Test Bank For Intermediate Accounting, 5th Edition

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-1
True / False Questions
1. The primary function of financial accounting is to provide relevant financial information to
parties external to business enterprises.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 1
2. Accrual accounting attempts to measure revenues and expenses that occurred during
accounting periods so they equal net operating cash flow.
FALSE
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 2
Level of Learning: 1
3. The FASB is currently the public sector organization responsible for setting accounting
standards in the U.S.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
4. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the
entity responsible for setting auditing standards in the United States.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1

Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-2
5. A rules-based approach to standard setting stresses professional judgment as opposed to
following a list of rules.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1
6. Under federal securities laws, the SEC has the authority to set accounting standards in the
U.S.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1
7. The primary responsibility for properly applying GAAP when communicating with
investors and creditors through financial statements lies with a firm's auditors.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
8. Auditors play an important role in the resource allocation process by adding credibility to
financial statements.
TRUE
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 6
Level of Learning: 1

Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-3
9. Materiality can be affected by the dollar amount of an item, the nature of the item, or both.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
10. Conservatism is a desired qualitative characteristic of accounting information.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
11. Equity is a residual amount representing the owner's interest in the assets of the business.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
12. Revenues are inflows or other enhancements of assets or settlements of liabilities from
activities that constitute the entity's ongoing operations.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-4
13. Gains or losses result, respectively, from the disposition of business assets for greater
than, or less than, their book values.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
14. Comprehensive income is another term for net income.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 6
Level of Learning: 1
15. Determining fair value by calculating the present value of future cash flows is a level 1
type of input.
FALSE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 8
Level of Learning: 1
16. SFAC No. 157 doesn't change the situations in which fair value is used under current
GAAP.
TRUE
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 8
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-5
Essay Questions
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Comprehensive income
B. Distribution to owners
C. Feedback value
D. Gain
E. Materiality
F. Predictive value
G. Relevance
H. Reliability
I. Representational faithfulness
J. Timeliness
17. ____Information is useful in projecting cash flows.
F
AACSB: Reflective thinking
Blooms: Comprehension
18. ____Pertinent to the decision at hand.
G
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-7
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Comprehensive income
B. Distribution to owners
C. Feedback value
D. Gain
E. Materiality
F. Predictive value
G. Relevance
H. Reliability
I. Representational faithfulness
J. Timeliness
22. ____Along with relevance, a primary decision-specific quality.
H
AACSB: Reflective thinking
Blooms: Comprehension
23. ____Results if an asset is sold for more than book value.
D
AACSB: Reflective thinking
Blooms: Comprehension
24. ____Agreement between a measure and what it purports to represent.
I
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-8
25. ____The change in equity from nonowner transactions.
A
AACSB: Reflective thinking
Blooms: Comprehension
26. ____Concerns the decision making impact of both the amount and nature of an item.
E
AACSB: Reflective thinking
Blooms: Comprehension
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term with their phrases by placing the letter
designating the best term in the space provided by the phrase.
Terms:
A. Comparability
B. Consistency
C. Cost effectiveness
D. Economic entity assumption
E. Going concern assumption
F. Monetary unit assumption
G. Neutrality
H. Periodicity assumption
I. Recognition
J. Verifiability
27. ____Important in analysis between firms.
A
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-9
28. ____Accounting information should be unbiased.
G
AACSB: Reflective thinking
Blooms: Comprehension
29. ____The process of including data in financial statements.
I
AACSB: Reflective thinking
Blooms: Comprehension
30. ____Applying the same accounting practices over time.
B
AACSB: Reflective thinking
Blooms: Comprehension
31. ____Considers the value of using information relative to cost of providing it.
C
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-10
Listed below are ten terms are followed by a list of phrases that describe or characterize five
of the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Comparability
B. Consistency
C. Cost effectiveness
D. Economic entity assumption
E. Going concern assumption
F. Monetary unit assumption
G. Neutrality
H. Periodicity assumption
I. Recognition
J. Verifiability
32. ____Implies consensus among different observers.
J
AACSB: Reflective thinking
Blooms: Comprehension
33. ____Assumes all transactions can be identified with a particular entity.
D
AACSB: Reflective thinking
Blooms: Comprehension
34. ____Assumes an entity will continue to operate indefinitely.
E
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-11
35. ____Requires reporting the financial life of an entity in discrete time frames.
H
AACSB: Reflective thinking
Blooms: Comprehension
36. ____Ignores the possibility of inflation.
F
AACSB: Reflective thinking
Blooms: Comprehension
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Accounting Principles Board
B. AICPA
C. Conservatism
D. Financial Accounting Standards Board
E. Full-disclosure principle
F. Historical cost principle
G. Matching principle
H. Materiality
I. Realization principle
J. Securities and Exchange Commission
37. ____Basis of measurement for fixed assets.
F
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-12
38. ____Recognition of revenue only after certain criteria are satisfied.
I
AACSB: Reflective thinking
Blooms: Comprehension
39. ____Guide to expense recognition.
G
AACSB: Reflective thinking
Blooms: Comprehension
40. ____Reporting of all information that could affect decisions.
E
AACSB: Reflective thinking
Blooms: Comprehension
41. ____Application of GAAP sometimes avoided under this constraint.
H
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-13
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Accounting Principles Board
B. AICPA
C. Conservatism
D. Financial Accounting Standards Board
E. Full-disclosure principle
F. Historical cost principle
G. Matching principle
H. Materiality
I. Realization principle
J. Securities and Exchange Commission
42. ____It is a practical justification for choosing among alternative accounting methods.
C
AACSB: Reflective thinking
Blooms: Comprehension
43. ____Its pronouncements are still GAAP unless superseded by the FASB.
A
AACSB: Reflective thinking
Blooms: Comprehension
44. ____Its EITF Issues are considered part of GAAP.
D
AACSB: Reflective thinking
Blooms: Comprehension

