Test Bank for Financial Accounting using IFRS, 23rd Edition by Wong, Hanlon.pdf

1n
Copyrightn©n2022nPearsonnEducation,nInc.n
IntermediatenAccounting,n3en(Gordon/Raedy/Sannella)nn
Chaptern1nnnThenFinancialnReportingnEnvironmentnn
n

1.1nnnOverviewnofnFinancialnReportingn
n

1)nThenfinancialnreportingnprocessngeneratesnthreenbasicnfinancialnstatements.nn
Answer:nnFALSEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

2)nThendemandnfornfinancialninformationnisnbasednonnmarketnparticipantndemand.n
Answer:nnTRUEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

3)nManagersnofneconomicnentitiesnarenbestnconsideredntonbenusersnofnfinancialninformation.n
Answer:nnFALSEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

4)nManagersnofneconomicnentitiesnarenbestnconsideredntonbenpreparersnofnfinancialninformati
on.n
Answer:nnTRUEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

5)nThenSecuritiesnandnExchangenCommissionn(SEC)nregulatesnfinancialnreportingnfornpublicly
ntradedn

companies.n
Answer:nnTRUEn
Diff:n2n
Objective:nn1.1n
IFRS/GAAP:nnGAAPn
AACSB:nnApplicationnofnknowledgen
n

6)nThenFASBngivesnthenSECnauthorityntonregulatenaccountingnfornpubliclyntradedncompanies.n
Answer:nnFALSEn

,Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAPn
AACSB:nnApplicationnofnknowledgen
n
n
n

DOWNLOADnTHEnTestnBanknfornIntermediatenAccountingn3rdnEditionnGordon
nursytestbank.store
2n
Copyrightn©n2022nPearsonnEducation,nInc.n
7)nThenPublicnCompanynAccountingnOversightnBoardn(PCAOB)nsetsnfinancialnaccountingnstan
dardsnandn
overseesnthenauditsnofnpublicncompaniesninnthenUnitednStates.n
Answer:nnFALSEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAPn
AACSB:nnApplicationnofnknowledgen
n

8)nFinancialnaccountingnstandardsninfluencenthenbehaviornofnmanagersnandnotherninternalnus
ers.n
Answer:nnTRUEn
Diff:n2n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

9)nTheoriesnandnproceduresnthatnevolvenasnanresultnofnlobbyingnfromnvariousngroupsnarenexa
mplesnofn
proactivenfactorsnwithinnthenlegal,neconomic,npolitical,nandnsocialnenvironment.n
Answer:nnFALSEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

10)nFinancialninformationnincludesninformationnthatnisnnotngovernednbynrulesnsetnforthnbynth
enaccountingn
standard-settingnbodies.nn
Answer:nnTRUEn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

11)nWhatnisnthentermnthatndescribesnthenprocessnofnidentifying,nmeasuring,nandncommunicat

,ingnfinancialn
informationnaboutnanneconomicnentityntonvariousnuserngroups?n
A)nfinancialnreportingn
B)naccountingnstandardnsettingn
C)nfinancialnstatementn
D)nfinancialnaccountingn
Answer:nnDn
Diff:n2n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n
n
n

DOWNLOADnTHEnTestnBanknfornIntermediatenAccountingn3rdnEditionnGordon
nursytestbank.store
3n
Copyrightn©n2022nPearsonnEducation,nInc.n
12)nWhichnelementnofnfinancialnaccountingninvolvesnidentifyingnthenindividualsnwhondeman
dnfinancialn
information?n
A)nfinancialninformationn
B)neconomicnentityn
C)nuserngroupsn
D)nlegal,neconomic,npolitical,nandnsocialnenvironmentn
Answer:nnCn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

13)nWhichnofnthenfollowingnisnnotnonenofnthenfournbasicnfinancialnstatements?n
A)nbalancensheetn
B)ntrialnbalancen
C)ncashnflowsnstatementn
D)nstatementnofncomprehensivenincomen
Answer:nnBn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

14)nWhichnorganizationnisnresponsiblenfornpromulgatingnU.S.nGAAP?n
A)nFinancialnAccountingnStandardsnBoardn
B)nPublicnCompanynAccountingnOversightnBoardn
C)nInternationalnAccountingnStandardsnBoardn

, D)nSecuritiesnandnExchangenCommissionn
Answer:nnAn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAP/IFRSn
AACSB:nnApplicationnofnknowledgen
n

15)nWhichnorganizationnisnresponsiblenfornsettingnauditingnstandardsnandnoverseeingnthenau
ditsnofnpublicn
companiesninnthenUnitednStates?n
A)nFinancialnAccountingnStandardsnBoardn
B)nPublicnCompanynAccountingnOversightnBoardn
C)nAmericannInstitutenofnCertifiednPublicnAccountantsn
D)nSecuritiesnandnExchangenCommissionn
Answer:nnBn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAPn
AACSB:nnApplicationnofnknowledgen
n
n
n

DOWNLOADnTHEnTestnBanknfornIntermediatenAccountingn3rdnEditionnGordon
nursytestbank.store
4n
Copyrightn©n2022nPearsonnEducation,nInc.n
16)nWhichnorganizationnpreparesnandngradesnthenUniformnCPAnExamination?n
A)nFinancialnAccountingnStandardsnBoardn
B)nPublicnCompanynAccountingnOversightnBoardn
C)nAmericannInstitutenofnCertifiednPublicnAccountantsn
D)nInternationalnAccountingnStandardsnBoardn
Answer:nnCn
Diff:n1n
Objective:nn1.1n
IFRS/GAAP:nnGAAPn
AACSB:nnApplicationnofnknowledgen
n

17)nWhichnofnthenfollowingnuserngroupsnconsistsnofnindividualsnthatnprovidenguidancentonoth
ersninn
makingninvestmentnandncreditndecisions?n
A)nfinancialnanalystsn
B)nequityninvestorsn
C)ncreditorsn
D)nsuppliersn
Answer:nnAn
Diff:n2n