Test Bank - Intermediate Accounting 18th Edition 18e by Donald E. Kieso Terry D. Warfield All Chapters Complete Guide A+

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algAccountinggPartg1
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ISBNg978-621-95096-0-2


Publishedgby:
BANDOLINgENTERPRISE
No.g100gMontebellogVillage,gBakakenggSur,gBaguiogCityg2600,gPhilippines

TABLEgOFgCONTENTS

CHAPTERg1
OVERVIEWgOFgACCOUNTING .......................................................... 3
CHAPTERg 1:gTHEORYg OFg ACCOUNTSg REVIEWER ............................................ 3
CHAPTERg 1g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 22
CHAPTERg2
THEgACCOUNTINGgPROCESS ......................................................... 24
CHAPTERg 2:g MULTIPLEg CHOICEg –gCOMPUTATIONALg (SETgB)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 24
CHAPTERg 2:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 26
CHAPTERg 2g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 36
CHAPTERg3
THEgCONCEPTUALgFRAMEWORKgFORgFINANCIALgREPORTINGg36
CHAPTERg 3:g MULTIPLEg CHOICEg –gCOMPUTATIONALg (SETgB)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 36
CHAPTERg 3:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 37
CHAPTERg 3g -g SUGGESTEDg ANSWERSg TOg REVIEWg THEORYg QUESTIONS . 54
CHAPTERg4
CASHg&gCASHgEQUIVALENTS ...................................................... 54
CHAPTERg 4:g MULTIPLEg CHOICEg –gCOMPUTATIONALg (SETgB)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 54
CHAPTERg 4:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 57
CHAPTERg 4g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 65
CHAPTERg5
RECEIVABLESg(PARTg1) ................................................................. 66
CHAPTERg 5:g MULTIPLEg CHOICEg –gCOMPUTATIONALg (SETgB)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 66
CHAPTERg 5:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 69
CHAPTERg 5g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 75
CHAPTERg6
RECEIVABLESg(PARTg2) ................................................................. 75
CHAPTERg 6:g MULTIPLEg CHOICEg –gCOMPUTATIONALg (SETgB)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 75
CHAPTERg 6:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 78
CHAPTERg 6g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 82
CHAPTERg7

, CHAPTERg 7:gTHEORYg OFg ACCOUNTSg REVIEWER ......................................... 85
CHAPTERg 7g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 92
CHAPTERggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggg
ggg 8gINVENTORIES ........................................................................... 92

CHAPTERg 8:g MULTIPLEg CHOICEg –g COMPUTATIONALg (SETg B)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 92
CHAPTERg 8:g THEORYg OFg ACCOUNTSg REVIEWER ........................................ 97
CHAPTERg 8g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 109
CHAPTERg9
INVESTMENTSg(PARTg1).............................................................. 109
CHAPTERg 9:g MULTIPLEg CHOICEg –g COMPUTATIONALg (SETg B)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 109
CHAPTERg 9:g THEORYg OFg ACCOUNTSg REVIEWER ......................................112
CHAPTERg 9g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 122
CHAPTERg10
INVESTMENTSg(PARTg2).............................................................. 122
CHAPTERg 10:g MULTIPLEg CHOICEg –g COMPUTATIONALg (SETg B)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 122
CHAPTERg 10:g THEORYg OFg ACCOUNTSg REVIEWER ...................................127
CHAPTERg 10g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 134
CHAPTERg11
INVESTMENTSg(PARTg3).............................................................. 135
CHAPTERg 11:g MULTIPLEg CHOICEg –g COMPUTATIONALg (SETg B)g –g (FORg CLASSROOMg INSTRUCTIONg PURPOSES) 135
CHAPTERg 11:g THEORYg OFg ACCOUNTSg REVIEWER ...................................135
CHAPTERg 11g -g SUGGESTEDg ANSWERSg TOg THEORYg OFg ACCOUNTSg QUESTIONS 137

Chapterg1gOverv
iewgofgAccounting
Chapterg1:gTheorygofgAccountsgReview
ergDefinitiongofgAccounting
1. Accountingghasgbeenggivengvariousgdefinitions,gwhichgofgthegfollowinggisgnotgonegofgthosegdefinitions
a. Accountinggisgagservicegactivity.gItsgfunctiongisgtogprovidegquantitativeginformation,gprimarilygfinancialgin
gnature,gaboutgeconomicgentitiesgthatgisgintendedgtogbegusefulgingmakinggeconomicgdecisions.
b. Accountinggisgthegartgofgrecording,gclassifying,gandgsummarizinggingagsignificantgmannergandgingtermsgofg
money,gtransactionsgandgeventsgwhichgare,gingpartgofgatgleast,gofgagfinancialgcharactergandginterpretinggth
egresultsgthereof.
c. Accountinggisgagsystematicgprocessgofgobjectivelygobtaininggandgevaluatinggevidencegregardinggassertions
gaboutg economicg actionsg andg eventsg tog ascertaing theg degreeg ofg correspondenceg betweeng theseg asserti
onsgandgestablishedgcriteriagandgcommunicatinggthegresultsgtoginterestedgusers.
d. Accountinggisgthegprocessgofgidentifying,gmeasuring,gandgcommunicatinggeconomicginformationgtogpermit
ginformedgjudgmentgandgdecisionsgbygusersgofginformation.


2. Itg isg theg firstggprocessg usedg ing accounting.g Itg refersg tog theg identificationg ofg eventsg asg tog whetherg they
g aregrecognizedgorgnotgingthegfinancialgstatements.
a. Identifying b.gMeasuringg c.gCommunicating d.gAuditing

3. Thegfollowinggstatementsgcorrectlygrefergtogthegaccountinggprocess.
I. Measuringgisgthegaccountinggprocessgofganalyzinggbusinessgactivitiesgasgtogwhethergorgnotgtheygwillgbegre
cognizedgingthegbooks.
II. Recognitiongrefersgtogthegprocessgofgincludinggthegeffectsgofgangeventgingthegtotalsgofgthegstatementgofgfin
ancialgpositiongorgthegstatementgofgprofitgorglossgandgothergcomprehensivegincomegthroughg memogentrie
s.
III. Disclosuregofgeventsgingthegnotesgtogfinancialgstatementgwithoutgincludinggingthegtotalsgofgthegstatementg
ofgfinancialgpositiongorgstatementgofgprofitgorglossgandgothergcomprehensivegincomegisgnotgangapplication
gofgthegrecognitiongprinciple.
IV. Angaccountablegeventgisgangeventgthatghasgangeffectgongthegassets,gliabilitiesgorgequitygofgangentitygandgits
geffectgcangbegmeasuredgreliably.
V. Sociologicalgandgpsychologicalgmattersgaregwithingthegscopegofgaccounting.

a.gI,gII,gIII,gIV,gV b.gI,gII,gIII,gIV c.gIV d.gIII,gIV