Test Bank For Intermediate Accounting: Reporting and Analysis, 3rd Edition

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1. A problem arising from equal information is called information asymmetry.a. Trueb. FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering2. The demand for relevant and reliable financial information stems from the needs of the internal and externalstakeholders.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering3. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficientmarkets, and assist in the formation of capital.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage1Chapter 1

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4. The SEC uses its authority to establish accounting standards, while also enforcing regulations on companies,exchanges, and investors.a. Trueb. FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering5. The Financial Accounting Standards Board (FASB) began in 1973 after the AICPA phased out the AccountingPrinciples Board (APB).a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering6.FASB’s Emerging Issues Task Force assists and advises the FASB by identifying and addressing timely but morenarrow and specific standard setting issues.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage2Chapter 1

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7. The Codification is set up as a system of levels starting with sections, topics, and subtopics.a. Trueb. FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering8. The Codification was established to assist in reducing the time necessary to research an accounting issue and improvethe ability to utilize accounting information that conforms with GAAP.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering9. The convergence project between the IASB and GAAP was initiated in 2002 when the two boards entered into the“Northward Agreement”.a. Trueb. FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage3Chapter 1

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10. A potential issue facing the convergence project is that many companies have entered into contracts based upon U.S.GAAP financial reporting; many of these contracts will have to be renegotiated using IFRS which potentially couldcause some companies more harm than good.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering11. The balance sheet is a snapshot of a company’s financial position at a particular date.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering12. The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or liabilitytransactions that change Accumulated Other Comprehensive Income.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage4Chapter 1

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13. “In carrying out their responsibilities as professionals, members should exercise sensitive professional and moraljudgments in all their activities.” This is the Integrity Principle of the AICPA Code of Professional Conduct.a. Trueb. FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering14. “Members should act in a way that will service the public interest, honor the public trust, and demonstratecommitment to professionalism.” This is the Public Interest Principle of the AICPA’s Code of Professional Conduct.a. Trueb. FalseANSWER:TruePOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering15. Creditors' information needs revolve around all of the following decisions,excepta. extending creditb. maintaining a credit relationshipc. not extending creditd. investing in credit instrumentsANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage5Chapter 1

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16. Which of the following is aninternaluser of a company's financial information?a. company treasurerb. shareholder in the companyc. bank lending to the companyd. unionANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering17. After formulating a strategic plan, a company will engage in what three types of activities?a. Planning, operating, and sellingb. Investing, operating, and sellingc. Financing, investing, and operatingd. Operating, planning, and financingANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: RememberingPage6Chapter 1

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18. What is Financial Reporting?a. The process of communicating internal accounting information to existing and potential investors, creditors,lenders, and other external decision makers.b. The process of communicating financial accounting information to existing and potential investors, creditors,lenders, and other external decision makers.c. The process of preparing financial accounting information to existing and potential investors, managers, andemployees.d. The process of communicating the strategic plan to existing and potential investors, creditors, lenders, and otherexternal decision makers.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Remembering19. When making decisions, equity investors are interested in assessinga. the company's ability to generate cash flows.b. management's ability to increase the capital providers' investments.c. the company's ability to pay dividends.d. All of these choicesANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: RememberingPage7Chapter 1

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20. Which of the following isnota decision that external stakeholder’s of a company's financial information would make?a. whether or not to extend credit to the companyb. whether or not to hold the company's stockc. whether or not the company should add a new product lined. whether or not to ask for an increase in employees' benefits during union contract negotiationsANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Remembering21. As a potential equity investor, what information about a company would you beleastinterested in prior to making aninvestment decision?a. What differentiates them from their competition?b. Whether they are generating a profit?c. Whether they have positive cash flows?d. What are the employee benefits and compensation packages?ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering22. The primary reason that financial accounting and managerial accounting have somewhat different objectives isbecause theya. need information in different formatsb. provide information for different decisionsc. need information in different geographic locationsd. need information at different timesANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage8Chapter 1

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23. Information asymmetry may cause problems because management’s behaviora. may be to enhance the owners' financial interests at the expense of their self-interests.b. will always follow classic agency law.c. may not always be in the best interests of the owners (shareholders).d. as agents will always be in the best interests of the owners (shareholders).ANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering24. Which of the following organizations has legal authority to prescribe accounting principles and reporting practices forall corporations issuing publicly traded securities within the U.S. capital markets?a. Accounting Principles Boardb. Securities and Exchange Commissionc. Financial Accounting Standards Boardd. Committee on Accounting ProcedureANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Remembering25. Which organization has the most legal authority?a. Financial Accounting Standards Boardb. Accounting Standards Executive Committeec. Governmental Accounting Standards Boardd. Securities and Exchange CommissionANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: RememberingPage9Chapter 1

