65 Free Test Bank for Intermediate Accounting 13th Edition Kieso

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All the following are differences between financial and managerial accounting in how accounting information is used except to

•  a.plan and control company's operations.
•  b.decide whether to invest in the company.
•  c.evaluate borrowing capacity to determine the extent of a loan to grant.
•  d.All the above.

One objective of financial reporting is to provide

•  a.information about the investors in the business entity.
•  b.information about the liquidation values of the resources held by the enterprise.
•  c.information that is useful in assessing cash flow prospects.
•  d.information that will attract new investors.

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.

Accrual accounting is used because

•  a.cash flows are considered less important.
•  b.it provides a better indication of ability to generate cash flows than the cash basis.
•  c.it recognizes revenues when cash is received and expenses when cash is paid.
•  d. none of the above.

Which organization was responsible for issuing Accounting Research Bulletins?

•  a.Accounting Principles Board.
•  b.Committee on Accounting Procedure.
•  c.The SEC.
•  d.AICPA.

Characteristics of generally accepted accounting principles include all of the following except

•  a.authoritative accounting the rule-making body established a principle of reporting.
•  b.standards are considered useful by the profession.
•  c.each principle is approved by the SEC.
•  d.practice has become universally accepted over time.

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.

The role of the Securities and Exchange Commission in the formulation of accounting principles can be best described as

•  a.consistently primary.
•  b.consistently secondary.
•  c.sometimes primary and sometimes secondary.
•  d.non-existent.

Which of the following is a general limitation of "general purpose financial statements"?

•  a.General purpose financial statements may not be the most informative for a specific enterprise.
•  b.General purpose financial statements are comparable.
•  c.General purpose financial statements are assumed to present fairly the company's financial operations.
•  d.None of the above.

Why did the AICPA create the Accounting Principles Board?

•  a.The SEC disbanded the previous standard setting organization.
•  b.The previous standard setting organization did not provide a structured set of accounting principles.
•  c.No such organization existed in the past.
•  d.None of the above.

What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United 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 AICPA in establishing accounting standards.
•  c.The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction.
•  d.The SEC reviews financial statements for compliance.

Which of the following is not a major challenge facing the accounting profession?

•  a.Nonfinancial measurements.
•  b.Timeliness.
•  c.Accounting for hard assets.
•  d.Forward-looking information.

Which organization is responsible for issuing Emerging Issues Task Force Statements?

•  a.FASB
•  b.CAP
•  c.APB
•  d.SEC

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.

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.none of these.

A common set of accounting standards and procedures are called

•  a.financial accounting standards.
•  b.generally accepted accounting principles.
•  c.objectives of financial reporting.
•  d.statements of financial accounting concepts.

How does accounting help the capital allocation process attract investment capital?

•  a.Provides timely, relevant information.
•  b.Encourages innovation.
•  c.Promotes productivity.
•  d.a and b above.

Which of the following organizations has been responsible for setting U.S. accounting standards?

•  a.Accounting Principles Board.
•  b.Committee on Accounting Procedure.
•  c.Financial Accounting Standards Board.
•  d.All of the above.

An effective capital allocation process

•  a.promotes productivity.
•  b.encourages innovation.
•  c.provides an efficient market for buying and selling securities.
•  d.all of these.