Test Bank For Intermediate Accounting, 5th Edition

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Chapter 001 Environment and Theoretical Structure of Financial Accounting1-1True / False Questions1. The primary function of financial accounting is to provide relevant financial information toparties external to business enterprises.TRUEAACSB: Reflective thinkingBlooms: KnowledgeLearning Objective: 1Level of Learning: 12. Accrual accounting attempts to measure revenues and expenses that occurred duringaccounting periods so they equal net operating cash flow.FALSEAACSB: Reflective thinkingBlooms: ComprehensionLearning Objective: 2Level of Learning: 13. The FASB is currently the public sector organization responsible for setting accountingstandards in the U.S.FALSEAACSB: Reflective thinkingBlooms: KnowledgeLearning Objective: 3Level of Learning: 14. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed theentity responsible for setting auditing standards in the United States.TRUEAACSB: Reflective thinkingBlooms: KnowledgeLearning Objective: 4Level of Learning: 1

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Subject

Accounting

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Intermediate Accounting by J. David...

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