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26. Three major organizations in the private and public sector develop U.S. and International Financial ReportingStandards. They include all of the followingexceptthea. EU (European Union).b. SEC (Securities and Exchange Commission).c. FASB (Financial Accounting Standards Board).d. IASB (International Accounting Standards Board).ANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Remembering27. The Securities and Exchange Commission has the legal authority to prescribe accounting principles and reportingpractices fora. all companies issuing publicly traded securitiesb. all companies issuing any type of securitiesc. all companiesd. all corporationsANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Remembering28. Which of the following isnota major standard-setting body responsible for the establishment of U.S. andInternational Financial Reporting Standards?a. SEC (Securities Exchange Commission)b. PCAOB (Public Company Accounting Oversight Board)c. FASB (Financial Accounting Standards Board)d. IASB (International Accounting Standards Board)ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: RememberingPage10Chapter 1

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29. While formally the SEC is charged with the responsibility for establishing accounting principles to be followed in thepreparation of SEC filings, the impact of the SEC generally has beena. in its assistance to Congress with the development of tax law.b. in guiding the development of stock exchanges.c. ineffective in controlling foreign corporations and investors.d. in its informal review and approval of standards developed in the private sector prior to their release.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Understanding30. What is the relationship between the Securities and Exchange Commission and accounting standard setting in theUnited States?a. The SEC requires all companies listed on an exchange to submit their financial statements to the SEC.b. The SEC coordinates with the FASB in establishing accounting standards.c. The SEC has a mandate to establish accounting standards for corporations listed in the U.S. capital markets.d. The SEC reviews financial statements for compliance with U.S. GAAP or IFRS.ANSWER:cPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Understanding31. The Securities Exchange Act of 1934 established extensive reporting requirements for listed companies. Which isnota commonly required report?a. Form 10-Q. An extensive quarterly report, including financial statements.b. Form S-2. A registration statementc. Form 10-K. An extensive annual report, including financial statementsd. Form 8-K. A report used to describe significant events that may affect the company.ANSWER:bPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage11Chapter 1

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32. Which of the following statements regarding Standards contained in the FASB Accounting Standards Codification(ASC) is true?a. They have the force of law, and failure to follow them can be prosecuted.b. They apply to financial reporting by all U.S. companies.c. They were created in 2009 when the ASC was created and did not exist prior to that time.d. They have to be approved by the SEC before they become effective.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Understanding33. Which of the following statements is true?a. In order to remain impartial, the FASB discourages public input during development of standards.b. FASB accounting standards are the result of clearly defined objectives, an integrated body of theory, and theknown consequences of actions.c. The FASB deliberates and issues accounting standards only after receiving a formal letter of request from theSEC.d. Accounting standards, which have economic and political consequences, are often the result of compromise.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Understanding34. Beginning in 1938 and extending to the present, which is the correct sequence of accounting rule-making bodies?a. APB-CAP-FASBb. CAP-FASB-APBc. CAP-APB-FASBd. FASB-APB-CAPANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage12Chapter 1

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35. The Financial Accounting Foundation (FAF) is the parent organization of which of the following organizations?a. AICPA (American Institute of Certified Public Accountants)b. AAA (American Accounting Association)c. SIFMA (Securities Industry and Financial Markets Association)d. FASB (Financial Accounting Standards Board)ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Understanding36. How many FASB members currently make up the Board?a. 5b. 7c. 21d. 33ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering37. Concerning FASB membership, which statement isnottrue?a. Not all members are CPAs from public practice.b. All members are full time and fully paid.c. All members are also members of the Financial Accounting Foundation.d. All members must sever organizational ties with their previous employer.ANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage13Chapter 1

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38. Which of the following isnotone of the stages used by the FASB process before issuing an Accounting StandardsUpdate?a. Conducting researchb. Issuing an Exposure Draftc. Obtaining approval from the SEC for the new standardd. Holding public hearingsANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Remembering39. Which of the following statements about the FASB Accounting Standards Codification isfalse?a. The Codification is currently the only authoritative source of U.S. GAAP.b. The purpose of creating the Codification was to simplify user access to authoritative U.S. GAAP.c. The framework of the Codification contains six levels, which are increasingly more specific.d. The six levels contained within the Codification framework are hierarchical in nature, such that the higherlevels are considered to be more authoritative than the lower levels.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering40. Which of the following statements about the FASB Accounting Standards Codification is true?a. It only exists as an electronic database; paper copies are not available.b. When the Codification was adopted in 2009, it caused major changes in the contents of U.S. GAAP.c. It is reviewed and periodically updated by the SEC.d. It is only one of a large number of authoritative pronouncements that have been issued over time, all of whichcomprise U.S GAAP.ANSWER:aPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage14Chapter 1