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-14
45. ____It has the authority to set U.S. accounting standards.
J
AACSB: Reflective thinking
Blooms: Comprehension
46. ____It is the national organization for CPAs in the U.S.
B
AACSB: Reflective thinking
Blooms: Comprehension
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Assets
B. Comprehensive income
C. Distributions to owners
D. Equity
E. Expenses
F. Gains
G. Investments by owners
H. Liabilities
I. Losses
J. Revenues
47. ____Net assets.
D
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-15
48. ____Outflows of resources to generate revenues.
E
AACSB: Reflective thinking
Blooms: Knowledge
49. ____Cash dividends.
C
AACSB: Reflective thinking
Blooms: Knowledge
50. ____Claims of creditors against the assets of a business.
H
AACSB: Reflective thinking
Blooms: Knowledge
51. ____Transfers of resources in exchange for common and preferred stock.
G
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-16
Listed below are ten terms followed by a list of phrases that describe or characterize five of
the terms. Match each phrase with the correct term by placing the letter designating the best
term in the space provided by the phrase.
Terms:
A. Assets
B. Comprehensive income
C. Distributions to owners
D. Equity
E. Expenses
F. Gains
G. Investments by owners
H. Liabilities
I. Losses
J. Revenues
52. ____Net outflows from peripheral transactions.
I
AACSB: Reflective thinking
Blooms: Knowledge
53. ____Increases in equity from the sale of goods and/or services.
J
AACSB: Reflective thinking
Blooms: Knowledge
54. ____Net inflows generally reported as part of nonoperating income.
F
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-17
55. ____All changes in equity except owner transactions.
B
AACSB: Reflective thinking
Blooms: Knowledge
56. ____Probable future economic benefits controlled by an entity.
A
AACSB: Reflective thinking
Blooms: Knowledge
Listed below are ten organizations followed by a list of phrases that describe or characterize
the organizations. Match each phrases with the correct organization by placing the letter
designating the best term in the space provided by the phrase.
Organization:
A. IASB
B. FASB
C. IASC
D. SEC
E. APB
F. EITF
G. AICPA
H. FAF
I. PCAOB
J. IMA
57. ____ Responsible for establishing auditing standards in the U.S.
I
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-18
58. ____ Primary national organization of accountants working in industry.
J
AACSB: Reflective thinking
Blooms: Knowledge
59. ____ Sets accounting standards in the U.S.
B
AACSB: Reflective thinking
Blooms: Knowledge
60. ____ Provides timely responses to financial reporting issues.
F
AACSB: Reflective thinking
Blooms: Knowledge
61. ____ The FASB's parent organization.
H
AACSB: Reflective thinking
Blooms: Knowledge
62. ____ Parent organization of the IASB.
C
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-19
63. ____ FASB's predecessor.
E
AACSB: Reflective thinking
Blooms: Knowledge
64. ____ Regulates the financial reporting for public companies.
D
AACSB: Reflective thinking
Blooms: Knowledge
65. ____ National organization of certified public accountants.
G
AACSB: Reflective thinking
Blooms: Knowledge
66. ____ Sets global accounting standards.
A
AACSB: Reflective thinking
Blooms: Knowledge

