Test Bank for Intermediate Accounting,
juki juki juki juki
13th Edition: Donald E. Kieso , Newest
juki juki juki juki juki juki juki
edition 2024/2025
juki juki
, Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
1. The FASB’s conceptual framework lists relevance and timeliness as the two fundamental qualitative
juki juki juki juki juki juki juki juki juki juki juki juki
characteristics of decision-useful information.
juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-07
juki juki juki juki juki juki juki
Topic Area: Concepts―Qualitative characteristics Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking Thinking
juki juki juki juki
AICPA: BB Critical
juki juki
AICPA: FN Measurement
juki juki
2. The monetary unit assumption requires that items in financial statements be measured in a particular
juki juki juki juki juki juki juki juki juki juki juki juki juki juki
monetary unit.juki juki
Answer: True juki
Level of Learning: 1 Easy Learning Objective: 01-08
juki juki juki juki juki juki juki
Topic Area: GAAP―Underlying assumptions Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
juki juki juki juki juki juki juki juki juki
3. The periodicity assumption requires that present value calculations take into account the number of
juki juki juki juki juki juki juki juki juki juki juki juki juki
compounding periods in each year.
juki juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-08
juki juki juki juki juki juki juki
Topic Area: GAAP―Underlying assumptions Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
juki juki juki juki juki juki juki juki juki
4. Determining fair value by calculating the present value of future cash flows is a level 1 type of inpu
juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-09
juki juki juki juki juki juki juki
Topic Area: Concepts―Recognition–Measurement–Disclosure Blooms: Remember
juki juki juki juki
Topic Area: Concepts―Elements of financial statements Blooms: Remember
juki juki juki juki juki juki juki
AACSB: Reflective thinking
juki juki juki
AICPA: FN Measurement
juki juki
AICPA: BB Critical Thinking
juki juki juki
1–1
,Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
5. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the
juki juki juki juki juki juki juki juki juki juki juki
entityresponsible for setting auditing standards in the United States.
juki juki juki juki juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Remember
juki juki juki
AACSB: Reflective juki
thinkingAICPA: BB Legal
juki juki juki juki
6. A rules-based approach to standard-setting stresses professional judgment as opposed
juki juki juki juki juki juki juki juki juki
tofollowing a list of rules.
juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
7. Under federal securities laws, the SEC has the authority to set accounting standards in
juki juki juki juki juki juki juki juki juki juki juki juki juki
theUnited States.
juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-03
juki
Topic Area: Development of accounting and reporting
juki juki juki juki juki juki
standardsBlooms: Remember
juki juki juki
AACSB: Reflective juki
thinkingAICPA: BB Legal
juki juki juki juki
8. The primary responsibility for properly applying GAAP when communicating with
juki juki juki juki juki juki juki juki juki
investorsand creditors through financial statements lies with a firm's auditors.
juki juki juki juki juki juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial reporting
juki juki juki juki juki
1–2
, Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
Blooms: Remember juki
AACSB: Reflective
juki juki
thinking
juki
AICPA: BB Critical Thinking juki juki juki
9. Auditors play an important role in the resource allocation process by adding credibility
juki juki juki juki juki juki juki juki juki juki juki juki
tofinancial statements.
juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Understand
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
10. The purpose of the conceptual framework is to provide a structure and framework
juki juki juki juki juki juki juki juki juki juki juki juki
for aconsistent set of GAAP.
juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-06
juki
Topic Area: Conceptual juki juki
framework―PurposeBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
11. In the United States the conceptual framework indicates GAAP when a more
juki juki juki juki juki juki juki juki juki juki juki
specificaccounting standard does not apply.
juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-06
juki
Topic Area: Conceptual juki juki
framework―PurposeBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
12. Materiality can be affected by the dollar amount of an item, the nature of the item, or both.
juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
1–3
juki juki juki juki
13th Edition: Donald E. Kieso , Newest
juki juki juki juki juki juki juki
edition 2024/2025
juki juki
, Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
1. The FASB’s conceptual framework lists relevance and timeliness as the two fundamental qualitative
juki juki juki juki juki juki juki juki juki juki juki juki
characteristics of decision-useful information.
juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-07
juki juki juki juki juki juki juki
Topic Area: Concepts―Qualitative characteristics Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking Thinking
juki juki juki juki
AICPA: BB Critical
juki juki
AICPA: FN Measurement
juki juki
2. The monetary unit assumption requires that items in financial statements be measured in a particular
juki juki juki juki juki juki juki juki juki juki juki juki juki juki
monetary unit.juki juki
Answer: True juki
Level of Learning: 1 Easy Learning Objective: 01-08
juki juki juki juki juki juki juki
Topic Area: GAAP―Underlying assumptions Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
juki juki juki juki juki juki juki juki juki
3. The periodicity assumption requires that present value calculations take into account the number of
juki juki juki juki juki juki juki juki juki juki juki juki juki
compounding periods in each year.
juki juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-08
juki juki juki juki juki juki juki
Topic Area: GAAP―Underlying assumptions Blooms: Remember
juki juki juki juki juki
AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
juki juki juki juki juki juki juki juki juki
4. Determining fair value by calculating the present value of future cash flows is a level 1 type of inpu
juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 Easy Learning Objective: 01-09
juki juki juki juki juki juki juki
Topic Area: Concepts―Recognition–Measurement–Disclosure Blooms: Remember
juki juki juki juki
Topic Area: Concepts―Elements of financial statements Blooms: Remember
juki juki juki juki juki juki juki
AACSB: Reflective thinking
juki juki juki
AICPA: FN Measurement
juki juki
AICPA: BB Critical Thinking
juki juki juki
1–1
,Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
5. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the
juki juki juki juki juki juki juki juki juki juki juki
entityresponsible for setting auditing standards in the United States.
juki juki juki juki juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Remember
juki juki juki
AACSB: Reflective juki
thinkingAICPA: BB Legal
juki juki juki juki
6. A rules-based approach to standard-setting stresses professional judgment as opposed
juki juki juki juki juki juki juki juki juki
tofollowing a list of rules.
juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
7. Under federal securities laws, the SEC has the authority to set accounting standards in
juki juki juki juki juki juki juki juki juki juki juki juki juki
theUnited States.
juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-03
juki
Topic Area: Development of accounting and reporting
juki juki juki juki juki juki
standardsBlooms: Remember
juki juki juki
AACSB: Reflective juki
thinkingAICPA: BB Legal
juki juki juki juki
8. The primary responsibility for properly applying GAAP when communicating with
juki juki juki juki juki juki juki juki juki
investorsand creditors through financial statements lies with a firm's auditors.
juki juki juki juki juki juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial reporting
juki juki juki juki juki
1–2
, Chapter 1 Environment and Theoretical Structure of Financial
juki j u k i juki juki juki juki juki
Accounting
juki
Blooms: Remember juki
AACSB: Reflective
juki juki
thinking
juki
AICPA: BB Critical Thinking juki juki juki
9. Auditors play an important role in the resource allocation process by adding credibility
juki juki juki juki juki juki juki juki juki juki juki juki
tofinancial statements.
juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-05
juki
Topic Area: Encouraging high-quality financial
juki juki juki juki
reportingBlooms: Understand
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
10. The purpose of the conceptual framework is to provide a structure and framework
juki juki juki juki juki juki juki juki juki juki juki juki
for aconsistent set of GAAP.
juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-06
juki
Topic Area: Conceptual juki juki
framework―PurposeBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
11. In the United States the conceptual framework indicates GAAP when a more
juki juki juki juki juki juki juki juki juki juki juki
specificaccounting standard does not apply.
juki juki juki juki juki juki
Answer: False juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
01-06
juki
Topic Area: Conceptual juki juki
framework―PurposeBlooms: Remember
juki juki juki
AACSB: Reflective thinking juki juki
AICPA: BB Critical
juki juki juki
Thinking
juki
12. Materiality can be affected by the dollar amount of an item, the nature of the item, or both.
juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki juki
Answer: True juki
Level of Learning: 1 juki juki juki
EasyLearning Objective:
juki juki juki
1–3
