個強大測試銀行主宰財務會計，適用於中級會計學，第18版唐納德·E·基索同特里·D·沃菲爾德——
disclosure concepts used in establishing accounting standards.
CPA同課程準備嘅黃金標準。充滿超過2,000個多樣化問題——多選題、計算問題、概念分析同案例研
究——橫跨25+章節，佢剖析GAAP/IFRS基礎：收入確認（ASC 606/IFRS 15）、租賃（ASC
Ans: F, LO: 2, 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
842/IFRS 16）、投資、養老金、合併、公平價值層級同盈利質量，所有內容都更新至2026
14.FASB/IASB更新，包括數字資產、可持續報告同ESG指標。
The objective of financial reporting serves as the foundation of the conceptual framework.
每個問題提供驗證答案、逐步理由連接理論到應用，同埋補救用於分析掌握。配備適應性測驗、日記
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
條目模擬器同性能分析，呢個資源裝備本科生、研究生同講師用於CPA考試成功或高級課程。從資產
Control: Financial Statement Analysis, IFRS: None
15.負債表細節到損益表策略，解鎖基索同沃菲爾德嘅清晰——考試過關、精煉精準度，同埋推動你嘅會
Users of financial statements are assumed to need no knowledge of business and financial
計事業到精英高度！
accounting matters to understand the information contained in financial statements.
Ans: F, LO: 2, 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
16. Relevance and faithful representation are the two fundamental qualities that make
Банк
accounting тестів для
information Intermediate
useful Accounting, 18-те видання
for decision-making.
Дональда Е. Кізо та Террі Д. Ворфілда
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Домінуйте у фінансовому обліку з цим потужним банком
Control: Financial Statement Analysis, IFRS: None
17. The idea тестів для Intermediate
of consistency does not mean Accounting, 18-те видання
that companies Дональда
cannot switch from one accounting
Е.
method to another.Кізо та Террі Д. Ворфілда — золотий стандарт для
підготовки CPA та навчальних програм. Повний понад 2 000
Ans: T, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
різноманітних
Control: Financial Statement Analysis,питань
IFRS: None — множинний вибір, обчислювальні
18. Timeliness задачі, концептуальні
and neutrality аналізи таofкейс-стаді
are two ingredients relevance. — через 25+
глав, він розбирає основи GAAP/IFRS: визнання доходів
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
(ASC
Control: Financial 606/IFRS
Statement 15),None
Analysis, IFRS: оренда (ASC 842/IFRS 16), інвестиції,
19. Verifiability пенсії, консолідації,
and predictive value ієрархії справедливої
are two ingredients вартості
of faithful та якість
representation.
прибутку, все оновлено до 2026 FASB/IASB оновлень щодо
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
цифрових
Control: Financial активів,
Statement Analysis, звітності сталості та ESG-метрик.
IFRS: None
Кожне питання надає перевірені відповіді, покрокові
20. Revenues, gains, and distributions to owners all increase equity.
обґрунтування, що пов'язують теорію з застосуванням, та
AICPA PC: ремідацію для аналітичної майстерності.
Analysis, IFRS: NoneЗ адаптивними
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation,
None, IMA: Reporting & Control: Financial Statement
тестами, симуляторами записів у журналі та аналітикою
21. Comprehensive income includes all changes in equity during a period except those
продуктивності, цей ресурс озброює студентів бакалаврату,
resulting from investments by owners and distributions to owners.
магістратури та викладачів для успіху на CPA-іспитах чи
просунутих курсах.
Financial Від нюансів балансу до стратегій звіту
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Statement Analysis, IFRS: None
про прибутки, розблокуйте ясність Кізо та Ворфілда —
блискуче здавайте оцінки, відточовуйте точність і піднесіть
вашу кар'єру в обліку до елітних висот!
, The Environment and Conceptual Framework of Financial Reporting 1-3
22. Accounting standards are now less likely to require the reporting or disclosure of fair value
information.
Ans: F, LO: 3, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Preparation, IFRS: None
23. The second level of the conceptual framework provides the qualitative characteristics that
make accounting information useful and the elements of financial statements.
Ans: T, LO: 3, 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
24. The historical cost principle would be of limited usefulness if not for the going concern
assumption.
Ans: T, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
25. The economic entity assumption means that economic activity can be identified with a
particular legal entity.
Ans: F, LO: 3, 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
26. The expense recognition principle states that debits must equal credits in each transaction.
Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
27. Revenues are recognized in the accounting period in which the performance obligation is
satisfied.
Ans: T, LO: 3 Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
28. Supplementary information may include details or amounts that present a different
perspective from that adopted in the financial statements.
