TestjBankjforjAccountingjPrinciplesj14thjEditionjJerryjJ.j
Weygandt,j PauljD.jKimmel,jJilljE.jMitchell
j
,TestjBankjforjAccountingjPrinciples,j14thjEditionjbyjJerryjJ.jWeygandt,jPauljD.Kimmel
CHAPTER 1 j
ACCOUNTINGjINjACTION
CHAPTERjLEARNINGjOBJECTIVES
1. Identifyj thej activitiesj andj usersj associatedj withjaccounting.jAccountingj isj anjinformationj s
ystemj thatj identifies,j records,j andj communicatesj thej economicj eventsj ofj anj organizationj toj i
nterestedj users.j Thej majorj usersj andj usesj ofj accountingj arej asj follows:j (a)j Managementj usesj a
ccountingj informationj toj plan,j organize,j andj runj thej business.j (b)j Investorsj (owners)j decidej w
hetherj toj buy,jhold,jorj sellj theirj financialjinterestsjonj thej basisjofj accountingjdata.j(c)Creditorsj (s
uppliersj andj bankers)j evaluatej thej risksj ofj grantingj creditj orj lendingj moneyj onthej basisj ofj ac
countingj information.j Otherj groupsj thatj usej accountingj informationj arej taxingjauthorities,j reg
ulatoryjagencies,jcustomers,jandjlaborjunions.
2. Explainj thej buildingj blocksj ofj accounting:j ethics,j principles,j andj assumptions.j Ethicsj arej thej
standardsj ofj conductj byj whichj actionsj arej judgedj asj rightj orj wrong.j Effectivej financial reportingj
dependsjonjsoundjethicaljbehavior.
Generallyj acceptedj accountingj principlesj arej aj commonj setj ofj standardsj usedj byj accountants.j
Thej primaryj accountingj standard-
settingj bodyj inj thej Unitedj Statesj isj thej Financialj Accountingj StandardsjBoard.
3. Statejthejaccountingjequation,jandjdefinejitsjcomponents.jThejbasicjj accountingjequationjis:j
Assetsj=jLiabilitiesj+jOwner'sjEquity
Assetsj arej resourcesjjaj businessj owns.j Liabilitiesj arej creditorshipj claimsj onj totalj assets.
Owner'sjequityjisjthejownershipjclaimjonjtotaljassets.j Th
ejexpandedjaccountingjequationjis:
Assets Liabilitiesj+jOwner'sjCapital jOwner'sjDrawingsj+jRevenuesj
jExpenses
Investmentsj byj ownersj (assetsj thej ownerj putsj intoj thej business)j arej recordedj inj aj categoryj c
alledj owner’sj capital.j Owner’sj drawingsj arej thej withdrawaljofj assetsj byj thejownerj forj personalj u
se.jRevenuesjarejthejgrossjincreasejinjowner’sjequityjfromjbusinessjactivitiesjforj thejpurposejofj e
arningj income.j Expensesj arej thej costsj ofj assetsj consumedj orj servicesj usedj injthejprocessjofj ear
ningj revenue.j Owner’sj equityj isj increasedj byj anj owner’sj investmentsandjbyjrevenuesjfromj bus
inessj operations.j Owner’sj equityj isj decreasedj byj anj owner’sj withdrawalsj ofj assetsj andj byj exp
enses.
4. Analyzej thej effectsj ofj businessj transactionsj onj thej accountingj equation.j Eachj businessj trans
actionj mustj havej aj dualj effectj onj thej accountingj equation.j Forj example,j ifj anj individualj assetj
increases,j therej mustj bej aj correspondingj (1)jdecreasej inj anotherj asset,j orj (2)j increase inj aj specif
icjliability,jorj(3)jincreasejinjowner'sjequity.
