INTERMEDIATE ACCOUNTING WILEY
PLUS MULTIPLE CHOICE ALL
CHAPTERS QUESTIONS WITH
CORRECT ANSWERS 2025
TheAfinancialAstatementsAmostAfrequentlyAprovidedAincludeAallAofAtheAfollowingAexceptAthe:
A)AstatementAofAretainedAearnings.
B)AbalanceAsheet.
C)AstatementAofAcashAflows.
D)AstatementAofAstockholders'Aequity.A-AcorrectAanswer-A
FinancialAreportingAisAtheAprocessAofAdeterminingAhowAandAatAwhatAcostAmoneyAisAallocatedAamongAcomp
etingAinterests.
True
FalseA-AcorrectAanswer-False
WhichAofAtheAfollowingAisAtheAobjectiveAofAfinancialAreporting?AToAprovideAinformation:
A)AaboutAtheAreportingAentityAthatAisAusefulAtoApresentAandApotentialAequityAinvestors,Alenders,AandAother
Acreditors.
B)AaboutAtheAmanagementAandAshareholdersAofAanAenterprise.
C)AusedAtoAidentify,Ameasure,AanalyzeAandAcommunicateAfinancialAinformationAneededAbyAmanagementAt
oAplan,AcontrolAandAevaluateAaAcompany'sAoperations.
D)AthatAdefinesAtheAprocessAofAhowAandAatAwhatAcostAmoneyAisAallocatedAamongAcompetingAinterests.A-
AcorrectAanswer-A
,ToAsatisfyAtheAstewardshipAreportingAresponsibilityAofAmanagement,AcompaniesAprepareAmultipleAsetsAofA
special-purposeAstatementsAtoAmeetAtheAinformationAneedsAofAaAvarietyAofAfinancialAstatementAusers.
True
FalseA-AcorrectAanswer-False
WhichAofAtheAfollowingAbestAdescribesAtheAideaAthatAtheAFASBAoperatesAinAfullAviewAofAtheApublicAandAgive
sAinterestedApartiesAampleAopportunityAtoAmakeAtheirAviewsAknown?
A)ADueAProcess
B)ABroaderARepresentation
C)AGreaterAAutonomy
D)AIncreasedAIndependenceA-AcorrectAanswer-A
TheAFinancialAAccountingAStandardsABoardAAccountingAStandardsACodificationAisAtheAonlyAauthoritativeAac
countingAliterature.
True
FalseA-AcorrectAanswer-True
TheA_______AhasAoversightAandAenforcementAauthorityAandAestablishesAauditing,AqualityAcontrol,AandAind
ependenceAstandardsAandArules.
A)APCAOBA(PublicACompanyAAccountingAOversightABoard).
B)AFASBA(FinancialAAccountingAStandardsABoard).
C)ASECA(SecuritiesAandAExchangeACommission).
, D)AIRSA(InternalARevenueAService).A-AcorrectAanswer-A
InternationalAFinancialAReportingAStandardsA(IFRS)AareAissuedAbyAthe:
A)AIASBA(InternationalAAccountingAStandardsABoard).
B)ASECA(SecuritiesAandAExchangeACommission).
C)AFASBA(FinancialAAccountingAStandardsABoard).
D)AEUA(EuropeanAUnion).A-AcorrectAanswer-A
AlthoughAethicalAdilemmasAareAfrequentlyAencounteredAinAtheAbusinessAworld,AaccountantsAareAfortunate
AbecauseAadheringAtoAGAAPAsolvesAallAethicalAquestions.
True
A
FalseA-AcorrectAanswer-False
A
WhatAwouldAbeAanAadvantageAofAhavingAallAcountriesAadoptAandAfollowAtheAsameAaccountingAstandards?
A)AComparability.
B)AComparabilityAandAlowerApreparationAcosts.
C)AAgreement.
D)ALowerApreparationAcosts.A-AcorrectAanswer-B
WhatAisAtheA"expectationsAgap"?
A)ATheAdifferenceAbetweenAwhatAtheApublicAthinksAtheAaccountantAshouldAdoAandAwhatACongressAsaysAthe
AaccountantAshouldAdo.