Ans: T, LO: 3, 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
29. To justify requiring a particular measurement or disclosure, the benefits to be derived from it
must equal the costs associated with it.
Ans: F, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
30. In cost-benefit analysis, costs are generally more difficult to quantify than are benefits.
Ans: F, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
31. GAAP is a product of careful logic or empirical findings and is not influenced by political
action.
Ans: F, LO: 4 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
32. The Public Company Accounting Oversight Board has oversight and enforcement authority
and establishes auditing and independence standards and rules.
Ans: T, LO: 4, 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
, 1-4 Test Bank for Intermediate Accounting, Eighteenth Edition
33. The expectations gap is due to the difference between what the public thinks accountants
should do and what accountants think they can do.
Ans: T, LO: 4, 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
34. Traditional financial reports do not provide any information about a company’s soft assets
(intangibles).
Ans: F, LO: 4, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Preparation, IFRS: None
35. Ethical issues in financial accounting are governed by the AICPA.
Ans: F, LO: 4, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: Prof. Demeanor, IMA:
Reporting & Control: Financial Statement Preparation, IFRS: None
MULTIPLE CHOICE—Conceptual
36. General-purpose financial statements are the product of
a. financial accounting.
b. managerial accounting.
c. both financial and managerial accounting.
d. neither financial nor managerial accounting.
Ans: a, 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
37. Which of the following is not an external user of financial reports?
a. Creditors
b. Government agencies
c. Unions
d. Management
Ans: d, 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
38. The financial statements most frequently provided include all of the following except the
a. balance sheet.
b. income statement.
c. statement of cash flows.
d. trial balance.
Ans: d, 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
39. All the following are ways in which accounting information is used by financial statement
users except to
a. buy, sell, hold equity, and debt instruments.
b. decide whether to invest in the company.
c. evaluate borrowing capacity to determine the extent of a loan to grant.
d. plan and control a company's operations.
Ans: d, LO: 1, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis , IFRS: None
Terry D. Warfield
CHAPTER 1 All Chapters ✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORK
OF FINANCIAL REPORTING
IFRS questions are available at the end of this chapter.
TRUE-FALSE—Conceptual
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
,1-2 Test Bank for Intermediate Accounting, Eighteenth Edition
10. The objective of financial reporting is to report the plans made by a company to improve the
productivity of its employees.
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
11. A soundly developed conceptual framework enables the FASB to issue more useful and
consistent pronouncements over time.
Ans: T, LO: 2, 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
12. A conceptual framework is a coherent system of concepts that flow from an objective.
Ans: T, LO: 2, 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
粵語翻譯 中級會計學測試銀行，第18版，唐納德·E·基索同特里·D·沃菲爾德著
13. The first level of the conceptual framework identifies the recognition, measurement, and
用呢個強大測試銀行主宰財務會計，適用於中級會計學，第18版唐納德·E·基索同特里·D·沃菲爾德——
disclosure concepts used in establishing accounting standards.
CPA同課程準備嘅黃金標準。充滿超過2,000個多樣化問題——多選題、計算問題、概念分析同案例研
究——橫跨25+章節，佢剖析GAAP/IFRS基礎：收入確認（ASC 606/IFRS 15）、租賃（ASC
Ans: F, LO: 2, 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
842/IFRS 16）、投資、養老金、合併、公平價值層級同盈利質量，所有內容都更新至2026
14.FASB/IASB更新，包括數字資產、可持續報告同ESG指標。
The objective of financial reporting serves as the foundation of the conceptual framework.
每個問題提供驗證答案、逐步理由連接理論到應用，同埋補救用於分析掌握。配備適應性測驗、日記
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
條目模擬器同性能分析，呢個資源裝備本科生、研究生同講師用於CPA考試成功或高級課程。從資產
Control: Financial Statement Analysis, IFRS: None
15.負債表細節到損益表策略，解鎖基索同沃菲爾德嘅清晰——考試過關、精煉精準度，同埋推動你嘅會
Users of financial statements are assumed to need no knowledge of business and financial
計事業到精英高度！
accounting matters to understand the information contained in financial statements.
Ans: F, LO: 2, 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
16. Relevance and faithful representation are the two fundamental qualities that make
Банк
accounting тестів для
information Intermediate
useful Accounting, 18-те видання
for decision-making.
