Test Bank For Intermediate Accounting Donald E. Kieso 15th Edition

ISBN: 978-1118985328

CHAPTER 1: FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS

 IFRS questions are available at the end of this chapter.

 TRUE-FALSE—Conceptual

Answer          No.      Description

F              1.     Definition of financial accounting.

T              2.     Purpose of financial statements.

T              3.     Definition of financial accounting.

T              4.     Capital allocation process.

F              5.     Objective of financial reporting.

T              6.     Decision-Usefulness approach.

T              7.     Users of financial statements.

F              8.     Committee on Accounting Procedure.

F              9.     Passage of new FASB statement.

T            10.     Statements of Financial Accounting Concepts.

T            11.     Creation of Accounting Principles Board.

F            12.     FASB Codification.

T            13.     Code of Professional Conduct.

F            14.     GAAP and political action.

T            15.     Public Company Accounting Oversight Board.

T            16.     Expectations gap.

F            17.     Financial reports.

F            18.     Fair value information.

F            19.     International Financial Reporting Standards.

F            20.     Ethical issues.