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-20
Multiple Choice Questions
67. External decision makers would not look primarily to financial accounting information to
assist them in making decisions on:
A. Granting credit.
B. Capital budgeting.
C. Selecting stocks.
D. Mergers and acquisitions.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 1
Level of Learning: 1
68. Corporations issue their shares to the investing public in the:
A.
B.
C.
D.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 1
69. The primary focus for financial accounting information is to provide information useful
for:
A.
B.
C.
D.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-21
70. Which of the following is not true about net operating cash flow?
A. It is the difference between cash receipts and cash disbursements from providing goods
and services.
B. It is a measure used in accrual accounting and is recognized as the best predictor of future
operating cash flows.
C. Over short periods of time, it may not be indicative of long-run cash-generating ability.
D. It is easy to understand and all information required to measure it is factual.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 2
71. Which of the following groups is not among financial intermediaries?
A. Mutual fund managers
B. Financial analysts
C. CPAs
D. Credit rating organizations
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 2
72. Which of the following was the first private sector entity that set accounting standards in
the United States?
A. Accounting Principles Board
B. Committee on Accounting Procedure
C. Financial Accounting Standards Board
D. AICPA
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 1
Level of Learning: 2

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-22
73. Which of the following does not apply to secondary markets?
A. Transactions are important to the efficient allocation of resources in our economy.
B. New resources are provided when shares of stock are sold by the corporation to the initial
owners.
C. Transactions help to establish market prices for additional shares that may be issued in the
future.
D. Many investors might be unwilling to provide resources to corporations if there is no
available mechanism for the future sale of their stocks and bonds to others.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 2
Level of Learning: 2
74. A cause-and-effect relationship is implicit in the:
A. Realization principle.
B. Historical cost principle.
C. Matching principle.
D. Going concern assumption.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 2
Level of Learning: 2
75. The full disclosure principle requires a balance between:
A. Comparability and consistency.
B. Relevance and cost effectiveness.
C. Reliability and neutrality.
D. Timeliness and predictive value.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 2
Level of Learning: 2

