COMPLETE TEST BANK for Intermediate Accounting 18th edition by
Donald E. Kieso, Jerry J. Weygandt & Terry D. Warfield - Elaborated,
newest update
inancial aiAccounting aiand aiAccounting aiStandards
Assignment aiClassification aiTable ai(By aiTopic)
Topics Questions Brief Exercises Critical
aiExercises aiThinkin
g
1. Environment a i of 1,2, ai3,4 1 1 1
aiaccounting,
aiprinciples,
aiobjectives,
ai standards,
aiaccountingtheory.
2. Authoritative 5,6, ai7,8 2 2 2
aipronouncements
aiand airule-making
aibodies.
3. Conceptual aiframework- 9, ai 10 3 3,4
aigeneral, a i objective a i of
aifinancial aireporting.
4. Qualitative aicharacteristics 11,12, ai13, ai14, 3,4, ai5, ai6, 4,5,6 5, ai 10
aiof ai7
accounting. 15, ai16,17
5. Elements 18, ai19 8, ai9 7
aiof
aifinancial
aistatement
s.
6. Basic aiassumptions ai and 20, ai21, a i 22, 10, ai11, 4, a i 8, ai9, 6, ai 7, ai 8, ai 9,
ai23, ai12, a i 10, a i 11
principles. 24, ai25, a i 26, 13, ai14 11, ai12
a i 27,
28, a i 29,
a i 30,31
7. Cost a i constraint. 32,33,34
8. Role aiof aipressure aigroups. 35, ai36 12, ai14, a i 15,
ai 16,
17
9. Ethical ai issues. 37, ai38,39,40 13
5-1-1
, Assignment aiClassification aiTable ai(By aiLearning aiObjective)
Learning aiObjectives Questions Brief Exercises Critical
aiExercises aiThinking
1. Describe aithe aifinancial 1, ai2, ai3, ai4, 1, ai2 1, ai2 1
aireporting aienvironment, aimajor 5, ai6, ai7, ai8
aistandard- aisetting aibodies,
aiand aithe aimeaning aiof
aigenerally aiaccepted aiaccounting
aiprinciples ai(GAAP).
2. Describe aithe aicomponents aiand 9, a i 10, a i 11, 3, ai5, ai6, 3, ai4, a i 5, ai6, 2,3,4, ai5,
aiusefulness a i of aithe aiconceptual ai12, 7, ai8,9 ai 7 10
aiframework. 13, ai 14, ai15,
a i 16,
17, ai18, ai19
3. Discuss aithe ai basic ai assumptions 20, ai 21, a i 22, 4, a i 10, 8, ai9, a i 10, 6, ai 7, ai 8,
ai23, a i 11, ai11, a i 9,
and a i principles a i of a i accounting. 24, ai 25, ai26, 12, ai13, ai14 12 11, ai12
a i 27,
28, ai 29, ai31,
32, ai33, ai34
4. Identify aithe aimajor aichallenges 30, ai35, ai 36, 2 11, ai13,
aiin a i 37, ai 14,
the aifinancial a i reporting 38, ai39,40 15, ai16
environment.
Assignment aiCharacteristics aiTable ai(Time aion aiTask)
Item Description Level Time
aiof ai(minute
aiDifficult s)
y
E1.1 Need aifor a i GAAP. Simple 15-20
E1.2 Financial a i reporting ai and ai accounting Simple 15-20
a i standards.
E1.3 Usefulness, a i objective a i of aifinancial a i reporting. Simple 15-20
E1.4 Usefulness, a i objective aiof aifinancial a i reporting, Simple 15-20
aiqualitative aicharacteristics.
E1.5 Qualitative a i characteristics. Moderate 20-30
E1.6 Qualitative a i characteristics. Simple 15-20
E1.7 Elements a i of aifinancial a i statements. Simple 15-20
E1.8 Assumptions, aiprinciples, a i and aiconstraint. Simple 15-20
E1.9 Assumptions, aiprinciples, a i and aiconstraint. Moderate 20-25
E1.10 Full aidisclosure a i principle. Complex 20-25
E1.11 Accounting aiprinciples a i and a i assumptions- Moderate 20-25
5-1-2 Copyright ai© ai2022 Kieso, aiIntermediate aiAccounting, ai18/e, aiSolutions (For aiInstructor aiUse
aiWILEY aiManual aiOnly)
,E1.12 Accounting a i principles-comprehensive. Moderate 20-25
CT1.1 Securities a i and a i Exchange ai Commission. Moderate 30-40
CT1.2 Conceptual a i framework-general. Simple 20-25
CT1.3 Conceptual a i framework-general. Simple 25-35
CT1.4 Objective a i of aifinancial a i reporting. Moderate 25-35
CT1.5 Qualitative a i characteristics. Moderate 30-35
CT1.6 Revenue a i recognition a i principle. Complex 25-30
CT1.7 Expense a i recognition a i principle. Complex 20-25
CT1.8 Expense a i recognition a i principle. Moderate 20-25
CT1.9 Expense a i recognition a i principle. Moderate 20-30
CT1.10 Qualitative a i characteristics. Moderate 20-30
CT1.11 Expense a i recognition a i principle. Moderate 20-25
CT1.12 Cost a i Constraint. Moderate 30-35
CT1.13 Rule-making a i Issues. Complex 20-25
CT1.14 Models aifor a i setting a i GAAP. Simple 15-20
CT1.15 Economic a i consequences. Moderate 25-35
CT1.16 GAAP a i and a i economic a i consequences. Moderate 25-35
Answers aito aiQuestions
1. If aia aicompany‘s aifinancial aiperformance aiis aimeasured aiaccurately, aifairly, aiand aion aia aitimely
aibasis, aithe airight aimanagers aiand aicompanies aican aiattract aiinvestment aicapital. aiUnreliable aiand
aiirrelevant aiinformation aileads aito aipoor aicapital aiallocation, aiwhich aiadversely aiaffects aithe
aiefficiency aiof aithe aisecurities aimarket.