5. Describej thej fourj financialjjstatementsj andj howjtheyj arej prepared.jAnjincomej statementj p
resentsj thej revenuesj andj expenses,j andj resultingj netj incomej orj netjj lossjj forjj ajj specificj periodj
ofj time.j Anj owner'sj equityj statementj summarizesj thej changesj inj owner'sj equityj forj aj specific
j periodj ofj time.j Aj balancej sheetj reportsj thej assets,j liabilities,j andj owner'sj equityj atj aj specificj
date.jAjstatementjofjcashjflowsjsummarizesjinformationjaboutjthejcashjinflowsj (receipts)j andjoutf
lowsj(payments)jforjajspecificjperiodjofjtime.
a6.j Explainj thej careerj opportunitiesj inj accounting.j Accountingj offersj manyj differentj jobsj inj fieldsj
suchj asj publicj andj privatej accounting,j governmental,j andj forensicj accounting.j Accountingj isj aj
popularjmajorjbecausej therejarejmanyjdifferentj typesjofjjobs,jwithjunlimitedj potentialjforjcareerj
, AccountingjinjAction 1j-j3
advancement.
TRUE-FALSEjSTATEMENTS
1. Ownersjofjbusinessjfirmsjarejthejonlyjpeoplejwhojneedjaccountingjinformation.
Ans:j F,j LO:j 1,j Bloom:j K,j Difficulty:j Easy,j Min:j 1,j AACSB:j None,j AICPAj BB:j Governancej Perspective,j AICPAj FC:j Reporting,j AICPAj PC:j None,j IMA:jReporting
2. Transactionsj thatj canj bej measuredj inj dollarsj andj centsj arej recordedj inj thej financialj
informationjsystem.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
3. Thej hiringj ofj aj newj companyj presidentj isj anj economicj eventj recordedj byj thej financial
j informationjsystem.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
4. Managementjofjajbusinessjenterprisejisjthejmajorjexternaljuserjofjinformation.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
5. Accountingj communicatesj financialj informationj aboutj aj businessj enterprisej toj bothinternalj
andjexternaljusers.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
6. Accountingjinformationjisjusedjonlyjbyjexternaljusersjwithjajfinancialjinterestj injabusiness
j enterprise.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
7. Financialj statementsj arej thej majorj meansj ofj communicatingj accountingj informationj toj
interestedjparties.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
8. Bookkeepingj andj accountingj arej onej andj thej samej becausej thej bookkeepingj functionj
includesjthejaccountingjprocess.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
9. ThejoriginsjofjaccountingjarejattributedjtojLucajPacioli,jajfamousjmathematician.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
, 1j-j4 TestjBankjforjAccountingjPrinciples,jFourteenthjEdition
10. Thejstudyjofjaccountingjisjnotjusefuljforjajbusinessjcareerjunlessjyourjcareerjobjectivejistoj
becomejanjaccountant.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
11. Ajworkingjknowledgejofjaccountingjisjnotjrelevantjtojajlawyerjorjanjarchitect.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
12. Identifyingjisjthejprocessjofjkeepingjajchronologicaljdiaryjofjeventsjmeasuredjinjdollarsj
andjcents.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
13. Managementjconsultingjincludesjexaminingjthejfinancialjstatementsjofjcompaniesjandj
expressingjanjopinionjasjtojthejfairnessjofjtheirjpresentation.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
14. Ajpartnershipjmustjhavejmorejthanjonejowner.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
15. Thej economicj entityj assumptionj requiresj thatj thej activitiesj ofj anj entityj bej keptj separatej
andjdistinctjfromjthejactivitiesjofjitsjownerjandjalljotherjeconomicjentities.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
16. Thej monetaryj unitj assumptionj statesj thatj transactionsj thatj canj bej measuredj inj termsj ofj
moneyjshouldjbejrecordedjinjthejaccountingjrecords.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
17. Accountantsj relyjonjajfundamentaljbusinessjconcept—ethicaljbehavior—
injreportingj financialjinformation.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
18. Thej primaryj accountingj standard-
settingj bodyj inj thej Unitedj Statesj isj thej Internationalj AccountingjStandardsjBoard.
