TEST BANK FOR INTERMEDIATE ACCOUNTING REPORTING AND ANALYSIS, 3RD EDITION, JAMES
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Intermediate Accounting: Reporting and Analysis
Today's financial accounting is continuously changing. Now, you have a resource to help you understand the importance of accounting information and how that information is critical to others in business today with Wahlen/Jones/Pagach’s INTERMEDIATE ACCOUNTING, 3E. Positive examples and cases from...
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Intermediate Accounting: Reporting and Analysis 4th Edition by James Wahlen SOLUTIONS MANUAL - (INCLUDES DOWNLOAD LINK FOR EXCEL WORKSHEET SOLUTIONS)
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TEST BANK FOR INTERMEDIATE
ACCOUNTING: REPORTING AND
ANALYSIS, 3RD EDITION, JAMES M.
WAHLEN
,Chapter 1
Table of Contents
Part I: FINANCIAL REPORTING AND STATEMENTS: OBJECTIVES, CONCEPTS, AND ANALYSIS.
1. The Demand for and Supply of Financial Accounting Information.
2. Financial Reporting: Its Conceptual Framework.
3. Review of a Company’s Accounting System.
4. The Balance Sheet and the Statement of Shareholders’ Equity.
5. The Income Statement and the Statement of Cash Flows.
Time Value of Money Module.
Part II: BUSINESS OPERATING ACTIVITIES.
6. Cash and Receivables.
7. Inventories: Cost Measurement and Flow Assumptions.
8. Inventories: Special Valuation Issues.
9. Current Liabilities and Contingent Obligations.
Part III: INVESTING ACTIVITIES.
10. Property, Plant, and Equipment: Acquisition and Subsequent Investments.
11. Depreciation, Depletion, Impairment, and Disposal.
12. Intangibles.
13. Investments and Long-Term Receivables.
Part IV: FINANCING ACTIVITIES.
14. Financing Liabilities: Bonds and Long-Term Notes Payable.
15. Contributed Capital.
16. Retained Earnings and Earnings Per Share.
Part V: SPECIAL TOPICS IN FINANCIAL REPORTING.
17. Advanced Issues in Revenue Recognition.
18. Accounting for Income Taxes.
19. Accounting for Post-Retirement Benefits.
20. Accounting for Leases.
21. The Statement of Cash Flows.
22. Accounting for Changes and Errors.
,Chapter 1
1. A problem arising from equal information is called information asymmetry.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.1 - LO: 1.1
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
2. The demand for relevant and reliable financial information stems from the needs of the internal and external
stakeholders.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.1 - LO: 1.1
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
3. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient
markets, and assist in the formation of capital.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.2 - LO: 1.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
, Chapter 1
4. The SEC uses its authority to establish accounting standards, while also enforcing regulations on companies,
exchanges, and investors.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.2 - LO: 1.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
5. The Financial Accounting Standards Board (FASB) began in 1973 after the AICPA phased out the Accounting
Principles Board (APB).
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.3 - LO: 1.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
6.
FASB’s Emerging Issues Task Force assists and advises the FASB by identifying and addressing timely but more
narrow and specific standard setting issues.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.1.3 - LO: 1.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom's: Remembering
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