LO: ai1, aiBloom: aiK, aiDifficulty: aiSimple, aiTime: ai1-3, aiAACSB: aiCommunication, aiAICPA aiBC: aiNone, aiAICPA aiAC: aiReporting, aiAICPA aiPC: aiCommunication
2. The aiobjective aiof aigeneral aipurpose aifinancial aireporting aiis aito aiprovide aifinancial aiinformation
aiabout aithe aireporting aientity aithat aiis aiuseful aito aipresent aiand aipotential aiequity aiinvestors,
ailenders, aiand aiother aicreditors aiin aimaking aidecisions aiabout aiproviding airesources aito aithe
aientity aithrough aiequity aiinvestments aiand ailoans aior aiother aiforms aiof aicredit. aiInformation aithat
aiis aidecision-useful aito aicapital aiproviders ai(investors) aimay aialso aibe aiuseful aito aiother aiusers
aiof aifinancial aireporting aiwho aiare ainot aiinvestors.
LO: ai1, aiBloom: aiK, aiDifficulty: aiSimple, aiTime: ai3-5, aiAACSB: aiCommunication, aiAICPA aiBC: aiNone, aiAICPA aiAC: aiReporting, aiAICPA aiPC: aiDecision aiMaking
3. Investors aiare aiinterested aiin aifinancial aireporting aibecause aiit aiprovides aiinformation aithat aiis
aiuseful aifor aimaking aidecisions ai(referred aito aias aithe aidecision-usefulness aiapproach). aiWhen
aimaking aithese a i decisions, aiinvestors aiare aiinterested aiin aiassessing aithe aicompany‘s ai(1)
aiability aito aigenerate ainet aicash aiinflows aiand ai(2) aimanagement‘s aiability aito aiprotect aiand
aienhance aithe aicapital aiproviders‘ aiinvestments. aiFinancial aireporting aishould aitherefore aihelp
aiinvestors aiassess aithe aiamounts, aitiming, aiand aiuncertainty aiof aiprospective a i cash a i inflows
aifrom aidividends aior aiinterest, aiand aithe aiproceeds aifrom aithe a i sale, airedemption, aior aimaturity
aiof aisecurities aior ailoans. aiFor aiinvestors aito aimake aithese aiassessments, aithe aieconomic
airesources aiof aian aienterprise, aithe aiclaims aito aithose airesources, aiand aithe aichanges aiin aithem
aimust aibe aiunderstood.
LO: ai1, aiBloom: aiK, aiDifficulty: aiSimple, aiTime: ai3-5, aiAACSB: aiCommunication, aiAICPA aiBC: aiNone, aiAICPA aiAC: aiReporting, aiAICPA aiPC: aiDecision aiMaking
4. A aicommon aiset aiof aifinancial aiaccounting aiand aireporting aistandards aiapplied aiby aiall
5-1-3
, aibusinesses aiand aientities aishould aiproduce aifinancial aistatements aiwhich aiare aireasonably
aicomparable. aiWithout aia aicommon aiset aiof aistandards, aieach aienterprise aicould, aiand aiwould,
aidevelop a i a aitheory aistructure aiand aiset aiof a i practices, airesulting aiin ainoncomparability
aiamong aithe aifinancial aistatements aiof aienterprises.
LO: ai1, aiBloom: aiK, aiDifficulty: aiSimple, aiTime: ai3-5, aiAACSB: aiCommunication, aiAICPA aiBC: aiNone, aiAICPA aiAC: aiReporting, aiAICPA aiPC: aiCommunication
5. The aiSEC aihas aithe aipower aito aiprescribe, aiin aiwhatever aidetail aiit aidesires, aithe aiaccounting
aipractices aiand aiprinciples aito aibe aiemployed aiby aicompanies aithat aifall aiwithin aiits aijurisdiction.
aiBecause aithe aiSEC aireceives aiaudited aifinancial aistatements aifrom ainearly aiall aicompanies aithat
aiissue aisecurities aito aithe aipublic aior aiare ailisted aion aistock aiexchanges, aiit aiis aigreatly aiinterested aiin
aithe aicontent, aiaccuracy, aiand aicredibility aiof aithe aistatements. aiFor aimany aiyears, aithe aiSEC
airelied aion aithe aiAICPA aito airegulate aithe aiprofession aiand aidevelop aiand aienforce aiaccounting
a i principles. a i Lately, a i the a i SEC a i has a i assumed a i a a i more a i active a i role a i in a i the
a i development a i of
5-1-4 Copyright ai© ai2022 Kieso, aiIntermediate aiAccounting, ai18/e, aiSolutions (For aiInstructor aiUse
aiWILEY aiManual aiOnly)
