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TEST BANK For Intermediate Accounting 3rd Edition, byGordon, Raedy & Sannella, Verified Chapters 1 - 22,
Complete Newest Version
1) Which party involved in the financial reporting process provides assurance that
the financial statements prepared by management fairly present the financial
position and performance of the company? - ANSWER:External auditors
2) Which of the following types of information would be categorized as financial
information?
A) Asset values governed by accounting standards
B) Footnote disclosures in annual reports
C) Auditor's report
D) all of the above - ANSWER:D
What group or organization both protects investors and oversees the accounting
standard-setting process in the United States? - ANSWER:United States Security and
Exchange Commission
4) Which of the following statements correctly identifies accounting standard
setters?
A) The AICPA promulgates accounting standards in the U.S. and the IFRS issues
international accounting standards.
B) The AICPA promulgates accounting standards in the U.S. and the IASB issues
international accounting standards.
C) The FASB promulgates accounting standards in the U.S. and the IFRS issues
international accounting standards.
D) The FASB promulgates accounting standards in the U.S. and the IASB issues
international accounting standards. - ANSWER:D: The FASB promulgates accounting
standards in the U.S. and the IASB issues international accounting standards.
What is the definition of fair value? - ANSWER:The amount at which an asset could
be bought or sold in a current transaction between willing parties.
________ indicates whether financial information depicts an economic event in a
way that is complete, neutral, and free from error. - ANSWER:Faithful
Representation
Under U.S. GAAP, ________ is an example of a period-of-time element and appears
on the ________. - ANSWER:sales revenue; income statement
The process of reporting an economic event in the financial statements is known as
________. - ANSWER:recognition
, Shadow's Cleaning Service provides weekly cleaning services for $41 per week. In
January, they collected payments from 60 customers for 3 months (12 weeks) of
service each. For the month of January, they will recognize ________ of revenue
under the cash basis, and ________ under the accrual basis. - ANSWER:$29,520;
$9,840
If a company is facing a bankruptcy from which it is quite doubtful that the firm may
ever recover, which underlying assumption would not be valid?
A) going concern concept
B) periodicity assumption
C) economic entity concept
D) monetary unit assumption - ANSWER:A) going concern concept
Which underlying assumption presumes that the owner's personal residence should
not be included as an asset on the company balance sheet? - ANSWER:economic
entity concept
Which attribute of a fundamental characteristic makes explicit the assumption of the
full disclosure principle? - ANSWER:completeness
________ occurs when managers manipulate financial information and misrepresent
the firm's financial position and performance. - ANSWER:Earnings management
An attitude that includes a questioning mind and a critical assessment of audit
evidence is known as ________. - ANSWER:professional skepticism
Which of the following situations might influence management to intentionally bias
estimates for the financial statements and impede the use of good judgment?
A) Earnings are on track to surpass analysts' forecasts.
B) Management's bonuses are tied to net income.
C) Employees work for commission.
D) All of the above - ANSWER:B) Management's bonuses are tied to net income.
Caesar Company needs to purchase a new delivery truck. Rather than taking the
time to research which truck would best fit the company's needs, the manager calls
his friend to ask which truck he would recommend. The manager is exhibiting
________. - ANSWER:availability bias
Bill Smith is on assignment for his first audit, when he runs into an accounting
practice he's never dealt with before. Rather than asking a more experienced
colleague for advice, Bill decides he knows enough to handle it. After all, he passed
the CPA exam, didn't he? Bill is exhibiting ________. - ANSWER:overconfidence bias
Airlines Insider is a well-respected publication for the airline industry. The
publication prescribes a certain accounting treatment which differs from what is
indicated in the Codification. How should this be handled? - ANSWER:Follow the
treatment discussed in the Codification.
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