, CHAPTER 1 j u
THE CANADIAN ju
FINANCIAL REPORTING ENVIRONMENT ju ju
MULTIPLE CHOICE—Conceptualju
Answer No. Description
d 1. Accounting jucharacteristics.
a 2. Nature juof jufinancial juaccounting.
c 3. Definition juof jufinancial juaccounting.
a 4. Financial jureporting juentity.
d 5. Efficient juuse juof juresources.
d 6. Capital juallocation juprocess.
c 7. Assessing jumanagement justewardship.
c 8. Objectives juof jufinancial jureporting.
a 9. Role juof juAcSB.
c 10. Body juresponsible jufor jusetting juGAAP.
b 11. Preparation juof jubiased juinformation.
d 12. Parties juinstrumental juin judevelopment juof jureporting
justandards.
d 13. Stakeholders juin juthe jufinancial jureporting juenvironment..
a 14. ―Due juprocess‖.
d 15. Causes juof jusubprime julending jucrisis.
d 16. Management jubias.
b 17. Adoption juof juIFRS.
c 18. Role juof juOSC.
d 19. Definition juof juGAAP.
b 20. Changing junature juof juthe jueconomy.
d 21. Exercise juof juprofessional jujudgement.
c 22. Major jufactors juin juthe jureporting juenvironment.
a 23. Impact juof jutechnology juon jufinancial jureporting.
b 24. Nature juof juthe ju―Balanced juScorecard‖.
a 25. Responsibility jufor jufinancial justatements.
d 26. GAAP jufor juprivate juenterprises.
d 27. Reporting juprinciples
b 28. SOX.
a 29 AcSB‘s justandard jusetting juprocess
Test juBank Chapter ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
,1 ju- ju2 Test juBank jufor juIntermediate juAccounting, juNinth juCanadian
juEdition
EXERCISES
Item Description
E1-30 Objectives juof jufinancial jureporting.
E1-31 Role juof jusecurities jucommissions juand justock
juexchanges.u
jE1-32 User juneeds.
E1-33 Sources juof juGAAP.
E1-34 Standard juSetting.
E1-35 Challenges jufacing jufinancial jureporting.
E1-36 Stakeholders juin juthe jufinancial jureporting juenvironment.
Test Chapter
juBank ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
, The juCanadian juFinancial juReporting 1 ju- ju3
juEnvironment
MULTIPLE CHOICE—Conceptual
ju
1. The juessential jucharacteristic(s) juof juaccounting juis ju(are)
a. communication juof jufinancial juinformation juto juinterested jupersons.
b. communication juof jufinancial juinformation juabout jueconomic juentities.
c. identification, jumeasurement, juand jucommunication juof jufinancial juinformation.
d. all juof juthese.
2. Financial juaccounting juis juconcerned juwith juthe juprocess juthat juculminates juin
a. the jupreparation juof jufinancial jureports.
b. specialized jureports jufor juinventory jumanagement juand jucontrol.
c. specialized jureports jufor juincome jutax jucalculation juand jurecognition.
d. reports juon juchanges juin justock juprices juand jufuture juestimates juof jumarket juposition.
3. Financial j u accounting j u can j u be j u broadly j u defined j u as j u the j u area j u of j u accounting
j u that j u preparesu
jfinancial justatements juto jube juused
a by juparties juinternal juto juthe jubusiness juenterprise juonly.
b. by juinvestors juonly.
c. by juparties juboth juinternal juand juexternal juto juthe jubusiness juenterprise.
d. primarily juby jumanagement.
4. The juinformation juprovided juby jufinancial jureporting jupertains juto
a. individual jubusiness j u enterprises, jurather ju than juto j u industries j u or juan jueconomy juas j u a
ju whole ju orujto jumembers juof jusociety juas juconsumers.
b. business ju industries, jurather juthan juto j u individual ju enterprises j u or juan jueconomy j u as jua
ju whole ju oru jto jumembers juof jusociety juas juconsumers.
c. individual jubusiness juenterprises, juindustries, juand juan jueconomy juas jua juwhole, jurather
juthan ju tou
jmembers juof jusociety juas juconsumers.
d. an j u economy j u as j u a j u whole j u and j u to j u members j u of j u society j u as j u consumers,
j u rather j u than j u tou
jindividual juenterprises juor juindustries.
5. Whether jua jubusiness juis jusuccessful juand juthrives juis judetermined juby
a. free juenterprise.
b. competition.
c. markets.
d. all juof juthese.
6. An jueffective jucapital juallocation juprocess
a. encourages juinnovation.
b. promotes juproductivity.
c. provides juan juefficient juand juliquid jumarket jufor jubuying juand juselling jusecurities.
d. all juof juthese.