Ans:jF,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
19. Thej FinancialjjAccountingjjStandardsjj Boardjjisjjaj partjjofjjthejjSecuritiesjjandjjExchangej
Weygandt,j PauljD.jKimmel,jJilljE.jMitchell
j
,TestjBankjforjAccountingjPrinciples,j14thjEditionjbyjJerryjJ.jWeygandt,jPauljD.Kimmel
CHAPTER 1 j
ACCOUNTINGjINjACTION
CHAPTERjLEARNINGjOBJECTIVES
1. Identifyj thej activitiesj andj usersj associatedj withjaccounting.jAccountingj isj anjinformationj s
ystemj thatj identifies,j records,j andj communicatesj thej economicj eventsj ofj anj organizationj toj i
nterestedj users.j Thej majorj usersj andj usesj ofj accountingj arej asj follows:j (a)j Managementj usesj a
ccountingj informationj toj plan,j organize,j andj runj thej business.j (b)j Investorsj (owners)j decidej w
hetherj toj buy,jhold,jorj sellj theirj financialjinterestsjonj thej basisjofj accountingjdata.j(c)Creditorsj (s
uppliersj andj bankers)j evaluatej thej risksj ofj grantingj creditj orj lendingj moneyj onthej basisj ofj ac
countingj information.j Otherj groupsj thatj usej accountingj informationj arej taxingjauthorities,j reg
ulatoryjagencies,jcustomers,jandjlaborjunions.
2. Explainj thej buildingj blocksj ofj accounting:j ethics,j principles,j andj assumptions.j Ethicsj arej thej
standardsj ofj conductj byj whichj actionsj arej judgedj asj rightj orj wrong.j Effectivej financial reportingj
dependsjonjsoundjethicaljbehavior.
Generallyj acceptedj accountingj principlesj arej aj commonj setj ofj standardsj usedj byj accountants.j
Thej primaryj accountingj standard-
settingj bodyj inj thej Unitedj Statesj isj thej Financialj Accountingj StandardsjBoard.
3. Statejthejaccountingjequation,jandjdefinejitsjcomponents.jThejbasicjj accountingjequationjis:j
Assetsj=jLiabilitiesj+jOwner'sjEquity
Assetsj arej resourcesjjaj businessj owns.j Liabilitiesj arej creditorshipj claimsj onj totalj assets.
Owner'sjequityjisjthejownershipjclaimjonjtotaljassets.j Th
ejexpandedjaccountingjequationjis:
Assets Liabilitiesj+jOwner'sjCapital jOwner'sjDrawingsj+jRevenuesj
jExpenses
Investmentsj byj ownersj (assetsj thej ownerj putsj intoj thej business)j arej recordedj inj aj categoryj c
alledj owner’sj capital.j Owner’sj drawingsj arej thej withdrawaljofj assetsj byj thejownerj forj personalj u
se.jRevenuesjarejthejgrossjincreasejinjowner’sjequityjfromjbusinessjactivitiesjforj thejpurposejofj e
arningj income.j Expensesj arej thej costsj ofj assetsj consumedj orj servicesj usedj injthejprocessjofj ear
ningj revenue.j Owner’sj equityj isj increasedj byj anj owner’sj investmentsandjbyjrevenuesjfromj bus
inessj operations.j Owner’sj equityj isj decreasedj byj anj owner’sj withdrawalsj ofj assetsj andj byj exp
enses.
4. Analyzej thej effectsj ofj businessj transactionsj onj thej accountingj equation.j Eachj businessj trans
actionj mustj havej aj dualj effectj onj thej accountingj equation.j Forj example,j ifj anj individualj assetj
increases,j therej mustj bej aj correspondingj (1)jdecreasej inj anotherj asset,j orj (2)j increase inj aj specif
icjliability,jorj(3)jincreasejinjowner'sjequity.
5. Describej thej fourj financialjjstatementsj andj howjtheyj arej prepared.jAnjincomej statementj p
resentsj thej revenuesj andj expenses,j andj resultingj netj incomej orj netjj lossjj forjj ajj specificj periodj
ofj time.j Anj owner'sj equityj statementj summarizesj thej changesj inj owner'sj equityj forj aj specific
j periodj ofj time.j Aj balancej sheetj reportsj thej assets,j liabilities,j andj owner'sj equityj atj aj specificj
date.jAjstatementjofjcashjflowsjsummarizesjinformationjaboutjthejcashjinflowsj (receipts)j andjoutf
lowsj(payments)jforjajspecificjperiodjofjtime.
a6.j Explainj thej careerj opportunitiesj inj accounting.j Accountingj offersj manyj differentj jobsj inj fieldsj
suchj asj publicj andj privatej accounting,j governmental,j andj forensicj accounting.j Accountingj isj aj
popularjmajorjbecausej therejarejmanyjdifferentj typesjofjjobs,jwithjunlimitedj potentialjforjcareerj
, AccountingjinjAction 1j-j3
advancement.