Дональда Е. Кізо та Террі Д. Ворфілда
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Домінуйте у фінансовому обліку з цим потужним банком
Control: Financial Statement Analysis, IFRS: None
17. The idea тестів для Intermediate
of consistency does not mean Accounting, 18-те видання
that companies Дональда
cannot switch from one accounting
Е.
method to another.Кізо та Террі Д. Ворфілда — золотий стандарт для
підготовки CPA та навчальних програм. Повний понад 2 000
Ans: T, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
різноманітних
Control: Financial Statement Analysis,питань
IFRS: None — множинний вибір, обчислювальні
18. Timeliness задачі, концептуальні
and neutrality аналізи таofкейс-стаді
are two ingredients relevance. — через 25+
глав, він розбирає основи GAAP/IFRS: визнання доходів
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
(ASC
Control: Financial 606/IFRS
Statement 15),None
Analysis, IFRS: оренда (ASC 842/IFRS 16), інвестиції,
19. Verifiability пенсії, консолідації,
and predictive value ієрархії справедливої
are two ingredients вартості
of faithful та якість
representation.
прибутку, все оновлено до 2026 FASB/IASB оновлень щодо
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
цифрових
Control: Financial активів,
Statement Analysis, звітності сталості та ESG-метрик.
IFRS: None
Кожне питання надає перевірені відповіді, покрокові
20. Revenues, gains, and distributions to owners all increase equity.
обґрунтування, що пов'язують теорію з застосуванням, та
AICPA PC: ремідацію для аналітичної майстерності.
Analysis, IFRS: NoneЗ адаптивними
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation,
None, IMA: Reporting & Control: Financial Statement
тестами, симуляторами записів у журналі та аналітикою
21. Comprehensive income includes all changes in equity during a period except those
продуктивності, цей ресурс озброює студентів бакалаврату,
resulting from investments by owners and distributions to owners.
магістратури та викладачів для успіху на CPA-іспитах чи
просунутих курсах.
Financial Від нюансів балансу до стратегій звіту
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Statement Analysis, IFRS: None
про прибутки, розблокуйте ясність Кізо та Ворфілда —
блискуче здавайте оцінки, відточовуйте точність і піднесіть
вашу кар'єру в обліку до елітних висот!
, The Environment and Conceptual Framework of Financial Reporting 1-3
22. Accounting standards are now less likely to require the reporting or disclosure of fair value
information.
Ans: F, LO: 3, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Preparation, IFRS: None
23. The second level of the conceptual framework provides the qualitative characteristics that
make accounting information useful and the elements of financial statements.
Ans: T, LO: 3, 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
24. The historical cost principle would be of limited usefulness if not for the going concern
assumption.
Ans: T, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
25. The economic entity assumption means that economic activity can be identified with a
particular legal entity.
Ans: F, LO: 3, 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
26. The expense recognition principle states that debits must equal credits in each transaction.
Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
27. Revenues are recognized in the accounting period in which the performance obligation is
satisfied.
Ans: T, LO: 3 Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
28. Supplementary information may include details or amounts that present a different
perspective from that adopted in the financial statements.
Ans: T, LO: 3, 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
29. To justify requiring a particular measurement or disclosure, the benefits to be derived from it
must equal the costs associated with it.
Ans: F, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
30. In cost-benefit analysis, costs are generally more difficult to quantify than are benefits.
Ans: F, LO: 3, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis, IFRS: None
31. GAAP is a product of careful logic or empirical findings and is not influenced by political
action.
Ans: F, LO: 4 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
32. The Public Company Accounting Oversight Board has oversight and enforcement authority
and establishes auditing and independence standards and rules.
Ans: T, LO: 4, 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
, 1-4 Test Bank for Intermediate Accounting, Eighteenth Edition
33. The expectations gap is due to the difference between what the public thinks accountants
should do and what accountants think they can do.
Ans: T, LO: 4, 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
34. Traditional financial reports do not provide any information about a company’s soft assets
(intangibles).
Ans: F, LO: 4, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Preparation, IFRS: None
35. Ethical issues in financial accounting are governed by the AICPA.
Ans: F, LO: 4, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: Prof. Demeanor, IMA:
Reporting & Control: Financial Statement Preparation, IFRS: None
MULTIPLE CHOICE—Conceptual
36. General-purpose financial statements are the product of
a. financial accounting.
b. managerial accounting.
c. both financial and managerial accounting.
d. neither financial nor managerial accounting.
Ans: a, 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
37. Which of the following is not an external user of financial reports?
a. Creditors
b. Government agencies
c. Unions
d. Management
Ans: d, 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
38. The financial statements most frequently provided include all of the following except the
a. balance sheet.
b. income statement.
c. statement of cash flows.
d. trial balance.
Ans: d, 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
39. All the following are ways in which accounting information is used by financial statement
users except to
a. buy, sell, hold equity, and debt instruments.
b. decide whether to invest in the company.
c. evaluate borrowing capacity to determine the extent of a loan to grant.
d. plan and control a company's operations.
Ans: d, LO: 1, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
Control: Financial Statement Analysis , IFRS: None