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41. The FASB Accounting Standards Codification is expected to provide all of the following benefitsexcepta. to reduce the research time necessary to solve an accounting research issue.b. to codify authoritative support such as results of academic research.c. to provide real-time updates as new standards are issued.d. to improve the usability of the authoritative accounting literature.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering42. Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true?a. U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federalcourt system.b. U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecutedthrough the state court system.c. U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforcedthrough the AICPA Code of Professional Conduct.d. Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by mostprofessional accountantsANSWER:cPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: UnderstandingPage15Chapter 1

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43. Prior to 2009, which of the following types of FASB Pronouncements carried the highest authority within GAAP byestablishing the methods and procedures required on specific accounting issues?a. Staff Positionsb. Statements of Financial Accounting Standardsc. Statements of Financial Accounting Conceptsd. Technical BulletinsANSWER:bPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Understanding44. The FASB Accounting Standards Codification includes six levels or components. Which of the following isnotone ofthose levels?a. Areab. Topicc. Sub-paragraphsd. ParagraphsANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering45. Which of the following documents includes all of the accounting standards?a. Regulation S-Xb. The FASB Conceptual Frameworkc. Statements of Financial Accounting Standardsd. none of theseANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: RememberingPage16Chapter 1

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46. Conversion to IFRS reporting by all U.S. companies would be best accomplished with a transition plan for all of thefollowing reasonsexcepta. it would have to be a multi-year process.b. it needs to be an orderly process with a minimum of cost and disruption to the participants.c. certain IFRS need further improvement through continued convergence efforts.d. careful planning would enable maximum manipulation of the IFRS for the financial benefit of the United States.ANSWER:dPOINTS:1DIFFICULTY:MediumLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering47. The agreement in 2002 by the FASB and IASB to develop high quality, compatible accounting standards that could beused by both domestic and cross-border financial reporting was called thea. International Accounting Standards agreementb. Financial Accounting Standards Board Global agreementc. Norwalk agreementd. United GAAP agreementANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Remembering48. For foreign companies that issue securities in the United States to raise capital, the SECa. requires these companies to file form 20-F which reconciles certain amounts reported in their financialstatements with US GAAP.b. accepts all financial statements that use IFRS.c. accepts only financial statements that are fully stated under US GAAP.d. accepts financial statements from foreign companies that use English-language IFRS without exception.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage17Chapter 1

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49. What is the responsibility of the International Accounting Standards Board?a. IASB promotes uniform accounting standards among different countries.b. IASB settles accounting disputes between auditors and international companies.c. IASB issues standards which regulate the financial accounting and reporting of multinational corporations andthen enforces them through legal channels.d. IASB is to develop a uniform currency in which the financial transactions would be measured.ANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Remembering50. U.S. companies that have subsidiaries in foreign countries can file their financial statements with the SEC by using?a. IFRSb. GAAPc. either IFRS or GAAPd. IFRS for their subsidiaries and GAAP for their holdings in the United States.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Remembering51. Which of the following isnota major standard-setting body responsible for the establishment of U.S. and internationalGAAP (Generally Accepted Accounting Principles)?a. SEC (Securities Exchange Commission)b. PCAOB (Public Company Accounting Oversight Board)c. FASB (Financial Accounting Standards Board)d. IASB (International Accounting Standards Board)ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: RememberingPage18Chapter 1

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52. Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process.The process of changing these standards usually involvesa. a short deliberation followed by a vote of the U.S. Congress.b. acceptance of the change by the Internal Revenue Service.c. rejecting all existing standards and developing an entirely new concept.d. selecting the best standard between existing U.S. and international standards.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering53. Notes to financial statements providea. discussions that further explain items shown in the financial statements.b. comparative financial information with the previous year.c. management's discussions about plans for the future.d. the report of the independent auditors.ANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering54. What financial statement is considered the cornerstone of financial reporting?a. the income statementb. the statement of cash flowsc. the statement of shareholders' equityd. the balance sheetANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage19Chapter 1

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55. The accounting equations isa. Assets + Liabilities = Shareholders' Equityb. Assets -Liabilities = Shareholders' Equityc. Assets = Liabilities - Shareholders' Equityd. Assets + Shareholders' Equity = LiabilitiesANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Understanding56. Which statement measures and reports the financial results of a company’s performance for a period of time?a. income statementb. balance sheetc. statement of cash flowsd. statement of financial positionANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering57. The four major financial statements of a corporation consist of thea. income statement, balance sheet, statement of cash flows, and statement of changes in shareholders' equity.b. balance sheet, statement of cash flows, statement of retained earnings, and income statement.c. income statement, statement of cash flows, statement of financial flexibility, and balance sheet.d. statement of cash flows, balance sheet, income statement, and statement of capital equity.ANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: RememberingPage20Chapter 1

