TEST BANK for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen | Complete Solution ULTIMATE GUIDE A+.
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Course
Intermediate Accounting
Institution
Intermediate Accounting
TEST BANK for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen | Complete Solution ULTIMATE GUIDE A+.TEST BANK for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen | Complete Solution ULTIMATE GUIDE A+.TEST BANK for Intermediate Accounting: Reporting and ...
Test Bank for Intermediate Accounting: Reporting and Analysis 4th Edition by Wahlen
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Chapter 1 kr
kr True / False kr kr
1. A problem arising from equal information is called information asymmetry.
kr kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: krUnited States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED: kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED: kr 4/14/2023 11:31 AM kr kr
2. The demand for relevant and reliable financial information stems from the needs of the internal and
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external stakeholders.
kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.1 - LO: 1.1
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: krUnited States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED: kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED: kr 4/14/2023 11:31 AM kr kr
3. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and
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efficient markets, and assist in the formation of capital.
kr kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
Page 1
kr
,Chapter 1 kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
4. The SEC uses its authority to establish accounting standards, while also enforcing regulations on
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companies, exchanges, and investors.
kr kr kr kr
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.2 - LO: 1.2
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
5. The Financial Accounting Standards Board (FASB) began in 1973 after the AICPA phased out the
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Accounting Principles Board (APB).
kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.3 - LO: 1.3
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
6. FASB’s Emerging Issues Task Force assists and advises the FASB by identifying and addressing timely but
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more narrow and specific standard setting issues.
kr kr kr kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
Page 2
kr
,Chapter 1 kr
LEARNING OBJECTIVES: kr k r ACCT.WAHL.24.1.3 - LO: 1.3 kr kr kr
NATIONAL STANDARDS: kr k rUnited States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling
kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
7. The Codification is set up as a system of levels starting with sections, topics, and subtopics.
kr kr kr kr kr kr kr kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: krTrue / False kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.4 - LO: 1.4
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
8. The Codification was established to assist in reducing the time necessary to research an accounting issue and
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improve the ability to utilize accounting information that conforms with GAAP.
kr kr kr kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.4 - LO: 1.4
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
9. A potential issue facing the convergence project is that many companies have entered into contracts based upon U.S.
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GAAP financial reporting; many of these contracts will have to be renegotiated using IFRS which potentially could
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cause some companies more harm than good.
kr kr kr kr kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: kr k r ACCT.WAHL.24.1.5 - LO: 1.5 kr kr kr
NATIONAL STANDARDS: kr k rUnited States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling
kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
10. The balance sheet is a snapshot of a company’s financial position at a particular date.
kr kr kr kr kr kr kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.6 - LO: 1.6
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
11. The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or
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liability transactions that change Accumulated Other Comprehensive Income.
kr kr kr kr kr kr kr kr
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
kr kr kr
HAS VARIABLES:
kr False
LEARNING OBJECTIVES: ACCT.WAHL.24.1.6 - LO: 1.6
kr k r kr kr kr
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: FN: Reflective Thinking
kr k r kr kr kr kr kr kr kr kr kr kr
LOCAL STANDARDS: kr United States - OH - Default City - AICPA: FN-Decision Modeling kr kr kr kr kr kr kr kr kr kr
KEYWORDS: Bloom's: Remember kr
DATE CREATED:
kr 8/27/2018 10:46 AM kr kr
DATE MODIFIED:
kr 4/14/2023 11:31 AM kr kr
12. ―In carrying out their responsibilities as professionals, members should exercise sensitive professional and
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moral judgments in all their activities.‖ This is the Integrity Principle of the AICPA Code of Professional
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Conduct.
kr
a. True
Page 4
kr
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