Intermediate Accounting Reporting and Analysis 2017 Update 2e James M Wahlen Jefferson P Jones Donald P Pagach – Test Bank

Test Bank For Intermediate Accounting Reporting and Analysis 2017 Update 2e James M Wahlen Jefferson P Jones Donald P Pagach

ISBN-10:1337116610 , ISBN-13:978-1337116619

CHAPTER 1: THE DEMAND FOR AND SUPPLY OF FINANCIAL ACCOUNTING INFORMATION

1. A difficulty arising from equal knowledge referred to as knowledge 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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

2. The demand for associated and reliable financial knowledge stems from the desires of the inside and exterior 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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

3. The mission of the Securities and Commerce Payment is to protect consumers, maintain truthful, orderly, and atmosphere pleasant markets, and assist inside 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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

4. The SEC makes use of its authority to find out accounting necessities, whereas moreover implementing guidelines on corporations, exchanges, and consumers.

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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

5. The Financial Accounting Necessities Board (FASB) began in 1973 after the AICPA phased out the Accounting Guidelines 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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

6. ​FASB’s Rising Factors Exercise Drive assists and advises the FASB by determining and addressing properly timed nonetheless further slim and specific customary setting factors.

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 Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

7. The Codification is prepared up as a system of ranges starting with sections, issues, and subtopics.

a. True

b. False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: ACCT.WHAL.16.1.4 – LO: 1.4

NATIONAL STANDARDS: United States – BUSPROG: Reflective Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

8. The Codification was established to assist in reducing the time important to evaluation an accounting problem and improve the facility to profit from accounting knowledge that conforms with GAAP.

a. True

b. False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: ACCT.WHAL.16.1.4 – LO: 1.4

NATIONAL STANDARDS: United States – BUSPROG: Reflective Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

9. The convergence problem between the IASB and GAAP was initiated in 2002 when the two boards entered into the “Northward Settlement”.

a. True

b. False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: ACCT.WHAL.16.1.5 – LO: 1.5

NATIONAL STANDARDS: United States – BUSPROG: Reflective Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

10. A doable problem going by way of the convergence problem is that many corporations have entered into contracts based upon U.S. GAAP financial reporting; a lot of these contracts should be renegotiated using IFRS which doubtlessly may set off some corporations further harm than good.

a. True

b. False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: ACCT.WHAL.16.1.5 – LO: 1.5

NATIONAL STANDARDS: United States – BUSPROG: Reflective Pondering – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Metropolis – AICPA: FN-Willpower Modeling

KEYWORDS: Bloom’s: Remembering

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