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58. What important topics are discussed in the Management Discussion and Analysis section of the financial statements?a. Business risk factors associated with the company.b. Management provides insight into key decisions implemented during that time period and future developments.c. Management utilizes this area as a forum to discuss strategic motives.d. All of these choices are discussed.ANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering59. What is the correct order of presentation for the statement of cash flows?a. Operating, Investing, Financingb. Financing, Operating, Investingc. Investing, Financing, Operatingd. Operating, Financing, InvestingANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering60. What is the correct presentation of the income statement?a. Revenues - expenses + gains - losses = Net Incomeb. Revenues - expenses = Net income - losses + gainsc. Revenues - losses - expenses + gains = Net Incomed. Revenues + gains - losses - expenses = Net IncomeANSWER:aPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: RememberingPage21Chapter 1

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61. Dividends that are paid to owners would affect both thea. balance sheet and statement of cash flows.b. balance sheet and income statement.c. income statement and statement of changes in equity.d. income statement and statement of cash flows.ANSWER:aPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering62. Which of the following transactions would be reported in the cash flows from investing activities section in thestatement of cash flows for the Harlem Company?a. Harlem sold a piece of land for $600,000.b. Harlem borrowed $3,000,000c. Harlem issued common stock for $700,000 to investors.d. Harlem paid a cash dividend to its shareholders.ANSWER:aPOINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.6 - LO: 1.6NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering63. Which Principle of the AICPA Code of Professional Conduct is: As a member one should continually strive toimprove competence and the quality of services, observe all technical and ethical standards, and provide professionalresponsibility to the best of his/her ability?a. The Public Interestb. Responsibilitiesc. Scope and Nature of Servicesd. Due CareANSWER:dPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage22Chapter 1

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64. Auditors face ethical issues becausea. GAAP permits various standards to be used to produce profits.b. auditors may express an opinion that may impact employees of a company.c. auditors may not discover insider trading.d. GAAP does not permit fraud.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Remembering65. Unethical actions include which of the following?a. polluting lakes and streamsb. overcharging on government contractsc. securities fraudd. All of these choices are unethical actions.ANSWER:dPOINTS:1DIFFICULTY:MediumLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering66. The stated principles of the AICPA Code of Professional Conduct donotincludea. Integrity.b. Optimism.c. Objectivity and Independence.d. Responsibilities.ANSWER:bPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage23Chapter 1

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67. Which of the following isnotconsidered an ethical issue in accounting?a. Biased financial statement presentationb. Accelerated revenue recognitionc. Earnings manipulationd. Industry practicesANSWER:dPOINTS:1DIFFICULTY:MediumLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering68. The AICPA Code of Professional Conduct includes which of the following principles?a. Professionalismb. Conservatismc. Objectivityd. QualityANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Remembering69. Which Principle of the AICPA Code of Professional Conduct is: A member, as a professional, should exercisesensitive and moral judgments in all their activities?a. Objectivity and Independenceb. Integrityc. Responsibilitiesd. Due CareANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage24Chapter 1

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70. Which Principle of the AICPA Code of Professional Conduct is: Members should broaden and maintain publicconfidence by performing all of their professional responsibilities with the highest sense of honesty possible?a. Scope and Nature of Servicesb. Due Carec. Integrityd. Objectivity and IndependenceANSWER:cPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage25Chapter 1

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71. Listed below are the names of several organizations involved in the process of establishing standards for financialreporting. Following the list is a series of statements.a.Securities and Exchange Commission (SEC)b.International Accounting Standards Board (IASB)c.Financial Accounting Standards Board____1.Reporting standards issued by this organization are legally enforceable. Failure toadhere to them is a violation of law.____2.Reporting standards issued by this organization only apply to companies listed onU.S. securities exchanges..____3.Reporting standards issued by this organization apply to all U.S. companies,whether publicly traded or privately held.____4.This organization has the legal authority and the responsibility to oversee financialreporting in the U.S.____5.Requires 10 out of 16 board members’ approvals before a standard is issued.____6.This organization is government agency established by the U.S. Congress.Required:Match each organization with its descriptive statement by placing the letter of the appropriate organization in thespace provided. (Note: Organizations may be used more than once or not at all.)ANSWER:1.a2.a3.c4.a5.b6.aPOINTS:1DIFFICULTY:ChallengingLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: ApplyingPage26Chapter 1

