Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Full)



CHAPTER 1

FINANCIAL ACCOUNTING AND

ACCOUNTING STANDARDS

IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual

Answer  No.  Description

F  1.  Definition of financial accounting.

T  2.  Purpose of financial statements.

T  3.  Definition of financial accounting.

T  4.  Capital allocation process.

F  5.  Objective of financial reporting.

T  6.  Decision-Usefulness approach.

T  7.  Users of financial statements.

F  8.  Committee on Accounting Procedure.

F  9.  Passage of new FASB statement.

T  10.  Statements of Financial Accounting Concepts.

T  11.  Creation of Accounting Principles Board.

F  12.  FASB Codification.

T  13.  Code of Professional Conduct.

F  14.  GAAP and political action.

T  15.  Public Company Accounting Oversight Board.

T  16.  Expectations gap.

F  17.  Financial reports.

F  18.  Fair value information.

F  19.  International Financial Reporting Standards.

F  20.  Ethical issues.

MULTIPLE CHOICE—Conceptual

Answer  No.  Description

a  21.  Financial accounting.

d  22.  Users of financial reports.

d  23.  Identify the major financial statements.

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Test Bank for Intermediate Accounting, Seventeenth Edition 1 - 2

a  24.  Financial reporting entity.

d  25.  Differences between financial and managerial accounting.

b  26.  Financial reporting communication.

b  27.  Managerial accounting.

a  28.  Capital allocation process.

d  29.  Efficient use of resources.

d  30.  Capital allocation process.

c  31.  Financial statement information.

c  32.  Accounting profession challenge.

c  33.  Financial reporting objective.

d  34.  Financial statements primary users.

c  35.  Investor’s decision making.

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Financial Accounting and Accounting Standards 1 - 3

MULTIPLE CHOICE—Conceptual  (cont.)

Answer  No.  Description

b  36.  Accrual accounting.

c  37.  Entity perspective.

c  38.  Meaning of “generally accepted.”

b  39.  Common set of standards and procedures.

a  40.  Limitation of general purpose financial statements.

c  41.  Securities and Exchange Commission and accounting standard setting.

d  42.  Due process in FASB standard setting.

d  43.  Organizations responsible for setting accounting standards.

b  44.  Reason for Accounting Principles Board creation

b  45.  Organization issuing Accounting Research Bulletins.

a  46.  Characteristic of GAAP.

c  47.  Characteristics of GAAP.

d  48.  FASB accounting standards.

c  49.  FASB standard passage.

b  50.  Purpose of Emerging Issues Task Force.

a  51.  AICPA role in standard setting.

c  52.  Role of SEC.

c  53.  Powers of the SEC.

d  54.  SEC enforcement.

d  55.  Creation of FASB.

d  56.  Appointment of FASB members.

a  57.  Purpose of the Financial Accounting Foundation.

b   58.  Characteristics of FASB.

b  59.  FASB and "due process" system.

b  60.  Publications of FASB.

c  61.  Purpose of FASB Technical Bulletins.

d  62.  Purpose of Emerging Issues Task Force.

b  63.  Role of the AICPA.

b  64.  Pronouncement issued by the APB.

c  65.  Standard setting organizations.

d  66.  Identification of standard setting organizations.

c  67.  Statements of financial accounting concepts.

d  68.  FASB members.

d  69.  FASB statement process.

d  70.  Nature of GAAP.

d  71.  Body which promulgates GAAP.

d  72.  Publications which are not GAAP.

d  73.  Publications which are not GAAP.

b  74.  Code for Professional Conduct Rule 203.

c  75.  Purpose of FASB staff position.

c  76.  Components of GAAP.

a  77.  Political environment of standard setting.

c  78.  International Accounting Standards Board

...







Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Chapter 1)


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Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Chapter 2)


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Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Full)


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CHAPTER 1

FINANCIAL ACCOUNTING AND

ACCOUNTING STANDARDS

IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual

Answer  No.  Description

F  1.  Definition of financial accounting.

T  2.  Purpose of financial statements.

T  3.  Definition of financial accounting.

T  4.  Capital allocation process.

F  5.  Objective of financial reporting.

T  6.  Decision-Usefulness approach.

T  7.  Users of financial statements.

F  8.  Committee on Accounting Procedure.

F  9.  Passage of new FASB statement.

T  10.  Statements of Financial Accounting Concepts.

T  11.  Creation of Accounting Principles Board.

F  12.  FASB Codification.

T  13.  Code of Professional Conduct.

F  14.  GAAP and political action.

T  15.  Public Company Accounting Oversight Board.

T  16.  Expectations gap.

F  17.  Financial reports.

F  18.  Fair value information.

F  19.  International Financial Reporting Standards.

F  20.  Ethical issues.

MULTIPLE CHOICE—Conceptual

Answer  No.  Description

a  21.  Financial accounting.

d  22.  Users of financial reports.

d  23.  Identify the major financial statements.

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Test Bank for Intermediate Accounting, Seventeenth Edition 1 - 2

a  24.  Financial reporting entity.

d  25.  Differences between financial and managerial accounting.

b  26.  Financial reporting communication.

b  27.  Managerial accounting.

a  28.  Capital allocation process.

d  29.  Efficient use of resources.

d  30.  Capital allocation process.

c  31.  Financial statement information.

c  32.  Accounting profession challenge.

c  33.  Financial reporting objective.

d  34.  Financial statements primary users.

c  35.  Investor’s decision making.

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Financial Accounting and Accounting Standards 1 - 3

MULTIPLE CHOICE—Conceptual  (cont.)

Answer  No.  Description

b  36.  Accrual accounting.

c  37.  Entity perspective.

c  38.  Meaning of “generally accepted.”

b  39.  Common set of standards and procedures.

a  40.  Limitation of general purpose financial statements.

c  41.  Securities and Exchange Commission and accounting standard setting.

d  42.  Due process in FASB standard setting.

d  43.  Organizations responsible for setting accounting standards.

b  44.  Reason for Accounting Principles Board creation

b  45.  Organization issuing Accounting Research Bulletins.

a  46.  Characteristic of GAAP.

c  47.  Characteristics of GAAP.

d  48.  FASB accounting standards.

c  49.  FASB standard passage.

b  50.  Purpose of Emerging Issues Task Force.

a  51.  AICPA role in standard setting.

c  52.  Role of SEC.

c  53.  Powers of the SEC.

d  54.  SEC enforcement.

d  55.  Creation of FASB.

d  56.  Appointment of FASB members.

a  57.  Purpose of the Financial Accounting Foundation.

b   58.  Characteristics of FASB.

b  59.  FASB and "due process" system.

b  60.  Publications of FASB.

c  61.  Purpose of FASB Technical Bulletins.

d  62.  Purpose of Emerging Issues Task Force.

b  63.  Role of the AICPA.

b  64.  Pronouncement issued by the APB.

c  65.  Standard setting organizations.

d  66.  Identification of standard setting organizations.

c  67.  Statements of financial accounting concepts.

d  68.  FASB members.

d  69.  FASB statement process.

d  70.  Nature of GAAP.

d  71.  Body which promulgates GAAP.

d  72.  Publications which are not GAAP.

d  73.  Publications which are not GAAP.

b  74.  Code for Professional Conduct Rule 203.

c  75.  Purpose of FASB staff position.

c  76.  Components of GAAP.

a  77.  Political environment of standard setting.

c  78.  International Accounting Standards Board

...







Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Chapter 1)


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Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Chapter 2)


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Test Bank for Intermediate Accounting, 17th Edition, Donald E. Kieso (Full)


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