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-23
76. Which of the following groups is not among the external users for whom financial
statements are prepared?
A. Customers
B. Suppliers
C. Employees
D. All of these are external users of financial statements.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 2
Level of Learning: 2
77. In a recent annual report, Apple Computer reported the following in one of its disclosure
notes: "Warranty Expense: The Company provides currently for the estimated cost for product
warranties at the time the related revenue is recognized." This note exemplifies Apple's use
of:
A. Conservatism
B. The matching principle
C. Realization principle
D. Full disclosure principle
AACSB: Reflective thinking
Blooms: Synthesis
Learning Objective: 2
Level of Learning: 2
78. GAAP is an abbreviation for:
A. Generally authorized accounting procedures.
B. Generally applied accounting procedures.
C. Generally accepted auditing practices.
D. Generally accepted accounting principles.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-24
79. The SEC issues accounting standards in the form of:
A. Accounting Research Bulletins.
B. Financial Reporting Releases.
C. Financial Accounting Standards.
D. Financial Technical Bulletins.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
80. Pronouncements issued by the Committee on Accounting Procedures:
A. Dealt with specific accounting and reporting problems.
B. Were based on exposure drafts and public comment letters.
C. Originated from congressional studies and SEC directives.
D. Were the outcome of research studies and a theoretical framework.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
81. The FASB's standard-setting process includes, in the correct order:
A. Exposure draft, research, discussion memorandum, SFAS.
B. Research, exposure draft, discussion memorandum, SFAS.
C. Research, discussion memorandum, exposure draft, SFAS.
D. Discussion memorandum, research, exposure draft, SFAS.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-25
82. Which of the following is not a provision of the Public Company Accounting Reform and
Investor Protection Act of 2002 (Sarbanes-Oxley)? The Act
A. Changed the entity responsible for setting auditing standards.
B. Increased corporate executive responsibility for financial statements.
C. Limited nonaudit services that can be performed by auditors for audit clients.
D. Changed the entity responsible for setting accounting standards.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
83. CPAs are licensed by:
A. The AICPA.
B. The SEC.
C. The federal government.
D. State governments.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
84. A firm's comprehensive income is always:
A. The same as its net income.
B. Greater than its net income.
C. Less than its net income.
D. Could be greater than or less than net income.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 3
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-26
85. Which of the following has the authority to set accounting standards in the United States?
A. FASB
B. IRS
C. SEC
D. AICPA
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 1
86. The most likely important flaw leading to the demise of the APB was the perceived lack
of:
A. Confidence.
B. Competence.
C. Independence.
D. Importance.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 3
Level of Learning: 2
87. Accounting standard setting has been characterized as:
A. A political process.
B. Using the scientific method.
C. Pure deductive reasoning.
D. Pure inductive reasoning.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-27
88. The International Accounting Standards Board:
A. Was the predecessor to the IASC.
B. Can overrule the FASB when their policies disagree.
C. Promotes the use of high-quality, understandable global accounting standards.
D. Has its headquarters in Geneva.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1
89. The most political issue in the FASB's most recent deliberations and pronouncements on
business combinations was:
A. The negative effects on subsequent earnings of amortizing goodwill if firms were required
to use the purchase method of accounting for the combination.
B. The negative effects on subsequent earnings of amortizing goodwill if firms were required
to use the pooling method of accounting for the combination.
C. The unrealistic balance sheet assets that would be created if firms were required to use the
purchase method of accounting for the combination.
D. The unrealistic balance sheet assets that would be created if firms were required to use the
pooling method of accounting for the combination.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 4
Level of Learning: 1
90. Which of the following is not a provision of the Public Company Accounting Reform and
Investor Protection Act of 2002?
A. Corporate executive accountability.
B. Auditor rotation.
C. Retention of workpapers.
D. All of these are provisions of the Act.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-28
91. When a registrant company submits its annual filing to the SEC, it uses:
A. Form 10-A.
B. Form 10-K.
C. Form 10-Q.
D. Form S-1.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1
92. The primary professional organization for those accountants working in industry is the:
A. AAA
B. AICPA
C. IIA
D. IMA
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1
93. The FASB issues a Statement of Accounting Standards if _________ FASB members
support it.
A. 5 of 9
B. 5 of 7
C. 4 of 7
D. None of these is correct.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 1

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-29
94. The primary historical reason for the FASB reversing its positions when political
pressures occur is:
A. The cost gathering data was prohibitive.
B. The difficulties in measurement were too great.
C. They have no authority in such situations.
D. The SEC did not support the FASB position.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 4
Level of Learning: 2
95. The most recent example of the political process at work in standard setting is the heated
debate that occurred on the issue of:
A. Pension plan accounting.
B. Accounting for posteretirement benefits other than pensions.
C. Accounting for business combinations.
D. Accounting for stock-based compensation.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 4
Level of Learning: 2
96. The recognition of which of the following expenses exemplifies the application of the
matching principle?
A. President's salary.
B. Research and development.
C. Cost of goods sold.
D. Advertising.
AACSB: Reflective thinking
Blooms: Comprehension
Learning Objective: 4
Level of Learning: 2

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Chapter 001 Environment and Theoretical Structure of Financial Accounting
1-30
97. The FASB's conceptual framework's qualitative characteristics of accounting information
include:
A. Historical cost.
B. Realization.
C. Reliability.
D. Full disclosure.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 5
Level of Learning: 1
98. The FASB's conceptual framework's qualitative characteristics of accounting information
include:
A. Full disclosure.
B. Relevance.
C. Going concern.
D. Historical cost.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 5
Level of Learning: 1
99. The conceptual framework's qualitative characteristic of relevance includes:
A. Timeliness.
B. Verifiability.
C. Representational faithfulness.
D. Neutrality.
AACSB: Reflective thinking
Blooms: Knowledge
Learning Objective: 5
Level of Learning: 1

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