Intermediate Accounting: Reporting and Analysis 4t
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Test Bank for Intermediate Accounting: Reporting and
Analysis 4th Edition by Wahlen A+
True / False
1. A problem arising from equal information is called information asymmetry.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
DATE MODIFIED: 4/14/2023 11:31 AM
2. The demand for relevant and reliable financial information stems from the needs of the
internal and external stakeholders.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
A+ Page 1
,Created By: A Solution
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
DATE MODIFIED: 4/14/2023 11:31 AM
3. The mission of the Securities and Exchange Commission is to protect investors, maintain
fair, orderly, and efficient markets, and assist in the formation of capital.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
DATE MODIFIED: 4/14/2023 11:31 AM
4. The SEC uses its authority to establish accounting standards, while also enforcing
regulations on companies, exchanges, and investors.
a. True
A+ Page 2
,Created By: A Solution
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
DATE MODIFIED: 4/14/2023 11:31 AM
5. The Financial Accounting Standards Board (FASB) began in 1973 after the AICPA
phased out the Accounting Principles Board (APB).
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.3 - LO: 1.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
A+ Page 3
, Created By: A Solution
DATE MODIFIED: 4/14/2023 11:31 AM
6. FASB’s Emerging Issues Task Force assists and advises the FASB by identifying and
addressing timely but more narrow and specific standard setting issues.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.3 - LO: 1.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN:
Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision
Modeling
KEYWORDS: Bloom's: Remember
DATE CREATED: 8/27/2018 10:46 AM
DATE MODIFIED: 4/14/2023 11:31 AM
7. The Codification is set up as a system of levels starting with sections, topics, and
subtopics.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
A+ Page 4
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