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72. Listed below are some of the steps the FASB goes through before issuing a new standard.____a.Conduct research____b.Deliberate on findings____c.Invitations to comment____d.Identify topic____e.Issue Exposure Draft____f.Issue Statement____g.Modify Exposure Draft____h.VoteRequired:Indicate the proper sequence of these steps.ANSWER:a.2d.1g.6b.4e.5h.7c.3f.8POINTS:1DIFFICULTY:ChallengingLEARNING OBJECTIVES:ACCT.WHAL.16.1.5 - LO: 1.5NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-ReportingKEYWORDS:Bloom's: Applying73. Listed below are the Six Principles of AICPA’s Code of Professional Conduct.a.Responsibilitiesb.Scope and Nature of Servicesc.Due Cared.The Public Intereste.Objectivity and Independencef.IntegrityRequired:Match each principle with its descriptive statement by placing the appropriate letter in the space provided. Eachprinciple choice is used only once._______1)A member should be free from conflicts of interestand be objective. A member should be free of biasand provide auditing and attestation services in anindependent manner.Page27Chapter 1

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_______2)A member is public practice should always considerthe Code of Professional Conduct in determining thenature and scope of services which they have beenasked to provide._______3)Members should perform all of their professionalactivities with the highest sense of integrity possible.This maintains and broadens public confidence in theprofession._______4)Members should act in a way that demonstratesprofessionalism and honors public trust._______5)As a member, one should continually strive toimprove competence and the quality of services tothe best of their ability.______6)Members should exercise sensitive professional andmoral judgments in when carrying out their activitiesas a professional.ANSWER:1) E2) B3) F4) D5) C6) APOINTS:1DIFFICULTY:ChallengingLEARNING OBJECTIVES:ACCT.WHAL.16.1.7 - LO: 1.7NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage28Chapter 1

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74. What types of resources do companies compete for and why?ANSWER:Companies compete for scarce resources that include financial capital, physical andnatural resources, intellectual property, technology, and the next new product orservices. Each company strives to be successful by securing skilled employees andexecutives, in order to reach customers through a variety of marketing channels.Companies look for the best suppliers that provide resources essential to theirbusinesses.POINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: CommunicationsLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Understanding75. The demand for accounting information arises from the informational needs of various stakeholders.RequiredList five internal stakeholders or external stakeholders.ANSWER:InternalEmployeesCompany ExecutivesExternalCustomersSuppliersBanksCreditorsEquity investorsCommunitiesTax AuthoritiesGovernmentPension FundsLabor UnionsPOINTS:1DIFFICULTY:EasyLEARNING OBJECTIVES:ACCT.WHAL.16.1.1 - LO: 1.1NATIONAL STANDARDS:United States - BUSPROG: CommunicationsLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: UnderstandingPage29Chapter 1

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76. What is the mission of the Securities and Exchange Commission? How did the SEC come into being?ANSWER:The mission of the SEC is to “protect investors, maintain fair, orderly, and efficientmarkets, and facilitate capital formation.”The U.S. Congress created the SEC to administer the Securities Act of 1933 and theSecurities Exchange Act of 1934. The SEC has the legal authority over the accountingprinciples and reporting practices for all corporations that issue publicly traded securitieswithin the U.S. capital markets.POINTS:1DIFFICULTY:ChallengingLEARNING OBJECTIVES:ACCT.WHAL.16.1.2 - LO: 1.2NATIONAL STANDARDS:United States - BUSPROG: CommunicationsLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: Understanding77. What is the responsibility of FASB?ANSWER:FASB is responsible for identifying financial issues, conducting the necessary researchto address the issues, and leading to preliminary views, hearings, and an exposure draftopen to comments through a multi-stage process used to issue new accountingguidance.POINTS:1DIFFICULTY:ModerateLEARNING OBJECTIVES:ACCT.WHAL.16.1.3 - LO: 1.3NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: BB-LegalKEYWORDS:Bloom's: Analyzing78. The FASB Codification consists of six components or levels, what are the components or levels?ANSWER:1) Areas2) Topics3) Subtopics4) Sections5) Subsections6) ParagraphsPOINTS:1DIFFICULTY:ChallengingLEARNING OBJECTIVES:ACCT.WHAL.16.1.4 - LO: 1.4NATIONAL STANDARDS:United States - BUSPROG: Reflective ThinkingLOCAL STANDARDS:United States - OH - Default City - AICPA: FN-Decision ModelingKEYWORDS:Bloom's: ApplyingPage30Chapter 1

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