TEST BANK tu
Intermediate Accounting, 18th Edition By
tu tu tu tu
tu Kieso,Warfield, Complete Chapters 1 To 23
tu tu tu tu tu tu
, TABLE OF CONTENTS t u t u
Ch. 1: The Environment and Conceptual Framework of Financial Reporting Ch.
tu tu tu tu tu tu tu tu tu tu
tu 2: Accounting Information System
tu tu tu
Ch. 3: Income Statement & Revenue Recognition Ch.
tu tu tu tu tu tu tu
tu 4: Balance Sheet and Statement of Cash Flows Ch. 5:
tu tu tu tu tu tu tu tu tu
tu Time Value of Money tu tu tu
Ch. 6: Cash and Accounts Receivable
tu tu tu tu tu
Ch. 7: Valuation of Inventories: A Cost-Basis Approach Ch.
tu tu tu tu tu tu tu tu
8: Inventories: Additional Valuation Issues
tu tu tu tu tu
Ch. 9: Acquisition and Disposition of Property, Plant, and Equipment Ch.
tu tu tu tu tu tu tu tu tu tu
10: Depreciation, Impairments, and Depletion
tu tu tu tu tu
Ch. 11: Intangible Asset
tu tu tu
Ch. 12: Current Liabilities and Contingencies Ch.
tu tu tu tu tu tu
13: Long-Term Liabilities
tu tu tu
Ch. 14: Stockholders’ Equity
tu tu tu
Ch. 15:Dilutive Securities and Earnings per Share Ch.
tu tu tu tu tu tu tu tu
tu 16: Investments tu
Ch. 17: Revenue Recognition
tu tu tu
Ch. 18 Accounting for Income Taxes Ch.
tu tu tu tu tu tu
tu 19: Pensions tu
Ch. 20: Leases tu tu
To get this COMPLETE PDF Email us at
tu tu tu tu tu tu tu
Ch. 21: Accounting Changes and Error Analysis
tu tu tu tu tu tu
tu
tu Ch. 22: Statement of Cash Flows
tu tu tu tu tu
Ch. 23: Full disclosure
tu tu tu
,Test Bank for Intermediate Accounting, 18th Edition 18e by Donald E. Kieso,Terry D. Warfield
t u t u t u t u t u t u t u t u t u t u t u t u t u
CHAPTER 1 tu All Chapters tu
✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF tu tu tu tu
FINANCIAL REPORTING tu tu
IFRS questions are available at the end of this chapter.
tu tu tu tu tu tu tu tu tu
TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial
tu tu tu tu tu tu tu tu tu tu tu tu
information to those outside it.
t u tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
2. Users of financial reports of a company use the information provided by these reports tomake
tu tu tu tu tu tu tu tu tu tu tu tu tu tu
capital allocation decisions.
tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
3. Aneffectiveprocess ofcapitalallocationprovides anefficientmarketforbuyingandselling
tu tu tu tu tu tu tu tu tu tu tu tu tu
securities and obtaining and granting credit.
tu tu tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
4. Investors are interested in financial reporting because it provides information that is usefulfor
tu tu tu tu tu tu tu tu tu tu tu tu
making decisions.
tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
5. Users of financial accounting statements have both coinciding and conflicting needs for
tu tu tu tu tu tu tu tu tu tu tu
information of various types.
tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting
tu tu tu tu tu tu tu tu tu tu tu tu
Concepts have been issued to date.
t u tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None
t u tu tu tu
7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
board members.
tu tu
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are tu tu tu tu tu tu tu tu tu tu tu tu
usedby the FASB in developing future standards offinancial accounting and reporting.
tu tu tu tu tu tu tu tu tu tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Analysis, IFRS: None
tu t u tu tu tu
9. The FASB’s Codification creates a new set of GAAP.
tu tu tu tu tu tu tu tu
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Analysis, IFRS: None
tu t u tu tu tu
, 1 -2
tu tu TestBankfor Intermediate Accounting, Eighteenth Edition
tu tu tu tu tu tu
10. The objective of financial reporting is to report the plans made by a company to improve the
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
productivity of its employees.
tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Preparation, IFRS: Nonet u tu tu tu
11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
tu tu tu tu tu tu tu tu tu tu tu tu
pronouncements over time.
tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
12. A conceptual framework is a coherent system of concepts that flow from an objective.
tu tu tu tu tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
tu tu tu tu tu tu tu tu tu tu tu
tconcepts used in establishing accounting standards.
u tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
14. The objective of financial reporting serves as the foundation of the conceptual framework.
tu tu tu tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
15. Users of financial statements are assumed to need no knowledge of business and financialaccounting
tu tu tu tu tu tu tu tu tu tu tu tu tu
matters to understand the information contained in financial statements.
tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
16. Relevance and faithful representation are the two fundamental qualities that t u tu tu t u t u t u t u tu t u
makeaccounting information useful for decision-making.
tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
tu tu tu tu tu tu tu tu tu tu tu tu tu tu
t another.u
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
18. Timeliness and neutrality are two ingredients of relevance. tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
19. Verifiability and predictive value are two ingredients of faithful representation. tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
20. Revenues, gains, and distributions to owners all increase equity. tu tu tu tu tu tu tu tu
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
tu tu tu tu tu tu tu t u t u t u t u t u t u t u t u t u t u t u t u t u tu
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
t u tu t u tu tu tu tu tu tu tu tu
21. Comprehensive income includes all changes in equity during a period except thoseresulting from tu tu tu tu tu tu tu tu tu tu tu tu
investments by owners and distributions to owners.
tu tu tu tu tu tu tu
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:
tu tu tu tu tu tu tu tu tu tu t u tu t u tu tu t u tu t u t u t u tu tu tu tu
Reporting & Control: Financial Statement Analysis, IFRS: None
t u tu tu tu tu tu tu tu
To get this COMPLETE PDF Email us at
tu tu tu tu tu tu tutu
tu
Intermediate Accounting, 18th Edition By
tu tu tu tu
tu Kieso,Warfield, Complete Chapters 1 To 23
tu tu tu tu tu tu
, TABLE OF CONTENTS t u t u
Ch. 1: The Environment and Conceptual Framework of Financial Reporting Ch.
tu tu tu tu tu tu tu tu tu tu
tu 2: Accounting Information System
tu tu tu
Ch. 3: Income Statement & Revenue Recognition Ch.
tu tu tu tu tu tu tu
tu 4: Balance Sheet and Statement of Cash Flows Ch. 5:
tu tu tu tu tu tu tu tu tu
tu Time Value of Money tu tu tu
Ch. 6: Cash and Accounts Receivable
tu tu tu tu tu
Ch. 7: Valuation of Inventories: A Cost-Basis Approach Ch.
tu tu tu tu tu tu tu tu
8: Inventories: Additional Valuation Issues
tu tu tu tu tu
Ch. 9: Acquisition and Disposition of Property, Plant, and Equipment Ch.
tu tu tu tu tu tu tu tu tu tu
10: Depreciation, Impairments, and Depletion
tu tu tu tu tu
Ch. 11: Intangible Asset
tu tu tu
Ch. 12: Current Liabilities and Contingencies Ch.
tu tu tu tu tu tu
13: Long-Term Liabilities
tu tu tu
Ch. 14: Stockholders’ Equity
tu tu tu
Ch. 15:Dilutive Securities and Earnings per Share Ch.
tu tu tu tu tu tu tu tu
tu 16: Investments tu
Ch. 17: Revenue Recognition
tu tu tu
Ch. 18 Accounting for Income Taxes Ch.
tu tu tu tu tu tu
tu 19: Pensions tu
Ch. 20: Leases tu tu
To get this COMPLETE PDF Email us at
tu tu tu tu tu tu tu
Ch. 21: Accounting Changes and Error Analysis
tu tu tu tu tu tu
tu
tu Ch. 22: Statement of Cash Flows
tu tu tu tu tu
Ch. 23: Full disclosure
tu tu tu
,Test Bank for Intermediate Accounting, 18th Edition 18e by Donald E. Kieso,Terry D. Warfield
t u t u t u t u t u t u t u t u t u t u t u t u t u
CHAPTER 1 tu All Chapters tu
✅
THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF tu tu tu tu
FINANCIAL REPORTING tu tu
IFRS questions are available at the end of this chapter.
