Test Bank Intermediate Accounting, 18th Edition by Donald E. Kieso, Terry D. Warfield.pdf

TEST BANK d




Intermediate Accounting, 18th Edition By
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Kieso,Warfield, Complete Chapters 1 To 23
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, TABLE OF CONTENTS d d




Ch. 1: The Environment and Conceptual Framework of Financial Reporting
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d Ch. 2: Accounting Information System
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Ch. 3: Income Statement & Revenue Recognition
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d Ch. 4: Balance Sheet and Statement of Cash Flows
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d Ch. 5: Time Value of Money
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Ch. 6: Cash and Accounts Receivable
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Ch.7: Valuation ofInventories:A Cost-BasisApproach
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d Ch.8:Inventories:AdditionalValuationIssues
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Ch. 9: Acquisition and Disposition of Property, Plant, and Equipment
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d Ch. 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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d 13: Long-Term Liabilities
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Ch.14: Stockholders’ Equity
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Ch.15:Dilutive SecuritiesandEarningsperShare Ch.
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d 16: Investments
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Ch. 17: Revenue Recognition
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Ch. 18Accountingfor Income Taxes Ch.
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d 19: Pensions d




Ch. 20: Leases
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To getthis COMPLETE PDF Emailus at
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Ch. 21: Accounting Changes and Error Analysis
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d Ch. 22: Statement of Cash Flows
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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 d All Chapters d
✅

THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF d d d d




FINANCIAL REPORTING d




IFRS rquestions rare ravailable rat rthe rend rof rthis rchapter.
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TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial
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information to those outside it.
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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 &
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Control: Financial Statement Preparation, IFRS: None
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2. Usersoffinancialreports ofacompanyusetheinformationprovidedby these reportstomake
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capital allocation decisions.
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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 &
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Control: Financial Statement Preparation, IFRS: None
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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 &
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Control: Financial Statement Preparation, IFRS: None
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4. Investors are interested in financial reporting because it provides information that is usefulfor
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making decisions.
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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 &
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Control: Financial Statement Preparation, IFRS: None
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5. Users of financial accounting statements have both coinciding and conflicting needs for
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information of various types.
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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 &
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Control: Financial Statement Preparation, IFRS: None
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6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting
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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:
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Financial Statement Analysis, IFRS: None
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7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven
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board members.
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Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Preparation, IFRS: None
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8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are
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usedbytheFASBindevelopingfuturestandardsoffinancialaccounting andreporting.
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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 &
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Control: Financial Statement Analysis, IFRS: None
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9. The FASB’s Codification creates a new set of GAAP.
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Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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, 1 -2
d d TestBank for Intermediate Accounting, Eighteenth Edition
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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.
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Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Preparation, IFRS: None
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11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
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pronouncements over time.
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Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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12. Aconceptualframework isa coherentsystem of concepts that flowfrom an objective.
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Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
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concepts used in establishing accounting standards.
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Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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14. The objective of financial reporting servesas the foundation of the conceptual framework.
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Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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15. Usersoffinancialstatementsareassumedtoneedno knowledgeofbusinessandfinancialaccounting
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matters to understand the information contained in financial statements.
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Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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16. Relevance and faithful representation are the two fundamental qualities that d d d d d d d d d




makeaccountinginformation useful for decision-making.
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Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
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another.
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Ans: T, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
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Financial Statement Analysis, IFRS: None
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18. Timeliness and neutrality are two ingredients of relevance. d d d d d d d




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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19. Verifiability and predictive value are two ingredients of faithful representation. d d d d d d d d d




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting &
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Control: Financial Statement Analysis, IFRS: None
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20. Revenues, gains, and distributions to owners all increase equity. d d d d d d d d




Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation,
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AICPA PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
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21. Comprehensiveincome includesall changesinequity duringa periodexcept thoseresultingfrom d d d d d d d d d d d d




investments by owners and distributions to owners.
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Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA PC: None,
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IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
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