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Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition $19.49   Add to cart

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Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition

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  • Intermediate Accounting, 18th Edition by Kieso
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  • Intermediate Accounting, 18th Edition By Kieso

Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition

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  • September 14, 2024
  • 1908
  • 2024/2025
  • Exam (elaborations)
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  • Intermediate Accounting, 18th Edition by Kieso
  • Intermediate Accounting, 18th Edition by Kieso
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TESTBANKPROFESSOR1
Tokdownloadkmorekslides,kebook,ksolutionskandktestkbank,kvisitkhttp://downloadslide.blogspot.com

,Tokdownloadkmorekslides,kebook,ksolutionskandktestkbank,kvisitkhttp://downloadslide.blogspot.co
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CHAPTER 1 k




Financial Reporting and Accounting Standards
k k k k




ASSIGNMENTkCLASSIFICATIONkTABLE

Topics Questions Cases

1. Globalkmarkets. 1

2. Environmentk ofk accounting. 2,k3,k4 4,k5,k7

3. Objectivek ofk financialk reporting. 5,k6,k7,k8,k9,k10 2

4. Standard-settingk organizations. 11,k12,k13,k14, 1,k3,k6
15,k16,k17,k18

5. Financialk reportingk challenges. 19,k20,k21,k22, 8,k9,k10
23,k24,k25

6. Ethicalkissues. 26 11,k12,k16

*7. Authoritativek U.S.k pronouncements 27,k28,k29,k30,k31, 13,k14,k15
andk policy-settingk bodies. 32,k33,k34,k35,k36,
37,k38



*Thesekquestionskandkcaseskaddresskmaterialkinkthekappendixktokthekchapter.




Copyrightk©k2011kJohnkWileyk&kSons,kIn Kieso,kIFRS,k1/e,kSolutionskManua (ForkInstructorkUsekOnly 1-1
c. l )

, Tokdownloadkmorekslides,kebook,ksolutionskandktestkbank,kvisitkhttp://downloadslide.blogspot.co
m
ASSIGNMENTkCHARACTERISTICSkTABLE

Levelkofk Timek(minute
Item Description Difficulty s)

CA1-1 IFRSk andk standard-setting. Simple 5–10
CA1-2 IFRSk andk standard-setting. Simple 5–10
CA1-3 Financialk reportingk andk accountingk standards. Simple 15–20
CA1-4 Financialk accounting. Simple 15–20
CA1-5 NeedkforkIASB. Simple 15–20
CA1-6 IASBkrolekinkstandard-setting. Simple 15–20
CA1-7 Accountingk numbersk andk thek environment. Simple 10–15
CA1-8 Politicalizationk ofk IFRS. Complex 15–20
CA1-9 ModelskforksettingkIFRS. Simple 10–15
CA1-10 Economick consequences. Moderate 25–35
CA1-11 Rule-makingk Issues. Complex 20–25
CA1-12 Financialk reportingk pressures. Moderate 25–35
*CA1-13 GAAPk terminology. Moderate 20–30
*CA1-14 Accountingk organizationsk andk documentsk issued. Simple 3–5
*CA1-15 Accountingk pronouncements. Simple 5–7
CA1-16 GAAPk andk economick consequences. Moderate 25–35




1-2 Copyrightk©k2011kJohnkWileyk&kSons,kIn Kieso,kIFRS,k1/e,kSolutionskManua (ForkInstructorkUsekOnly
c. l )

, Tokdownloadkmorekslides,kebook,ksolutionskandktestkbank,kvisitkhttp://downloadslide.blogspot.co
m
ANSWERS TO QUESTIONS k k




1. Worldkmarketskarekbecomingkincreasinglykintertwined.kThektremendouskvarietykandkvolumekofkboth
kexported k andk imported k goodsk indicatesk thek extensivek involvementk in k international k trade.k Ask

akresult,kthekmovektowardskadoptionkofkinternationalkfinancialkreportingkstandardskhaskandkwillkcontin
uekinkthekfuture.

