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Intermediate Accounting, 18th Edition By
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, TABLE OF CONTENTS q q q q
Ch. 1: The Environment and Conceptual Framework of Financial Reporting Ch. 2:
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qq Accounting Information System qq qq
Ch.3:Income Statement & Revenue Recognition Ch. 4:
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qq Balance Sheet and Statement of Cash Flows Ch. 5: qq qq qq qq qq qq qq qq
qq Time Value of Money qq qq qq
Ch. 6: Cash and Accounts Receivable
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Ch. 7: Valuation ofInventories: A Cost-Basis Approach Ch.8:
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Inventories:AdditionalValuationIssues
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Ch. 9: Acquisition andDisposition of Property, Plant, and Equipment Ch.
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10: Depreciation,Impairments, and Depletion
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Ch. 11: Intangible Asset
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Ch. 12: Current Liabilities and Contingencies Ch.
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Ch.14:Stockholders’ Equity
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Ch.15:Dilutive SecuritiesandEarnings perShare Ch.
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Ch. 17: Revenue Recognition
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Ch.18 Accounting forIncome Taxes Ch.
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qq 19: Pensions qq
Ch. 20: Leases
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Ch. 21: Accounting Changes and Error Analysis
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Ch. 23: Full disclosure
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,Test Bank for Intermediate Accounting, 18th Edition 18e by Donald E. Kieso,Terry D. Warfield
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CHAPTER1 qq
All Chapters qq
✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF qq qq qq qq
FINANCIAL REPORTING qq qq
IFRS questions are available at the end of this chapter.
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TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial qq qq qq qq qq qq qq qq qq qq qq qq
information to those outside it.
q q qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
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2. Usersoffinancial reportsofacompanyusetheinformationprovidedby these reports tomakecapital
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
allocation decisions.
qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
3. Aneffectiveprocessofcapitalallocationprovidesanefficientmarketforbuyingandselling
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securities and obtaining and granting credit.
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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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
4. Investors are interested in financial reporting because it provides information that is usefulfor qq qq qq qq qq qq qq qq qq qq qq qq
making decisions.
qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
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5. Users of financial accounting statements have both coinciding and conflicting needs for
qq qq qq q q qq qq qq qq qq qq qq
information of various types.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting qq qq qq qq qq qq qq qq qq qq qq qq
Concepts have been issued to date.
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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
qq qq qq qq qq qq qq qq qq qq qq qq q q qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
q q qq qq qq
7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven board
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
members. qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are qq qq qq qq qq qq qq qq qq qq qq qq
usedbytheFASBindevelopingfuturestandardsoffinancialaccounting andreporting.
qq q qq qq qq qq qq qq q q q qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
q q qq qq qq
9. The FASB’s Codification creates a new set of GAAP. qq qq qq q q qq q q qq q q
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
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, 1 -2
qq qq TestBankforIntermediate Accounting,EighteenthEdition
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10. The objective of financial reporting is to report the plans made by a company to improve the
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productivity of its employees.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None q q qq qq qq
11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
qq qq qq qq qq qq qq qq qq qq qq qq
pronouncements over time.
qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
12. Ac onceptualframeworkis acoherentsystemofconcepts that flowfrom an objective.
q q q q qq q q qq qq qq qq qq q
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
qq qq qq qq qq qq qq qq qq qq qq
qconceptsusedinestablishing accountingstandards.
q q qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
14. The objective offinancial reporting servesas the foundation ofthe conceptual framework.
q qq qq qq qq q qq qq qq q qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
15. Users offinancials tatements are assumedtoneed nok nowledge ofbusinessand financialaccounting
qq q q qq q q q qq q qq qq q q
matters to understand theinformation contained in financial statements.
qq qq qq qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
16. Relevance and faithful representation are the two fundamental qualities that makeaccounting q q qq qq q q q q q q q q qq q q qq
information useful for decision-making.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
qq qq qq qq qq qq qq qq qq qq qq qq qq qq
q another. q
Ans: T, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
18. Timeliness and neutrality are two ingredients of relevance. qq qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
19. Verifiability and predictive value are two ingredients of faithful representation. qq qq q q qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
20. Revenues, gains, and distributions to owners all increase equity. q q qq qq q q qq qq qq q q
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA PC:
qq qq qq qq qq qq qq q q q q q q q q q q q q q q q q q q q q q q q q q q qq q q
None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
qq q q qq qq qq qq qq qq qq qq
21. Comprehensive income includes all changes in equity during a period except thoseresulting from qq qq qq qq q qq qq qq qq qq qq q
investments by owners and distributions to owners.
qq qq qq qq qq qq qq
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:
qq qq qq q q qq qq qq qq qq qq q q qq q q qq qq q q qq q q q q q q qq qq qq qq
Reporting & Control: Financial Statement Analysis, IFRS: None
q q qq qq qq qq qq qq qq
To get this COMPLETE PDFEmailus at
qq qq qq qq qq qq qqqq
qq
Intermediate Accounting, 18th Edition By
qq qq qq qq
qq Kieso,Warfield, Complete Chapters 1 To 23
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, TABLE OF CONTENTS q q q q
Ch. 1: The Environment and Conceptual Framework of Financial Reporting Ch. 2:
qq qq qq qq qq qq qq qq qq qq qq
qq Accounting Information System qq qq
Ch.3:Income Statement & Revenue Recognition Ch. 4:
q qq q qq qq q qq qq
qq Balance Sheet and Statement of Cash Flows Ch. 5: qq qq qq qq qq qq qq qq
qq Time Value of Money qq qq qq
Ch. 6: Cash and Accounts Receivable
qq qq qq qq qq
Ch. 7: Valuation ofInventories: A Cost-Basis Approach Ch.8:
qq qq qq q qq qq qq qq qq
Inventories:AdditionalValuationIssues
qq qq qq qq
Ch. 9: Acquisition andDisposition of Property, Plant, and Equipment Ch.
