kieso15e_testbank_ch01.doc - CHAPTER 1 FINANCIAL ACCOUNTING...

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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE —Conceptual Answer No. Description F 1. Definition of financial accounting. T 2. Purpose of financial statements. T 3. Definition of financial accounting. T 4. Capital allocation process. F 5. Objective of financial reporting. T 6. Decision-Usefulness approach. T 7. Users of financial statements. F 8. Committee on Accounting Procedure. F 9. Passage of new FASB statement. T 10. Statements of Financial Accounting Concepts. T 11. Creation of Accounting Principles Board. F 12. FASB Codification. T 13. Code of Professional Conduct. F 14. GAAP and political action. T 15. Public Company Accounting Oversight Board. T 16. Expectations gap. F 17. Financial reports. F 18. Fair value information. F 19. International Financial Reporting Standards. F 20. Ethical issues. MULTIPLE CHOICE —Conceptual Answer No. Description a 21. Financial accounting. d 22. Users of financial reports. d 23. Identify the major financial statements. a 24. Financial reporting entity. d 25. Differences between financial and managerial accounting. b 26. Financial reporting communication. b 27. Managerial accounting. a 28. Capital allocation process. d 29. Efficient use of resources. d 30. Capital allocation process. c 31. Financial statement information. c 32. Accounting profession challenge. c 33. Financial reporting objective. d 34. Financial statements primary users. c 35. Investor’s decision making.
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Test Bank for Intermediate Accounting, Fifteenth Edition MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description b 36. Accrual accounting. c 37. Entity perspective. c 38. Meaning of “generally accepted.” b 39. Common set of standards and procedures. a 40. Limitation of general purpose financial statements. c 41. Securities and Exchange Commission and accounting standard setting. d 42. Due process in FASB standard setting. d 43. Organizations responsible for setting accounting standards. b 44. Reason for Accounting Principles Board creation b 45. Organization issuing Accounting Research Bulletins. a 46. Characteristic of GAAP. c 47. Characteristics of GAAP. d 48. FASB accounting standards. c 49. FASB standard passage. b 50. Purpose of Emerging Issues Task Force. a 51. AICPA role in standard setting. c 52. Role of SEC. c 53. Powers of the SEC. d 54. SEC enforcement. d 55. Creation of FASB. d 56. Appointment of FASB members. a 57. Purpose of the Financial Accounting Foundation. b 58. Characteristics of FASB. b 59. FASB and "due process" system. b 60. Publications of FASB. c 61. Purpose of FASB Technical Bulletins. d 62. Purpose of Emerging Issues Task Force. b 63. Role of the AICPA. b 64. Pronouncement issued by the APB. c 65. Standard setting organizations. d 66. Identification of standard setting organizations. c 67. Statements of financial accounting concepts.
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