Intermediate Accounting Test Bank
k k k
bykadamtaft1k
CHAPTERk1
FINANCIALkACCOUNTINGkAND
ACCOUNTINGkSTANDARDS
IFRSkquestionskarekavailablekatkthekendkofkthiskchapter.
TRUE-FALSE—Conceptual
Answer
F
T
T
T
F
T
T
F
F
T
T
F
T
F
T
T
F
F
F
F
No.
1.
2.
3.
4.
5.
,6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Description
Definitionkofkfinancialkaccounting.
Purposekofkfinancialkstatements.
Definitionkofkfinancialkaccounting.
Capitalkallocationkprocess.
Objectivekofkfinancialkreporting.
Decision-Usefulnesskapproach.
Userskofkfinancialkstatements.
CommitteekonkAccountingkProcedure.
PassagekofkFASBkstandards.
FinancialkAccountingkConcepts.
CreationkofkAccountingkPrincipleskBoard.
FASBkCodification.
CodekofkProfessionalkConduct.
GAAPkandkpoliticalkaction.
PublickCompanykAccountingkOversightkBoard.
Expectationskgap.
Financialkreports.
Fairkvaluekinformation.
InternationalkFinancialkReportingkStandards.
Ethicalkissues.
MULTIPLEkCHOICE—Conceptual
Answer
,a
d
d
a
d
b
b
a
d
d
c
c
c
d
c
No.
Description
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
Financialkaccounting.
Userskofkfinancialkreports.
Identifykthekmajorkfinancialkstatements.
Financialkreportingkentity.
, Differenceskbetweenkfinancialkandkmanagerialkaccounting.
Financialkreportingkcommunication.
Managerialkaccounting.
Capitalkallocationkprocess.
Efficientkusekofkresources.
Capitalkallocationkprocess.
Financialkstatementkinformation.
Accountingkprofessionkchallenge.
Financialkreportingkobjective.
Financialkstatementskprimarykusers.
Investor’skdecisionkmaking.
k k k
bykadamtaft1k
CHAPTERk1
FINANCIALkACCOUNTINGkAND
ACCOUNTINGkSTANDARDS
IFRSkquestionskarekavailablekatkthekendkofkthiskchapter.
TRUE-FALSE—Conceptual
Answer
F
T
T
T
F
T
T
F
F
T
T
F
T
F
T
T
F
F
F
F
No.
1.
2.
3.
4.
5.
,6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Description
Definitionkofkfinancialkaccounting.
Purposekofkfinancialkstatements.
Definitionkofkfinancialkaccounting.
Capitalkallocationkprocess.
Objectivekofkfinancialkreporting.
Decision-Usefulnesskapproach.
Userskofkfinancialkstatements.
CommitteekonkAccountingkProcedure.
PassagekofkFASBkstandards.
FinancialkAccountingkConcepts.
CreationkofkAccountingkPrincipleskBoard.
FASBkCodification.
CodekofkProfessionalkConduct.
GAAPkandkpoliticalkaction.
PublickCompanykAccountingkOversightkBoard.
Expectationskgap.
Financialkreports.
Fairkvaluekinformation.
InternationalkFinancialkReportingkStandards.
Ethicalkissues.
MULTIPLEkCHOICE—Conceptual
Answer
,a
d
d
a
d
b
b
a
d
d
c
c
c
d
c
No.
Description
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
Financialkaccounting.
Userskofkfinancialkreports.
Identifykthekmajorkfinancialkstatements.
Financialkreportingkentity.
, Differenceskbetweenkfinancialkandkmanagerialkaccounting.
Financialkreportingkcommunication.
Managerialkaccounting.
Capitalkallocationkprocess.
Efficientkusekofkresources.
Capitalkallocationkprocess.
Financialkstatementkinformation.
Accountingkprofessionkchallenge.
Financialkreportingkobjective.
Financialkstatementskprimarykusers.
Investor’skdecisionkmaking.
