Test Bank For Intermediate Accounting 13th Edition Donald e Kieso|newest edition 2024/2025.
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Course
Intermediate Accounting, 13th Edition
Institution
Intermediate Accounting, 13th Edition
Test Bank For Intermediate Accounting 13th Edition Donald e Kieso|newest edition 2024/2025.Test Bank For Intermediate Accounting 13th Edition Donald e Kieso|newest edition 2024/2025.Test Bank For Intermediate Accounting 13th Edition Donald e Kieso|newest edition 2024/2025.Test Bank For Intermediate...
Test Bank for Intermediate Accounting, 13th
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Edition: Donald E. Kieso , Newest edition
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2024/2025
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, Chapter 1 Environment and Theoretical Structure of Financial Accounting
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1. The FASB’s conceptual framework lists relevance and timeliness as the two fundamental qualitative
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characteristics of decision-useful information.
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Answer: False
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Level of Learning: 1 Easy Learning Objective: 01-07
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Topic Area: Concepts―Qualitative characteristics Blooms: Remember
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AACSB: Reflective thinking Thinking
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AICPA: BB Critical
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AICPA: FN Measurement
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2. The monetary unit assumption requires that items in financial statements be measured in a particular monetary
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unit. ki
Answer: Trueki
Level of Learning: 1 Easy Learning Objective: 01-08
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Topic Area: GAAP―Underlying assumptions Blooms: Remember
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AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
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3. The periodicity assumption requires that present value calculations take into account the number of
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compounding periods in each year.
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Answer: False
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Level of Learning: 1 Easy Learning Objective: 01-08
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Topic Area: GAAP―Underlying assumptions Blooms: Remember
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AACSB: Reflective thinking AICPA: BB Critical Thinking AICPA: FN Measurement
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4. Determining fair value by calculating the present value of future cash flows is a level 1 type of input.
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Answer: False
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Level of Learning: 1 Easy Learning Objective: 01-09
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Topic Area: Concepts―Recognition–Measurement–Disclosure Blooms: Remember
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Topic Area: Concepts―Elements of financial statements Blooms: Remember
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AACSB: Reflective thinking
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AICPA: FN Measurement
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AICPA: BB Critical Thinking
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1–1
,Chapter 1 Environment and Theoretical Structure of Financial Accounting
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5. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the
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entityresponsible for setting auditing standards in the United States.
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Answer: True ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-05
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Topic Area: Encouraging high-quality financial
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reportingBlooms: Remember
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AACSB: Reflective ki
thinkingAICPA: BB Legal
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6. A rules-based approach to standard-setting stresses professional judgment as opposed
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tofollowing a list of rules.
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Answer: False ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-05
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Topic Area: Encouraging high-quality financial
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reportingBlooms: Remember
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AACSB: Reflective thinking ki ki
AICPA: BB Critical
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Thinking
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7. Under federal securities laws, the SEC has the authority to set accounting standards in
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theUnited States.
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Answer: True ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-03
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Topic Area: Development of accounting and reporting
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standardsBlooms: Remember
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AACSB: Reflective ki
thinkingAICPA: BB Legal
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8. The primary responsibility for properly applying GAAP when communicating with
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investorsand creditors through financial statements lies with a firm's auditors.
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Answer: False ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-05
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Topic Area: Encouraging high-quality financial reporting
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1–2
, Chapter 1 Environment and Theoretical Structure of Financial Accounting
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Blooms: Remember ki
AACSB: Reflective
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thinking
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AICPA: BB Critical Thinking ki ki ki
9. Auditors play an important role in the resource allocation process by adding credibility
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tofinancial statements.
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Answer: True ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-05
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Topic Area: Encouraging high-quality financial
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reportingBlooms: Understand
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AACSB: Reflective thinking ki ki
AICPA: BB Critical
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Thinking
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10. The purpose of the conceptual framework is to provide a structure and framework for
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aconsistent set of GAAP.
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Answer: True ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-06
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Topic Area: Conceptual
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framework―PurposeBlooms: Remember
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AACSB: Reflective thinking ki ki
AICPA: BB Critical
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Thinking
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11. In the United States the conceptual framework indicates GAAP when a more
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specificaccounting standard does not apply.
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Answer: False ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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01-06
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Topic Area: Conceptual
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framework―PurposeBlooms: Remember
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AACSB: Reflective thinking ki ki
AICPA: BB Critical
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Thinking
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12. Materiality can be affected by the dollar amount of an item, the nature of the item, or both.
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Answer: True ki
Level of Learning: 1 ki ki ki
EasyLearning Objective:
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1–3
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