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Test Bank for Intermediate Accounting, 18th Edition, by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield ISBN NO- ISBN NO- . Chapter 1-23 $15.99   Add to cart
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Test Bank for Intermediate Accounting, 18th Edition, by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield ISBN NO- ISBN NO- . Chapter 1-23
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Test Bank for Intermediate Accounting, 18th Edition, by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield ISBN NO-10 2 ISBN NO-13 978-6 . Chapter 1-23

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  • October 28, 2024
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  • intermediate accounting 18th edition by donald e
  • test bank for intermediate accounting 18th editio
  • test bank for intermediate accounting 18th editio

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TEST BANK
Intermediate Accounting, 18th Edition
by Kieso, Warfield Chapter 1 - 23 Complete

,Table of Contents
q q

1qTheqEnvironmentqandqConceptualqFrameworkqofqFinancialqReporting

2qTheqAccountingqInformationqSystem

3qIncomeqStatement,qRelatedqInformation,qandqRevenueqRecognition

4qBalanceqSheetqandqStatementqofqCashqFlows

5qAccountingqandqtheqTimeqValueqofqMoney

6qCashqandqReceivables

7qValuationqofqInventories:qAqCost-BasisqApproach

8qInventories:qAdditionalqValuationqIssues

9qAcquisitionqandqDispositionqofqProperty,qPlant,qandqEquipment

10qDepreciation,qImpairments,qandqDepletion

11qIntangibleqAssets

12qCurrentqLiabilitiesqandqContingencies

13qLong-TermqLiabilities

14qStockholders‘qEquity

15qDilutiveqSecuritiesqandqEarningsqperqShare

16qInvestments

17qRevenueqRecognition

18qAccountingqforqIncomeqTaxes

19qAccountingqforqPensionsqandqPostretirementqBenefits

20qAccountingqforqLeases

21qAccountingqChangesqandqErrorqAnalysis

22qStatementqofqCashqFlows

23qFullqDisclosureqinqFinancialqReportingq

, CHAPTER 1 q




THE ENVIRONMENT AND CONCEPTUAL FRAMEWORK
q q q q q


OF FINANCIAL REPORTING q q



IFRSqquestionsqareqavailableqatqtheqendqofqthisqchapter.


TRUE-FALSE—Conceptual
1. Financialqstatementsqareqtheqprincipalqmeansqthroughqwhichqaqcompanyqcommunicatesqitsqfi
nancialqinformationqtoqthoseqoutsideqit.
Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

2. Usersq ofq financialq reportsq ofq aq companyq useq theq informationq providedq byq theseq reportsq t
oqmakeqcapitalqallocationqdecisions.
Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

3. Anqeffectiveqprocessqofqcapitalqallocationqprovidesqanqefficientqmarketqforqbuyingqandqsellingq
securitiesqandqobtainingqandqgrantingqcredit.
Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

4. Investorsqareqinterestedqinqfinancialqreportingqbecauseqitqprovidesqinformationqthatqisqusefulqf
orqmakingqdecisions.
Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

5. Usersq ofq financialq accountingq statementsq haveq bothq coincidingq andq conflictingq needsq for
qinformationqofqvariousqtypes.

Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

6. AlthoughqtheqFASBqhasqdevelopedqaqconceptualqframework,qnoqStatementsqofqFinancialqAc
countingqConceptsqhaveqbeenqissuedqtoqdate.
Ans:qF,qLO:q1,qBloom:qK,qDifficulty:qModerate,qMin:q1,qAACSB:qKnowledge,qAICPAqBC:qNone,qAICPAqAC:qReporting,qAICPAqPC:qNone,qIMA:qRep
ortingq&q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

7. TheqpassageqofqaqnewqFASBqAccountingqStandardsqUpdateqrequiresqtheqsupportqofqfiveqofq t
heqsevenqboardqmembers.
Ans:q F,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