tu tu tu tu tu tu tu tu tu
TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial
tu tu tu tu tu tu tu tu tu tu tu tu
information to those outside it.
t u tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
2. Users of financial reports of a company use the information provided by these reports tomake
tu tu tu tu tu tu tu tu tu tu tu tu tu tu
capital allocation decisions.
tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
3. Aneffectiveprocess ofcapitalallocationprovides anefficientmarketforbuyingandselling
tu tu tu tu tu tu tu tu tu tu tu tu tu
securities and obtaining and granting credit.
tu tu tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
4. Investors are interested in financial reporting because it provides information that is usefulfor
tu tu tu tu tu tu tu tu tu tu tu tu
making decisions.
tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
5. Users of financial accounting statements have both coinciding and conflicting needs for
tu tu tu tu tu tu tu tu tu tu tu
information of various types.
tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting
tu tu tu tu tu tu tu tu tu tu tu tu
Concepts have been issued to date.
t u tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None
t u tu tu tu
7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
board members.
tu tu
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Preparation, IFRS: None
tu t u tu tu tu
8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are tu tu tu tu tu tu tu tu tu tu tu tu
usedby the FASB in developing future standards offinancial accounting and reporting.
tu tu tu tu tu tu tu tu tu tu tu tu tu
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Analysis, IFRS: None
tu t u tu tu tu
9. The FASB’s Codification creates a new set of GAAP.
tu tu tu tu tu tu tu tu
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Financial Statement Analysis, IFRS: None
tu t u tu tu tu
, 1 -2
tu tu TestBankfor Intermediate Accounting, Eighteenth Edition
tu tu tu tu tu tu
10. The objective of financial reporting is to report the plans made by a company to improve the
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
productivity of its employees.
tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Preparation, IFRS: Nonet u tu tu tu
11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
tu tu tu tu tu tu tu tu tu tu tu tu
pronouncements over time.
tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
12. A conceptual framework is a coherent system of concepts that flow from an objective.
tu tu tu tu tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
tu tu tu tu tu tu tu tu tu tu tu
tconcepts used in establishing accounting standards.
u tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
14. The objective of financial reporting serves as the foundation of the conceptual framework.
tu tu tu tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
15. Users of financial statements are assumed to need no knowledge of business and financialaccounting
tu tu tu tu tu tu tu tu tu tu tu tu tu
matters to understand the information contained in financial statements.
tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
16. Relevance and faithful representation are the two fundamental qualities that t u tu tu t u t u t u t u tu t u
makeaccounting information useful for decision-making.
tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
tu tu tu tu tu tu tu tu tu tu tu tu tu tu
t another.u
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
18. Timeliness and neutrality are two ingredients of relevance. tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
19. Verifiability and predictive value are two ingredients of faithful representation. tu tu tu tu tu tu tu tu tu
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
tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu
Statement Analysis, IFRS: None t u tu tu tu
20. Revenues, gains, and distributions to owners all increase equity. tu tu tu tu tu tu tu tu
Ans: F, LO: 2, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA
tu tu tu tu tu tu tu t u t u t u t u t u t u t u t u t u t u t u t u t u tu
PC: None, IMA: Reporting & Control: Financial Statement Analysis, IFRS: None
t u tu t u tu tu tu tu tu tu tu tu
21. Comprehensive income includes all changes in equity during a period except thoseresulting from tu tu tu tu tu tu tu tu tu tu tu tu
investments by owners and distributions to owners.
tu tu tu tu tu tu tu
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:
tu tu tu tu tu tu tu tu tu tu t u tu t u tu tu t u tu t u t u t u tu tu tu tu
Reporting & Control: Financial Statement Analysis, IFRS: None
t u tu tu tu tu tu tu tu
To get this COMPLETE PDF Email us at
tu tu tu tu tu tu tutu
tu
