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Test bank For Intermediate Accounting Final Exam Review 11th Edition by David Spiceland
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Test bank For Intermediate Accounting Final Exam Review 11th Edition by David Spiceland
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Test bank For Intermediate AccountingFinal Exam Review 11th Edition by David
Spiceland
The information provided by financial reporting pertains to
a. business industries, rather than to individual enterprises or an economy as a whole or to
members of society as consumers
b. individual business enterprises, industries, and an economy as a whole, rather than to
members of society as consumers
c. individual business enterprises, rather than to industries or an economy as a whole or to
members of society as consumers
d. an economy as a whole and to members of society as consumers, rather than to individual
enterprises or industries - ANSc. individual business enterprises, rather than to industries or an
economy as a whole or to members of society as consumers
Which of the following will be of interest to investors in decision-making?
a. Both assessing the company's ability to generate net cash inflows and assessing
management's ability to protect and enhance the capital provider's investments.
b. Assessing the company's ability to collect debts
c. Assessing the company's ability to generate net cash inflows
d. Assessing management's ability to protect and enhance the capital provider's investments. -
ANSa. Both assessing the company's ability to generate net cash inflows and assessing
management's ability to protect and enhance the capital provider's investments.
A common set of accounting standards and procedures are called
a. Generally Accepted Accounting Principles
b. Financial Accounting Standards
c. Objectives of Financial Reporting
d. Statements of Financial Accounting Concepts - ANSa. Generally Accepted Accounting
Principles
Members of the Financial Accounting Standards Board are
a. Required to hold a CPA certificate
b. Independent of any other organization
c. Employed by the AICPA
d. Part-time employees - ANSb. Independent of any other organization
What is the general approach as to when product costs are recognized as expenses?
a. In the period when the vendor invoice is received
, b. In the period when the related revenue is recognized
c. In the period when the expenses are paid
d. In the period when the expenses are incurred - ANSb. In the period when the related revenue
is recognized
Trade-offs between the characteristics that make information useful may be necessary or
beneficial. Issuance of interim financial statements is an example of trade-off between?
a. Relevance and Faithful Representation
b. Faithful Representation and Periodicity
c. Timeliness and Materiality
d. Understandability and Timeliness - ANSa. Relevance and Faithful Representation
According to the FASB's conceptual framework, what does comprehensive income include? -
ANSGross Margin and Operating Income
Which of the following basic elements of financial statements is more associated with the
balance sheet than the income statement?
a. Expenses
b. Gains
c. Revenue
d. Equity - ANSd. Equity
Factors that shape an accounting information system include the
a. Size of the firm
b. Nature of the business
c. Volume of data to be handled
d. All of these choices are correct - ANSd. All of these choices are correct
Which of the following is not a selling expense?
a. Freight-out
b. Store supplies consumed
c. Advertising expense
d. Office salaries expense - ANSd. Office salaries expense
When a company discontinues an operation and disposes of the discontinued operation
(component), the transaction should be included in the income statement as a gain or loss on
disposal reported as?
a. A bulk of sale of plant assets included in income from continuing operations.
b. An extraordinary item.
c. A prior period adjustment.
d. An amount after continuing operations but before extraordinary items. - ANSd. An amount
after continuing operations but before extraordinary items.
Where must earnings per share be disclosed in the financial statements to satisfy GAAP?
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