ch01 - CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING...

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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS 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. Financial reports. F 6. Fair value information. F 7. Objectives of financial reporting. F 8. Accrual accounting. T 9. Generally accepted accounting principles. T 10. Users of financial statements. F 11. Committee on Accounting Procedure. F 12. Passage of FASB standards. T 13. Financial Accounting Concepts. T 14. Role of the SEC. F 15. Definition of financial accounting. T 16. Code of Professional Conduct. F 17. Accounting standards. T 18. International standards. T 19. Expectations gap. 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. b P 25. Managerial accounting. d 26. Efficient use of resources. d 27. Capital allocation process. c 28. Financial statement information. c 29. Objectives of financial reporting. b 30. Accrual accounting. c P 31. Objectives of financial reporting. c 32. Meaning of “generally accepted.” b 33. Common set of standards and procedures. c 34. Role of SEC. c 35. Powers of the SEC.
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Test Bank for Intermediate Accounting, Twelfth Edition MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description d 36. SEC enforcement. d 37. Creation of FASB. d 38. Appointment of FASB members. a 39. Purpose of the Financial Accounting Foundation. b 40. Characteristics of FASB. b 41. FASB and "due process" system. b 42. Publications of FASB. c 43. Purpose of FASB Technical Bulletins. d 44. Purpose of Emerging Issues Task Force. b 45. Purpose of GASB. c 46. Domain of GASB. c 47. Standard setting organizations. d 48. Identification of standard setting organizations. c 49. Statements of financial accounting concepts. d P 50. FASB members. d P 51. FASB statement process. d P 52. House of GAAP. c 53. Hierarchy of GAAP. d 54. Nature of GAAP. d 55. Body which promulgates GAAP. d 56. Authoritative category of GAAP. d 57. Publications which are not GAAP. d 58. Publications which are not GAAP. a 59. Political environment of standard setting. c 60. International Accounting Standards Committee. P Note: these questions also appear in the Problem-Solving Survival Guide. EXERCISES Item Description E1-61 Objectives of financial reporting. E1-62 Development of accounting principles. E1-63 Publications and organizations. E1-64 FASB. E1-65 Evolution of a statement of financial accounting standards. 1 - 2
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Financial Accounting and Accounting Standards CHAPTER LEARNING OBJECTIVES 1. Identify the major financial statements and other means of financial reporting. 2.
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ch01 - CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING...

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