TRUE-FALSEjSTATEMENTS
1. Ownersjofjbusinessjfirmsjarejthejonlyjpeoplejwhojneedjaccountingjinformation.
Ans:j F,j LO:j 1,j Bloom:j K,j Difficulty:j Easy,j Min:j 1,j AACSB:j None,j AICPAj BB:j Governancej Perspective,j AICPAj FC:j Reporting,j AICPAj PC:j None,j IMA:jReporting
2. Transactionsj thatj canj bej measuredj inj dollarsj andj centsj arej recordedj inj thej financialj
informationjsystem.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
3. Thej hiringj ofj aj newj companyj presidentj isj anj economicj eventj recordedj byj thej financial
j informationjsystem.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
4. Managementjofjajbusinessjenterprisejisjthejmajorjexternaljuserjofjinformation.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
5. Accountingj communicatesj financialj informationj aboutj aj businessj enterprisej toj bothinternalj
andjexternaljusers.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
6. Accountingjinformationjisjusedjonlyjbyjexternaljusersjwithjajfinancialjinterestj injabusiness
j enterprise.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
7. Financialj statementsj arej thej majorj meansj ofj communicatingj accountingj informationj toj
interestedjparties.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
8. Bookkeepingj andj accountingj arej onej andj thej samej becausej thej bookkeepingj functionj
includesjthejaccountingjprocess.
Ans:jF,jLO:j1,jBloom:jC,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
9. ThejoriginsjofjaccountingjarejattributedjtojLucajPacioli,jajfamousjmathematician.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
, 1j-j4 TestjBankjforjAccountingjPrinciples,jFourteenthjEdition
10. Thejstudyjofjaccountingjisjnotjusefuljforjajbusinessjcareerjunlessjyourjcareerjobjectivejistoj
becomejanjaccountant.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
11. Ajworkingjknowledgejofjaccountingjisjnotjrelevantjtojajlawyerjorjanjarchitect.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
12. Identifyingjisjthejprocessjofjkeepingjajchronologicaljdiaryjofjeventsjmeasuredjinjdollarsj
andjcents.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
13. Managementjconsultingjincludesjexaminingjthejfinancialjstatementsjofjcompaniesjandj
expressingjanjopinionjasjtojthejfairnessjofjtheirjpresentation.
Ans:jF,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
14. Ajpartnershipjmustjhavejmorejthanjonejowner.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
15. Thej economicj entityj assumptionj requiresj thatj thej activitiesj ofj anj entityj bej keptj separatej
andjdistinctjfromjthejactivitiesjofjitsjownerjandjalljotherjeconomicjentities.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
16. Thej monetaryj unitj assumptionj statesj thatj transactionsj thatj canj bej measuredj inj termsj ofj
moneyjshouldjbejrecordedjinjthejaccountingjrecords.
Ans:jT,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
17. Accountantsj relyjonjajfundamentaljbusinessjconcept—ethicaljbehavior—
injreportingj financialjinformation.
Ans:jT,jLO:j1,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
18. Thej primaryj accountingj standard-
settingj bodyj inj thej Unitedj Statesj isj thej Internationalj AccountingjStandardsjBoard.
Ans:jF,jLO:j2,jBloom:jK,jDifficulty:jEasy,jMin:j1,jAACSB:jNone,jAICPAjBB:jGovernancejPerspective,jAICPAjFC:jMeasurementjAnalysisjandj I
nterpretation,jAICPAjPC:jNone,jIMA:jReporting
19. Thej FinancialjjAccountingjjStandardsjj Boardjjisjjaj partjjofjjthejjSecuritiesjjandjjExchangej
