ch24 - CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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....
View Full Document

This note was uploaded on 12/14/2011 for the course AC 100 taught by Professor Strickland during the Spring '11 term at Alabama.

Page1 / 34

ch24 - CHAPTER 24 FULL DISCLOSURE IN FINANCIAL REPORTING...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online