Test bank
Intermediate Accounting Volume 1
8th Edition by Thomas H. Beechy and Conrod
All Chapters 1-11 Covered
,TABLE OF CONTENT
o o
Chapter 1: The Framework for Financial Reporting
o o o o o o
Chapter 2: Accounting Judgements
o o o
Chapter 3: Statements of Income and Comprehensive Income
o o o o o o o
Chapter 4: Statements of Financial Position and Changes in Equity; Disclosu
o o o o o o o o o o
re Notes
o
Chapter 5: The Statement of Cash Flows
o o o o o o
Chapter 6: Revenue Recognition
o o o
Chapter 7: Financial Assets: Cash and Receivables
o o o o o o
Chapter 8: Cost-Based Inventories and Cost of Sales
o o o o o o o
Chapter 9: Long-Lived Assets
o o o
,Chapter 10: Depreciation, Amortization, and Impairment
o o o o o
Chapter 11: Financial Instruments: Investments in Bonds and Equity Securiti
o o o o o o o o o
es
IntermediateoAccountingoVolumeo1o8EoThomasoH.oBeechy,oJoanoE.oConrod,oElizabethoFarrell,oIngri
, doMcLeod-Dick,oKaylaoTomulka,oRomi-LeeoSevel
Chapter 1- o
11 Answers are at the end of Each Chapter Chapter 1
o o o o o o o o o o
Student name:
o
1) Theomainopurposeoofofinancialoaccountingoisotoocommunicateousefulofinancialoinformationotoo
decision-makersobothoinsideoandooutsideoofotheobusinessoorganization.
⊚o true
⊚o false
2) TheoCanadianoBusinessoCorporationsoActomandatesothatoalloincorporatedocompaniesoi
noCanadaofollowoIFRS.
⊚o true
⊚o false
3) PrivateocompaniesoinoCanadaomayochooseobetweenoIFRSooroASPE.
⊚o true
⊚o false
4) Canadaohasoadaptedoitsoownopre-existingostandardsoforopublicocompaniesotooIFRS,owhileothe
U.SohasoadoptedoIFRSocompletely.
⊚o true
⊚o false
5) Aodisclosedobasisoofoaccountingo(DBA)oisoacceptableoifoaocompany'sofinancialostatementsoar
eopreparedosolelyoforointernalouse.
⊚o true
⊚o false
Intermediate Accounting Volume 1
8th Edition by Thomas H. Beechy and Conrod
All Chapters 1-11 Covered
,TABLE OF CONTENT
o o
Chapter 1: The Framework for Financial Reporting
o o o o o o
Chapter 2: Accounting Judgements
o o o
Chapter 3: Statements of Income and Comprehensive Income
o o o o o o o
Chapter 4: Statements of Financial Position and Changes in Equity; Disclosu
o o o o o o o o o o
re Notes
o
Chapter 5: The Statement of Cash Flows
o o o o o o
Chapter 6: Revenue Recognition
o o o
Chapter 7: Financial Assets: Cash and Receivables
o o o o o o
Chapter 8: Cost-Based Inventories and Cost of Sales
o o o o o o o
Chapter 9: Long-Lived Assets
o o o
,Chapter 10: Depreciation, Amortization, and Impairment
o o o o o
Chapter 11: Financial Instruments: Investments in Bonds and Equity Securiti
o o o o o o o o o
es
IntermediateoAccountingoVolumeo1o8EoThomasoH.oBeechy,oJoanoE.oConrod,oElizabethoFarrell,oIngri
, doMcLeod-Dick,oKaylaoTomulka,oRomi-LeeoSevel
Chapter 1- o
11 Answers are at the end of Each Chapter Chapter 1
o o o o o o o o o o
Student name:
o
1) Theomainopurposeoofofinancialoaccountingoisotoocommunicateousefulofinancialoinformationotoo
decision-makersobothoinsideoandooutsideoofotheobusinessoorganization.
⊚o true
⊚o false
2) TheoCanadianoBusinessoCorporationsoActomandatesothatoalloincorporatedocompaniesoi
noCanadaofollowoIFRS.
⊚o true
⊚o false
3) PrivateocompaniesoinoCanadaomayochooseobetweenoIFRSooroASPE.
⊚o true
⊚o false
4) Canadaohasoadaptedoitsoownopre-existingostandardsoforopublicocompaniesotooIFRS,owhileothe
U.SohasoadoptedoIFRSocompletely.
⊚o true
⊚o false
5) Aodisclosedobasisoofoaccountingo(DBA)oisoacceptableoifoaocompany'sofinancialostatementsoar
eopreparedosolelyoforointernalouse.
⊚o true
⊚o false
