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Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition $14.49   Add to cart

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Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition

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Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest Edition Test Bank for Intermediate Accounting 18th Edition by Kieso, Weygandt and Warfield, ISBN: 9781119790976, All 23 Chapters Covered, Verified Latest...

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TEST BANK
Intermediate Accounting, 18th Edition
by Kieso, Warfield Chapter 1 - 23 Complete

,Table of Contents
t t


1tThetEnvironmenttandtConceptualtFrameworktoftFinancialtReporting

2tThetAccountingtInformationtSystem

3tIncometStatement,tRelatedtInformation,tandtRevenuetRecognition

4tBalancetSheettandtStatementtoftCashtFlows

5tAccountingtandtthetTimetValuetoftMoney

6tCashtandtReceivables

7tValuationtoftInventories:tAtCost-BasistApproach

8tInventories:tAdditionaltValuationtIssues

9tAcquisitiontandtDispositiontoftProperty,tPlant,tandtEquipment

10tDepreciation,tImpairments,tandtDepletion

11tIntangibletAssets

12tCurrenttLiabilitiestandtContingencies

13tLong-TermtLiabilities

14tStockholders‘tEquity

15tDilutivetSecuritiestandtEarningstpertShare

16tInvestments

17tRevenuetRecognition

18tAccountingtfortIncometTaxes

19tAccountingtfortPensionstandtPostretirementtBenefits

20tAccountingtfortLeases

21tAccountingtChangestandtErrortAnalysis

22tStatementtoftCashtFlows

23tFulltDisclosuretintFinancialtReportingt

, CHAPTER 1 t




THE ENVIRONMENT AND CONCEPTUAL FRAMEWORK
t t t t t



OF FINANCIAL REPORTING t t




IFRStquestionstaretavailabletattthetendtoftthistchapter.


TRUE-FALSE—Conceptual
1. Financialtstatementstaretthetprincipaltmeanstthroughtwhichtatcompanytcommunicatestitstfinanc
ialtinformationttotthosetoutsidetit.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

2. Userst oft financialt reportst oft at companyt uset thet informationt providedt byt theset reportst totmak
etcapitaltallocationtdecisions.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

3. Anteffectivetprocesstoftcapitaltallocationtprovidestantefficienttmarkettfortbuyingtandtsellingtsecur
itiestandtobtainingtandtgrantingtcredit.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

4. Investorstaretinterestedtintfinancialtreportingtbecausetittprovidestinformationtthattistusefultfortma
kingtdecisions.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

5. Userst oft financialt accountingt statementst havet botht coincidingt andt conflictingt needst fortinfo
rmationtoftvariousttypes.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

6. AlthoughtthetFASBthastdevelopedtatconceptualtframework,tnotStatementstoftFinancialtAccount
ingtConceptsthavetbeentissuedttotdate.
Ans:tF,tLO:t1,tBloom:tK,tDifficulty:tModerate,tMin:t1,tAACSB:tKnowledge,tAICPAtBC:tNone,tAICPAtAC:tReporting,tAICPAtPC:tNone,tIMA:tReportingt&t Cont
rol:tFinancialtStatementtAnalysis,tIFRS:tNone

7. ThetpassagetoftatnewtFASBtAccountingtStandardstUpdatetrequirestthetsupporttoftfivetoft thetse
ventboardtmembers.
Ans:t F,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtPreparation,tIFRS:tNone

8. StatementstoftFinancialtAccountingtConceptstsettforthtfundamentaltobjectivestandt conceptstth
attaretusedtbytthetFASBtintdevelopingtfuturetstandardstoftfinancialtaccountingtandtreporting.
Ans:t T,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtAnalysis,tIFRS:tNone

9. ThetFASB‘stCodificationtcreatestatnewtsettoftGAAP.
Ans:t F,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Co
ntrol:tFinancialtStatementtAnalysis,tIFRS:tNone

, 1t-t2 TesttBanktfortIntermediatetAccounting,tEighteenthtEdition

10. Thetobjectivetoftfinancialtreportingtisttotreporttthetplanstmadetbytatcompanyttotimprovetthetprodu
ctivitytoftitstemployees.
Ans:t F,t LO:t 1,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtPreparation,tIFRS:tNone

11. At soundlyt developedt conceptualt frameworkt enablest thet FASBt tot issuet moret usefult andtcon
sistenttpronouncementstoverttime.
Ans:t T,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

12. Atconceptualtframeworktistatcoherenttsystemtoftconceptstthattflowtfromtantobjective.
Ans:t T,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

13. Thet firstt levelt oft thet conceptualt frameworkt identifiest thet recognition,t measurement,t andtdis
closuretconceptstusedtintestablishingtaccountingtstandards.
Ans:t F,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone


14. Thetobjectivetoftfinancialtreportingtservestastthetfoundationtoftthetconceptualtframework.
Ans:t T,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

15. Userstoftfinancialtstatementstaretassumedttotneedtnotknowledgetoftbusinesstandtfinancialtacco
untingtmattersttotunderstandtthetinformationtcontainedtintfinancialtstatements.
Ans:t F,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

16. Relevancet andt faithfult representationt aret thet twot fundamentalt qualitiest thatt maketacco
untingtinformationtusefultfortdecision-making.
Ans:t T,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

17. Thetideatoftconsistencytdoestnottmeantthattcompaniestcannottswitchtfromtonetaccountingtmeth
odttotanother.
Ans:tT,tLO:t2,tBloom:tC,tDifficulty:tModerate,tMin:t1,tAACSB:tKnowledge,tAICPAtBC:tNone,tAICPAtAC:tReporting,tAICPAtPC:tNone,tIMA:tReportingt&t Control
:tFinancialtStatementtAnalysis,tIFRS:tNone

18. Timelinesstandtneutralitytarettwotingredientstoftrelevance.
Ans:t F,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

19. Verifiabilitytandtpredictivetvaluetarettwotingredientstoftfaithfultrepresentation.
Ans:t F,t LO:t 2,t Bloom:t K,t Difficulty:t Easy,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Reporting,t AICPAt PC:t None,t IMA:t Reportingt &t Contr
ol:tFinancialtStatementtAnalysis,tIFRS:tNone

20. Revenues,tgains,tandtdistributionsttotownerstalltincreasetequity.
Ans:t F,t LO:t 2,t Bloom:t C,t Difficulty:t Moderate,t Min:t 1,t AACSB:t Knowledge,t AICPAt BC:t None,t AICPAt AC:t Measurementt Analysist andt Interpretation,t AICP
AtPC:tNone,tIMA:tReportingt&tControl:tFinancialtStatementtAnalysis,tIFRS:tNone

21. Comprehensivet incomet includest allt changest int equityt duringt at periodt exceptt thosetres
ultingtfromtinvestmentstbytownerstandtdistributionsttotowners.
Ans:tT,tLO:t2,tBloom:tK,tDifficulty:tEasy,tMin:t1,tAACSB:tKnowledge,tAICPAtBC:tNone,tAICPAtAC:tMeasurementtAnalysistandtInterpretation,tAICPAt PC:t
None,tIMA:tReportingt&tControl:tFinancialtStatementtAnalysis,tIFRS:tNone

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