8. StatementsqofqFinancialqAccountingqConceptsqsetqforthqfundamentalqobjectivesqandq concept
sqthatqarequsedqbyqtheqFASBqinqdevelopingqfutureqstandardsqofqfinancialqaccountingqandqrep
orting.
Ans:q T,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

9. TheqFASB‘sqCodificationqcreatesqaqnewqsetqofqGAAP.
Ans:q F,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Re
portingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

, 1q-q2 TestqBankqforqIntermediateqAccounting,qEighteenthqEdition

10. Theqobjectiveqofqfinancialqreportingqisqtoqreportqtheqplansqmadeqbyqaqcompanyqtoqimproveqth
eqproductivityqofqitsqemployees.
Ans:q F,q LO:q 1,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqPreparation,qIFRS:qNone

11. Aq soundlyq developedq conceptualq frameworkq enablesq theq FASBq toq issueq moreq usefulq an
dqconsistentqpronouncementsqoverqtime.
Ans:q T,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

12. Aqconceptualqframeworkqisqaqcoherentqsystemqofqconceptsqthatqflowqfromqanqobjective.
Ans:q T,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

13. Theq firstq levelq ofq theq conceptualq frameworkq identifiesq theq recognition,q measurement,q an
dqdisclosureqconceptsqusedqinqestablishingqaccountingqstandards.
Ans:q F,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone


14. Theqobjectiveqofqfinancialqreportingqservesqasqtheqfoundationqofqtheqconceptualqframework.
Ans:q T,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

15. Usersqofqfinancialqstatementsqareqassumedqtoqneedqnoqknowledgeqofqbusinessqandqfinancial
qaccountingqmattersqtoqunderstandqtheqinformationqcontainedqinqfinancialqstatements.

Ans:q F,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

16. Relevanceq andq faithfulq representationq areq theq twoq fundamentalq qualitiesq thatq makeq
accountingqinformationqusefulqforqdecision-making.
Ans:q T,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

17. Theqideaqofqconsistencyqdoesqnotqmeanqthatqcompaniesqcannotqswitchqfromqoneqaccounting
qmethodqtoqanother.

Ans:qT,qLO:q2,qBloom:qC,qDifficulty:qModerate,qMin:q1,qAACSB:qKnowledge,qAICPAqBC:qNone,qAICPAqAC:qReporting,qAICPAqPC:qNone,qIMA:qRepor
tingq&q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

18. Timelinessqandqneutralityqareqtwoqingredientsqofqrelevance.
Ans:q F,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

19. Verifiabilityqandqpredictiveqvalueqareqtwoqingredientsqofqfaithfulqrepresentation.
Ans:q F,q LO:q 2,q Bloom:q K,q Difficulty:q Easy,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Reporting,q AICPAq PC:q None,q IMA:q Repo
rtingq &q Control:qFinancialqStatementqAnalysis,qIFRS:qNone

20. Revenues,qgains,qandqdistributionsqtoqownersqallqincreaseqequity.
Ans:q F,q LO:q 2,q Bloom:q C,q Difficulty:q Moderate,q Min:q 1,q AACSB:q Knowledge,q AICPAq BC:q None,q AICPAq AC:q Measurementq Analysisq andq Interpre
tation,q AICPAqPC:qNone,qIMA:qReportingq&qControl:qFinancialqStatementqAnalysis,qIFRS:qNone

21. Comprehensiveq incomeq includesq allq changesq inq equityq duringq aq periodq exceptq thos
eqresultingqfromqinvestmentsqbyqownersqandqdistributionsqtoqowners.
Ans:qT,qLO:q2,qBloom:qK,qDifficulty:qEasy,qMin:q1,qAACSB:qKnowledge,qAICPAqBC:qNone,qAICPAqAC:qMeasurementqAnalysisqandqInterpretation,q
AICPAq PC:qNone,qIMA:qReportingq&qControl:qFinancialqStatementqAnalysis,qIFRS:qNone

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