qq qq qq q qq qq qq qq qq qq
10: Depreciation,Impairments, and Depletion
qq qq qq qq qq
Ch. 11: Intangible Asset
qq qq qq
Ch. 12: Current Liabilities and Contingencies Ch.
qq qq qq qq qq qq
qq 13: Long-Term Liabilities
qq qq
Ch.14:Stockholders’ Equity
q qq qq
Ch.15:Dilutive SecuritiesandEarnings perShare Ch.
q q qq q qq qq qq qq
qq 16: Investments qq
Ch. 17: Revenue Recognition
qq qq qq
Ch.18 Accounting forIncome Taxes Ch.
q qq qq qq qq qq
qq 19: Pensions qq
Ch. 20: Leases
qq qq
To get thisCOMPLETE PDFEmailusat
qq qq qq qq qq qq qq
Ch. 21: Accounting Changes and Error Analysis
qq qq qq qq qq qq
qq Ch.22:Statementof CashFlows
q q q qq qq
Ch. 23: Full disclosure
qq qq qq
,Test Bank for Intermediate Accounting, 18th Edition 18e by Donald E. Kieso,Terry D. Warfield
q q q q q q q q q q q q q q q q q q q q q q q q q q
CHAPTER1 qq
All Chapters qq
✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF qq qq qq qq
FINANCIAL REPORTING qq qq
IFRS questions are available at the end of this chapter.
qq qq qq qq qq qq qq qq qq
TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial qq qq qq qq qq qq qq qq qq qq qq qq
information to those outside it.
q q qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
2. Usersoffinancial reportsofacompanyusetheinformationprovidedby these reports tomakecapital
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
allocation decisions.
qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
3. Aneffectiveprocessofcapitalallocationprovidesanefficientmarketforbuyingandselling
q q qq q qq q qq q q q q q q
securities and obtaining and granting credit.
qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
4. Investors are interested in financial reporting because it provides information that is usefulfor qq qq qq qq qq qq qq qq qq qq qq qq
making decisions.
qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
5. Users of financial accounting statements have both coinciding and conflicting needs for
qq qq qq q q qq qq qq qq qq qq qq
information of various types.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting qq qq qq qq qq qq qq qq qq qq qq qq
Concepts have been issued to date.
q q qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq q q qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
q q qq qq qq
7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven board
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
members. qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None
q q qq qq qq
8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are qq qq qq qq qq qq qq qq qq qq qq qq
usedbytheFASBindevelopingfuturestandardsoffinancialaccounting andreporting.
qq q qq qq qq qq qq qq q q q qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
q q qq qq qq
9. The FASB’s Codification creates a new set of GAAP. qq qq qq q q qq q q qq q q
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None
q q qq qq qq
, 1 -2
qq qq TestBankforIntermediate Accounting,EighteenthEdition
q q q qq q q
10. The objective of financial reporting is to report the plans made by a company to improve the
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
productivity of its employees.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Preparation, IFRS: None q q qq qq qq
11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
qq qq qq qq qq qq qq qq qq qq qq qq
pronouncements over time.
qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
12. Ac onceptualframeworkis acoherentsystemofconcepts that flowfrom an objective.
q q q q qq q q qq qq qq qq qq q
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
qq qq qq qq qq qq qq qq qq qq qq
qconceptsusedinestablishing accountingstandards.
q q qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
14. The objective offinancial reporting servesas the foundation ofthe conceptual framework.
q qq qq qq qq q qq qq qq q qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
15. Users offinancials tatements are assumedtoneed nok nowledge ofbusinessand financialaccounting
qq q q qq q q q qq q qq qq q q
matters to understand theinformation contained in financial statements.
qq qq qq qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
16. Relevance and faithful representation are the two fundamental qualities that makeaccounting q q qq qq q q q q q q q q qq q q qq
information useful for decision-making.
qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
qq qq qq qq qq qq qq qq qq qq qq qq qq qq
q another. q
Ans: T, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control: Financial
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
18. Timeliness and neutrality are two ingredients of relevance. qq qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
19. Verifiability and predictive value are two ingredients of faithful representation. qq qq q q qq qq qq qq qq qq
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
qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq qq
Statement Analysis, IFRS: None q q qq qq qq
20. Revenues, gains, and distributions to owners all increase equity. q q qq qq q q qq qq qq q q
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA PC:
qq qq qq qq qq qq qq q q q q q q q q q q q q q q q q q q q q q q q q q q qq q q
None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
qq q q qq qq qq qq qq qq qq qq
21. Comprehensive income includes all changes in equity during a period except thoseresulting from qq qq qq qq q qq qq qq qq qq qq q
investments by owners and distributions to owners.
qq qq qq qq qq qq qq
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:
qq qq qq q q qq qq qq qq qq qq q q qq q q qq qq q q qq q q q q q q qq qq qq qq
Reporting & Control: Financial Statement Analysis, IFRS: None
q q qq qq qq qq qq qq qq
To get this COMPLETE PDFEmailus at
qq qq qq qq qq qq qqqq
