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Chapter 1 - 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. Explain how accounting assists in the efficient use of scarce resources.
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