Test Chapter
juBank ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
THE CANADIAN ju
FINANCIAL REPORTING ENVIRONMENT ju ju
MULTIPLE CHOICE—Conceptualju
Answer No. Description
d 1. Accounting jucharacteristics.
a 2. Nature juof jufinancial juaccounting.
c 3. Definition juof jufinancial juaccounting.
a 4. Financial jureporting juentity.
d 5. Efficient juuse juof juresources.
d 6. Capital juallocation juprocess.
c 7. Assessing jumanagement justewardship.
c 8. Objectives juof jufinancial jureporting.
a 9. Role juof juAcSB.
c 10. Body juresponsible jufor jusetting juGAAP.
b 11. Preparation juof jubiased juinformation.
d 12. Parties juinstrumental juin judevelopment juof jureporting
justandards.
d 13. Stakeholders juin juthe jufinancial jureporting juenvironment..
a 14. ―Due juprocess‖.
d 15. Causes juof jusubprime julending jucrisis.
d 16. Management jubias.
b 17. Adoption juof juIFRS.
c 18. Role juof juOSC.
d 19. Definition juof juGAAP.
b 20. Changing junature juof juthe jueconomy.
d 21. Exercise juof juprofessional jujudgement.
c 22. Major jufactors juin juthe jureporting juenvironment.
a 23. Impact juof jutechnology juon jufinancial jureporting.
b 24. Nature juof juthe ju―Balanced juScorecard‖.
a 25. Responsibility jufor jufinancial justatements.
d 26. GAAP jufor juprivate juenterprises.
d 27. Reporting juprinciples
b 28. SOX.
a 29 AcSB‘s justandard jusetting juprocess
Test juBank Chapter ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
,1 ju- ju2 Test juBank jufor juIntermediate juAccounting, juNinth juCanadian
juEdition
EXERCISES
Item Description
E1-30 Objectives juof jufinancial jureporting.
E1-31 Role juof jusecurities jucommissions juand justock
juexchanges.u
jE1-32 User juneeds.
E1-33 Sources juof juGAAP.
E1-34 Standard juSetting.
E1-35 Challenges jufacing jufinancial jureporting.
E1-36 Stakeholders juin juthe jufinancial jureporting juenvironment.
Test Chapter
juBank ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
, The juCanadian juFinancial juReporting 1 ju- ju3
juEnvironment
MULTIPLE CHOICE—Conceptual
ju
1. The juessential jucharacteristic(s) juof juaccounting juis ju(are)
a. communication juof jufinancial juinformation juto juinterested jupersons.
b. communication juof jufinancial juinformation juabout jueconomic juentities.
c. identification, jumeasurement, juand jucommunication juof jufinancial juinformation.
d. all juof juthese.
2. Financial juaccounting juis juconcerned juwith juthe juprocess juthat juculminates juin
a. the jupreparation juof jufinancial jureports.
b. specialized jureports jufor juinventory jumanagement juand jucontrol.
c. specialized jureports jufor juincome jutax jucalculation juand jurecognition.
d. reports juon juchanges juin justock juprices juand jufuture juestimates juof jumarket juposition.
3. Financial j u accounting j u can j u be j u broadly j u defined j u as j u the j u area j u of j u accounting
j u that j u preparesu
jfinancial justatements juto jube juused
a by juparties juinternal juto juthe jubusiness juenterprise juonly.
b. by juinvestors juonly.
c. by juparties juboth juinternal juand juexternal juto juthe jubusiness juenterprise.
d. primarily juby jumanagement.
4. The juinformation juprovided juby jufinancial jureporting jupertains juto
a. individual jubusiness j u enterprises, jurather ju than juto j u industries j u or juan jueconomy juas j u a
ju whole ju orujto jumembers juof jusociety juas juconsumers.
b. business ju industries, jurather juthan juto j u individual ju enterprises j u or juan jueconomy j u as jua
ju whole ju oru jto jumembers juof jusociety juas juconsumers.
c. individual jubusiness juenterprises, juindustries, juand juan jueconomy juas jua juwhole, jurather
juthan ju tou
jmembers juof jusociety juas juconsumers.
d. an j u economy j u as j u a j u whole j u and j u to j u members j u of j u society j u as j u consumers,
j u rather j u than j u tou
jindividual juenterprises juor juindustries.
5. Whether jua jubusiness juis jusuccessful juand juthrives juis judetermined juby
a. free juenterprise.
b. competition.
c. markets.
d. all juof juthese.
6. An jueffective jucapital juallocation juprocess
a. encourages juinnovation.
b. promotes juproductivity.
c. provides juan juefficient juand juliquid jumarket jufor jubuying juand juselling jusecurities.
d. all juof juthese.
Test Chapter
juBank ju1
Copyright ju© ju2010 juJohn juWiley ju& juSons juCanada, juLtd. j u Unauthorized jucopying, judistribution, juor jutransmission juof juthis
jupage juis juprohibited
