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Unformatted text preview: CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING IFRS questions are available at the end of this chapter. TRUE-FALSE Conceptual Answer No. Description F 1. Items affected by FASB standards. T 2. SEC reporting requirements. T 3. Definition of accounting policies. F 4. Related party transactions disclosure. F 5. Post-balance-sheet disclosures. T 6. FASB 131 requirements F 7. Allocation of joint or common costs. T 8. Disclosure of major customers. F 9. Reporting under the integral approach. T 10. Accounting principles in interim reports. F 11. Reporting extraordinary items in interim reports. T 12. Computing taxes in an interim period. F 13. Opinions issued by auditor. T 14. Definition of qualified opinion. F 15. Managements discussion and analysis section. T 16. Information provided by MD&A section. F 17. Definition of financial projection. T 18. Financial forecast vs. financial projection. T 19. Fraudulent financial reporting. F 20. Internal environment influences. MULTIPLE CHOICE Conceptual Answer No. Description d 21. Disclosure of significant accounting policies. c 22. Disclosure of inventory accounting policy. c 23. Definition of errors and irregularities. d S 24. Full disclosure principle description. b S 25. APB Opinion No. 22 disclosure. b S 26. Related party transactions. c P 27. Post-balance-sheet events. d 28. Subsequent events disclosure. d 29. Recognition of subsequent events. b 30. Revenue of a segment. d 31. Segment revenue test. b 32. Segment revenue test. c 33. Disclosure of operating segment information. d 34. Bases of reporting disaggregated information. a S 35. Items reconciled in segment reporting. d S 36. Accounting principles used in interim reports. a P 37. Planned volume variance in interim period. Test Bank for Intermediate Accounting, Thirteenth Edition d 38. Interim financial reporting. MULTIPLE CHOICE Conceptual (cont.) Answer N/o. Description d 39. Application of accounting principles on interim reporting. b 40. Methods of inventory valuationyear end vs. interim. a 41. Partial LIFO liquidation reported in interim statements. c 42. Disclosing information in interim statements. c 43. Extraordinary items in interim reports. b S 44. Issuing qualified opinion. c P 45. Items covered in MD&A section. c S 46. Difference between financial forecast and financial projection. a 47. Disclosures in financial forecasts. a *48. Acid-test ratio and current ratio. b *49. Receivables turnover ratio. b *50. Rate of return on common stock equity. d *51. Payout ratio. c *52. Measure of long-term solvency. c *53. Number of times interest earned. c *54. Using average amounts. d *55. Limitations of ratio analysis. P These questions also appear in the Problem-Solving Survival Guide....
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This note was uploaded on 12/14/2011 for the course AC 100 taught by Professor Strickland during the Spring '11 term at Alabama.
- Spring '11