A
PLUS MULTIPLE CHOICE ALL
CHAPTERS QUESTIONS WITH
CORRECT ANSWERS 2025
TheAfinancialAstatementsAmostAfrequentlyAprovidedAincludeAallAofAtheAfollowingAexceptAthe:
A)AstatementAofAretainedAearnings.
B)AbalanceAsheet.
C)AstatementAofAcashAflows.
D)AstatementAofAstockholders'Aequity.A-AcorrectAanswer-A
FinancialAreportingAisAtheAprocessAofAdeterminingAhowAandAatAwhatAcostAmoneyAisAallocatedAamongAcomp
etingAinterests.
True
FalseA-AcorrectAanswer-False
WhichAofAtheAfollowingAisAtheAobjectiveAofAfinancialAreporting?AToAprovideAinformation:
A)AaboutAtheAreportingAentityAthatAisAusefulAtoApresentAandApotentialAequityAinvestors,Alenders,AandAother
Acreditors.
B)AaboutAtheAmanagementAandAshareholdersAofAanAenterprise.
C)AusedAtoAidentify,Ameasure,AanalyzeAandAcommunicateAfinancialAinformationAneededAbyAmanagementAt
oAplan,AcontrolAandAevaluateAaAcompany'sAoperations.
D)AthatAdefinesAtheAprocessAofAhowAandAatAwhatAcostAmoneyAisAallocatedAamongAcompetingAinterests.A-
AcorrectAanswer-A
,ToAsatisfyAtheAstewardshipAreportingAresponsibilityAofAmanagement,AcompaniesAprepareAmultipleAsetsAofA
special-purposeAstatementsAtoAmeetAtheAinformationAneedsAofAaAvarietyAofAfinancialAstatementAusers.
True
FalseA-AcorrectAanswer-False
WhichAofAtheAfollowingAbestAdescribesAtheAideaAthatAtheAFASBAoperatesAinAfullAviewAofAtheApublicAandAgive
sAinterestedApartiesAampleAopportunityAtoAmakeAtheirAviewsAknown?
A)ADueAProcess
B)ABroaderARepresentation
C)AGreaterAAutonomy
D)AIncreasedAIndependenceA-AcorrectAanswer-A
TheAFinancialAAccountingAStandardsABoardAAccountingAStandardsACodificationAisAtheAonlyAauthoritativeAac
countingAliterature.
True
FalseA-AcorrectAanswer-True
TheA_______AhasAoversightAandAenforcementAauthorityAandAestablishesAauditing,AqualityAcontrol,AandAind
ependenceAstandardsAandArules.
A)APCAOBA(PublicACompanyAAccountingAOversightABoard).
B)AFASBA(FinancialAAccountingAStandardsABoard).
C)ASECA(SecuritiesAandAExchangeACommission).
, D)AIRSA(InternalARevenueAService).A-AcorrectAanswer-A
InternationalAFinancialAReportingAStandardsA(IFRS)AareAissuedAbyAthe:
A)AIASBA(InternationalAAccountingAStandardsABoard).
B)ASECA(SecuritiesAandAExchangeACommission).
C)AFASBA(FinancialAAccountingAStandardsABoard).
D)AEUA(EuropeanAUnion).A-AcorrectAanswer-A
AlthoughAethicalAdilemmasAareAfrequentlyAencounteredAinAtheAbusinessAworld,AaccountantsAareAfortunate
AbecauseAadheringAtoAGAAPAsolvesAallAethicalAquestions.
True
A
FalseA-AcorrectAanswer-False
A
WhatAwouldAbeAanAadvantageAofAhavingAallAcountriesAadoptAandAfollowAtheAsameAaccountingAstandards?
A)AComparability.
B)AComparabilityAandAlowerApreparationAcosts.
C)AAgreement.
D)ALowerApreparationAcosts.A-AcorrectAanswer-B
WhatAisAtheA"expectationsAgap"?
A)ATheAdifferenceAbetweenAwhatAtheApublicAthinksAtheAaccountantAshouldAdoAandAwhatACongressAsaysAthe
AaccountantAshouldAdo.
A
