TEST BANK FOR Intermediate accounting, 9th Canadian Edition | LATEST

, CHAPTER 1 d




THE CANADIAN d



FINANCIAL REPORTING ENVIRONMENT
d d




MULTIPLE CHOICE—Conceptual
d


Answer No. Description
d 1. Accountingdcharacteristics.
a 2. Naturedofdfinancialdaccounting.
c 3. Definitiondofdfinancialdaccounting.
a 4. Financialdreportingdentity.
d 5. Efficientdusedofdresources.
d 6. Capitaldallocationdprocess.
c 7. Assessingdmanagementdstewardship.
c 8. Objectivesdofdfinancialdreporting.
a 9. RoledofdAcSB.
c 10. BodydresponsibledfordsettingdGAAP.
b 11. Preparationdofdbiaseddinformation.
d 12. Partiesdinstrumentaldinddevelopmentdofdreportingdstandards.
d 13. Stakeholdersdindthedfinancialdreportingdenvironment..
a 14. ―Duedprocess‖.
d 15. Causesdofdsubprimedlendingdcrisis.
d 16. Managementdbias.
b 17. AdoptiondofdIFRS.
c 18. RoledofdOSC.
d 19. DefinitiondofdGAAP.
b 20. Changingdnaturedofdthedeconomy.
d 21. Exercisedofdprofessionaldjudgement.
c 22. Majordfactorsdindthedreportingdenvironment.
a 23. Impactdofdtechnologydondfinancialdreporting.
b 24. Naturedofdthed―BalanceddScorecard‖.
a 25. Responsibilitydfordfinancialdstatements.
d 26. GAAPdfordprivatedenterprises.
d 27. Reportingdprinciples
b 28. SOX.
a 29 AcSB‘sdstandarddsettingdprocess




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,1d-d2 TestdBankdfordIntermediatedAccounting,dNinthdCanadiandEdition

EXERCISES
Item Description
E1-30 Objectivesdofdfinancialdreporting.
E1-31
Roledofdsecuritiesdcommissionsdanddstockdexchanges.d
E1-32 Userdneeds.
E1-33 SourcesdofdGAAP.
E1-34 StandarddSetting.
E1-35 Challengesdfacingdfinancialdreporting.
E1-36 Stakeholdersdindthedfinancialdreportingdenvironment.




TestdBank Chapterd1

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, ThedCanadiandFinancialdReportingdEnvironment 1d-d3

MULTIPLE CHOICE—Conceptual
d




1. Thedessentialdcharacteristic(s)dofdaccountingdisd(are)
a. communicationdofdfinancialdinformationdtodinteresteddpersons.
b. communicationdofdfinancialdinformationdaboutdeconomicdentities.
c. identification,dmeasurement,danddcommunicationdofdfinancialdinformation.
d. alldofdthese.

2. Financialdaccountingdisdconcerneddwithdthedprocessdthatdculminatesdin
a. thedpreparationdofdfinancialdreports.
b. specializeddreportsdfordinventorydmanagementdanddcontrol.
c. specializeddreportsdfordincomedtaxdcalculationdanddrecognition.
d. reportsdondchangesdindstockdpricesdanddfuturedestimatesdofdmarketdposition.

3. Financiald accountingd cand bed broadlyd definedd asd thed aread ofd accountingd thatd preparesdf
inancialdstatementsdtodbedused
a bydpartiesdinternaldtodthedbusinessdenterprisedonly.
b. bydinvestorsdonly.
c. bydpartiesdbothdinternaldanddexternaldtodthedbusinessdenterprise.
d. primarilydbydmanagement.

4. Thedinformationdprovideddbydfinancialdreportingdpertainsdto
a. individualdbusinessd enterprises,dratherdthandtod industriesd ordandeconomydasd adwholedordt
odmembersdofdsocietydasdconsumers.
b. businessd industries,dratherdthandtod individualdenterprisesd ordandeconomyd asdadwholedordt
odmembersdofdsocietydasdconsumers.
c. individualdbusinessdenterprises,dindustries,danddandeconomydasdadwhole,dratherdthandtod
membersdofdsocietydasdconsumers.
d. and economyd asd ad wholed andd tod membersd ofd societyd asd consumers,d ratherd thand todi
ndividualdenterprisesdordindustries.

5. Whetherdadbusinessdisdsuccessfuldanddthrivesdisddetermineddby
a. freedenterprise.
b. competition.
c. markets.
d. alldofdthese.

6. Andeffectivedcapitaldallocationdprocess
a. encouragesdinnovation.
b. promotesdproductivity.
c. providesdandefficientdanddliquiddmarketdfordbuyingdanddsellingdsecurities.
d. alldofdthese.




TestdBank Chapterd1

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