Intermediate Accounting 18th Edition Test Bank by (Kieso/Weygandt/ Warfield) All 23 Chapters Covered & Verified

TEST BANK
Intermediate Accounting, 18th Edition By
Kieso,Warfield, Complete Chapters 1 To 23

, TABLE OF CONTENTS

Ch. 1: The Environment and Conceptual Framework of Financial Reporting

Ch. 2: Accounting Information System

Ch. 3: Income Statement & Revenue Recognition

Ch. 4: Balance Sheet and Statement of Cash Flows

Ch. 5: Time Value of Money

Ch. 6: Cash and Accounts Receivable

Ch. 7: Valuation of Inventories: A Cost-Basis Approach

Ch. 8: Inventories: Additional Valuation Issues

Ch. 9: Acquisition and Disposition of Property, Plant, and Equipment

Ch. 10: Depreciation, Impairments, and Depletion

Ch. 11: Intangible Asset

Ch. 12: Current Liabilities and Contingencies

Ch. 13: Long-Term Liabilities

Ch. 14: Stockholders’ Equity

Ch. 15: Dilutive Securities and Earnings per Share

Ch. 16: Investments

Ch. 17: Revenue Recognition

Ch. 18 Accounting for Income Taxes

Ch. 19: Pensions

Ch. 20: Leases
To get this COMPLETE PDF Email us at
Ch. 21: Accounting Changes and Error Analysis


Ch. 22: Statement of Cash Flows

Ch. 23: Full disclosure

,

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

CHAPTER 1 All Chapters ✅

THE ENVIRONMENT AND CONCEPTUAL FRAMEWORKOF
FINANCIAL REPORTING
IFRS rquestions rare ravailable rat rthe rend rof rthis rchapter.

TRUE-FALSE—Conceptual
1. Financial statements are the principal means through which a company communicates its financial
information to those outside it.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Preparation, IFRS: None

2. Users of financial reports of a company use the information provided by these reports tomake
capital allocation decisions.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Preparation, IFRS: None

3. An effective process of capital allocation provides an efficient market for buyingandselling
securities and obtaining and granting credit.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Preparation, IFRS: None

4. Investors are interested in financial reporting because it provides information that is usefulfor
making decisions.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Preparation, IFRS: None

5. Users of financial accounting statements have both coinciding and conflicting needs for
information of various types.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Preparation, IFRS: None

6. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting
Concepts have been issued to date.
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 Statement Analysis, IFRS: None

7. The passage of a new FASB Accounting Standards Update requires the support of five ofthe seven
board members.
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 Statement Preparation, IFRS: None

8. Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are
used by the FASB in developing future standards of financial accounting and reporting.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Knowledge, AICPA BC: None, AICPA AC: Reporting, AICPA PC: None, IMA: Reporting & Control:
Financial Statement Analysis, IFRS: None

9. The FASB’s Codification creates a new set of GAAP.
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 Statement Analysis, IFRS: None

, 1 -2 Test Bank for Intermediate Accounting, Eighteenth Edition
10. The objective of financial reporting is to report the plans made by a company to improve the
productivity of its employees.
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 Statement Preparation, IFRS: None

11. A soundly developed conceptual framework enables the FASB to issue more useful andconsistent
pronouncements over time.
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 Statement Analysis, IFRS: None

12. A conceptual framework is a coherent system of concepts that flow from an objective.
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 Statement Analysis, IFRS: None

13. The first level of the conceptual framework identifies the recognition, measurement, anddisclosure
concepts used in establishing accounting standards.
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 Statement Analysis, IFRS: None


14. The objective of financial reporting serves as the foundation of the conceptual framework.
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 Statement Analysis, IFRS: None

15. Users of financial statements are assumed to need no knowledge of business and financialaccounting
matters to understand the information contained in financial statements.
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 Statement Analysis, IFRS: None

16. Relevance and faithful representation are the two fundamental qualities that
makeaccounting information useful for decision-making.
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 Statement Analysis, IFRS: None

17. The idea of consistency does not mean that companies cannot switch from one accountingmethod to
another.
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 Statement Analysis, IFRS: None

18. Timeliness and neutrality are two ingredients of relevance.
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 Statement Analysis, IFRS: None

19. Verifiability and predictive value are two ingredients of faithful representation.
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 Statement Analysis, IFRS: None

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

21. Comprehensive income includes all changes in equity during a period except thoseresulting from
investments by owners and distributions to owners.
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: Reporting & Control: Financial Statement Analysis, IFRS: None




To rget rthisrCOMPLETE rPDFrEmailrusr
rat