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Intermediate Accounting 16th Edition by Kieso, Weygandt, Warfield   test bank

CHAPTER 1

FINANCIAL ACCOUNTING AND
ACCOUNTING STANDARDS

TRUE-FALSE—Conceptual
1. Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    2.  Financial statements are the principal means through which a company communicates its financial information to those outside it.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    3.  Users of financial reports of a company use the information provided by these reports to make their capital allocation decisions.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    4.  An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    5.  The objective of financial reporting is to report the plans made by a company to improve the productivity of its employees.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    6.  Investors are interested in financial reporting because it provides information that is useful for making decisions.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    7.  Users of financial accounting statements have both coinciding and conflicting needs for information of various types.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    8.  The Securities and Exchange Commission appointed the Committee on Accounting Procedure.

Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

    9.  The passage of a new FASB Accounting Standards Update requires the support of five of the seven board members.

Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  10.  Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are used by the FASB in developing future standards of financial accounting and reporting.

Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: FSA, IFRS: None
  11.  The AICPA created the Accounting Principles Board in 1959.

Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: FSA, IFRS: None
.
.
.
.
MULTIPLE CHOICE—Conceptual

  21.     General-purpose financial statements are the product of
a.   financial accounting.
b.   managerial accounting.
c.   both financial and managerial accounting.
d.   neither financial nor managerial accounting.

Ans: a, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  22.     Which of the following is not a user of financial reports?
a.   Creditors.
b.   Government agencies.
c.   Unions.
d.   Employees.

Ans: d, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  23.     The financial statements most frequently provided include all of the following except the
a.   balance sheet.
b.   income statement.
c.   statement of cash flows.
d.   statement of retained earnings.

Ans: d, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  24.     The information provided by financial reporting pertains to
a.   individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers.
b.   business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers.
c.   individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers.
d.   an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries.

Ans: a, LO: 1, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  25.     All the following are ways in which accounting information is used by financial accounting except to
a.   buy, sell, hold equity and debt instruments.
b.   decide whether to invest in the company.
c.   evaluate borrowing capacity to determine the extent of a loan to grant.
d.   plan and control company's operations.

Ans: d, LO: 1, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Info. Mgmt., IFRS: None


  26.     Which of the following represents a form of communication through financial reporting but not through financial statements?
a.   Balance sheet.
b.   President's letter.
c.   Income statement.
d.   Notes to financial statements.

Ans: b, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

P27.     The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization’s operations is called
a.   financial accounting.
b.   managerial accounting.
c.   tax accounting.
d.   auditing.

Ans: b, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  28.     How does accounting help the capital allocation process attract investment capital?
a.   By providing timely, relevant information.
b.   By encouraging innovation.
c.   By promoting productivity.
d.   By providing timely, relevant information and by encouraging innovation.

Ans: a, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: reporting, IFRS: None

  29.     Which of the following does not help in determining whether a business thrives?
a.   Markets.
b.   Free enterprise.
c.   Competition.
d.   Lack of innovation.

Ans: d, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  30.     Which of the following is related to an effective capital allocation?
a.   Promoting productivity.
b.   Encouraging innovation.
c.   Providing an efficient market for buying and selling securities.
d.   Provides timely, relevant information and encourages innovation.

Ans: d, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None

  31.     Financial statements in the early 2000s provide information related to
a.   nonfinancial measurements.
b.   forward-looking data.
c.   hard assets (inventory and plant assets).
d.   soft assets.

Ans: c, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication IMA: Reporting, IFRS: None
 .
.
.
.


Exercises

Ex. 1-85—Objective of financial reporting.
What is the objective of financial reporting? How do general-purpose financial statements help meet this objective.

Ans: NA, LO: 1, Bloom: C, Difficulty: Moderate, Min: 5, AACSB: None, AICPA BB: None, AICPA FC: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None


Solution 1-85
The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity.
General-purpose financial statements provide financial reporting information to a wide variety of users. They help shareholders, creditors, employees, and regulators to better understand a company’s financial position and related performance.


Ex. 1-86—Development of accounting principles.

Presented below are two independent, unrelated statements regarding the formulation of generally accepted accounting principles.  Each statement contains some incorrect or debatable statement(s).
Statement I

The users of financial accounting statements have coinciding and conflicting needs for statements of various types. To meet these needs, and to satisfy the financial reporting responsibility of management, accountants prepare different sets of financial statements for different users.
Statement II

The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the public accounting profession. The FASB therefore will succeed because it will deal effectively with all interested groups.

Instructions
Evaluate each of the independent statements and identify the areas of fallacious reasoning in each. Explain why the reasoning is incorrect. Complete your discussion of each statement before proceeding to the next statement.

Ans: NA, LO: 1, 2, Bloom: E, Difficulty: Difficult, Min: 10, AACSB: Reflective Thinking, AICPA BB: Crit. Think., AICPA FC: Reporting, AICPA PC: Prob. Solving, IMA: FSA, IFRS: None



Solution 1-86
Statement I

It is true that users of financial accounting statements have coinciding and conflicting needs for statements of various types. However, to meet these needs, accountants generally prepare a single set of general-purpose financial statements, rather than a number of different types of financial statements. It may be argued that accountants often do prepare special statements for particular purposes, but in general the accounting profession has relied on general purpose financial statements prepared in conformance with generally accepted accounting principles.

Statement II

It is true that the FASB should be responsive to the needs of the entire economic community, not just the public accounting profession. However, it is not clear whether the FASB will succeed. The FASB will have the best chance of survival if it deals with problems promptly, sets proper priorities, takes whatever action it thinks is right and in the public interest, and handles pressures responsibly without overreacting to them.


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