2. Financialkaccounting kmeasures,kclassifies,kandksummarizeskinkreportkformkthosekactivitieskandkthat
kinformationk whichk relate k tok thek enterprisek ask ak wholek fork usek byk partiesk bothk internal k and k extern

alktokakbusinesskenterprise.kManagerialkaccountingkalsokmeasures,kclassifies,kandksummarizeskinkrep
ortkformkenterprisekactivities,kbutkthekcommunicationkiskforkthekusekofkinternal,kmanagerialkparties,ka
ndkrelateskmorektoksubsystemskofkthekentity.kManagerialkaccountingkiskmanagementkdecisionkorien
tedkandkdirectedkmorektowardkproductkline,kdivision,kandkprofitkcenterkreporting.

3. Financialkstatementskgenerallykreferktokthekfourkbasickfinancialkstatements:kstatementkofkfinancialkp
osition,kincomekstatement,kstatementkofkcashkflows,kandkstatementkofkchangeskinkequity.kFinancialkr
eportingkiskakbroaderkconcept;kitkincludeskthekbasickfinancialkstatementskandkanykotherkmeanskofkc
ommunicatingkfinancialkandkeconomickdataktokinterestedkexternalkparties.

4. Ifkakcompany’skfinancialkperformancekiskmeasuredkaccurately,kfairly,kandkonkaktimelykbasis,kthekrigh
tkmanagerskandkcompanieskarekablektokattractkinvestmentkcapital.kTokprovidekunreliablekandkirreleva
ntkinformationkleadsktokpoorkcapitalkallocationkwhichkadverselykaffectsktheksecuritieskmarket.

5. Thekobjectivekofkgeneralkpurposekfinancialkreportingkisktokprovidekfinancialkinformationkaboutkthekre
portingkentitykthatkiskusefulktokpresentkandkpotentialkequitykinvestors,klenders,kandkotherkcreditorskin
kmakingkdecisionskinktheirkcapacitykaskcapitalkproviders.



6. Generalkpurposekfinancialkstatementskprovidekfinancialkreportingkinformationktokakwidekvarietykofku
sers.kTokbekcostkeffectivekinkprovidingkthiskinformation,kgeneralkpurposekfinancialkstatementskprovidek
atkthekleastkcostkthekmostkusefulkinformationkpossible.

7. Shareholders,kcreditors,ksuppliers,kemployees,kandkregulatorskallkusekgeneralkpurposekfinancialkst
atements.kThekprimarykuserkgroupkiskcapitalkprovidersk(shareholderskandkcreditors).

8. Thekproprietarykperspectivekisknotkconsideredkappropriatekbecausekthiskperspectivekgenerallykdoes
knotk reflectk a k realistick viewk ofk the k financial k reporting k environment. k Insteadk thek entityk perspectiv

ekiskadoptedkwhichkiskconsistentkwithkthekpresentkbusinesskenvironmentkwherekmostkcompaniesken
gagedkinkfinancialkreportingkhaveksubstancekdistinctkfromktheirkinvestors.

9. Thekobjectivekofkfinancialkreportingkiskprimarilyktokprovidekinformationktokinvestorskinterestedkinkass
essingkthekcompany’skabilityktokgenerateknetkcashkinflowskandkmanagement’skabilityktokprotectkand
kenhancekthekcapitalkproviders’kinvestments. kFinancialkreporting kshouldkhelpkinvestorskassesskthek

amounts,ktimingkandkuncertaintykofkprospectivekcashkinflows.

10. Aksingleksetkofkhighkqualitykaccountingkstandardskensureskadequatekcomparability.kInvestorskareka
blektokmakekbetterkinvestmentkdecisionskifktheykreceivekfinancialkinformationkfromkakU.S.kcompanykt
hatkiskcomparablektokankinternationalkcompetitor.

11. Thektwokorganizationskinvolvedkinkinternationalkstandard-settingkarekIOSCOk(InternationalkOrgani-
kzation kofkSecuritieskCommissions)kandkthekIASBk(InternationalkAccounting kStandardskBoard.)kThe

kIOSCOkdoesknotksetkaccountingkstandards,kbutkensureskthatkthekglobalkmarketskcankoperate kinkan

kefficientkandkeffectivekmanner.kConversely, kthe kIASB’skmissionkisktokdevelopkaksingleksetkofkhigh kq

uality,kunderstandable kandkinternationalkfinancialkreportingkstandardsk(IFRSs)kforkgeneralkpurposekf
inancialkstatements.



Copyrightk©k2011kJohnkWileyk&kSons,kIn Kieso,kIFRS,k1/e,kSolutionskManua (ForkInstructorkUsekOnly 1-3
c. l )

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