40 Free Test Bank for Intermediate Accounting IFRS Edition 2nd Edition by Kieso 

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What would be an advantage of having all countries adopt and follow the same accounting standards?

•  a.Consistency.
•  b.Comparability.
•  c.Lower preparation costs.
•  d.Comparability and lower preparation costs

Which of the following organizations is not among the four international standard-setting organizations?

•  a.IFRS Foundation.
•  b.IFRS.
•  c.IFRS.
•  d.International Organization of Securities Commissions (IOSCO).

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.

Which of the following is not one of the major types of pronouncements issued by the International Accounting Standards Board (IASB)?

•  a.International financial reporting standard.
•  b.Memorandum of understanding.
•  c.Framework for financial reporting.
•  d.International financial reporting interpretations.

What is a possible danger if politics plays too big a role in developing IFRS?

•  a.Financial reporting standards that are issued that are not truly generally accepted.
•  b.Individuals may influence the standards.
•  c.User groups become active.
•  d.The IASB delegates its authority to elected officials.

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 these answers are correct.

What is due process in the context of standard setting at the IASB?

•  a.IASB operates in full view of the public.
•  b.Public hearings are held on proposed accounting standards.
•  c.Interested parties can make their views known.
•  d.All of these answers are correct.

As part of the objective of general-purpose financial reporting, there is an emphasis on “assessing cash flow prospects.” Under International Financial Reporting Standards (IFRS) this is interpreted to mean:

•  a.Cash basis accounting is preferred over accrual based accounting.
•  b.Information about the financial effects of cash receipts and cash payments is generally considered the best indicator of a company’s present and continuing ability to generate favorable cash flows.
•  c.Over the long run, trends in revenues and expenses are generally more meaningful than trends in cash receipts and disbursements.
•  d.All of the choices are correct regarding “assessing cash flow prospects” under IFRS.

Which of these statements regarding the IFRS and U.S. GAAP is correct?

•  a.U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
•  b.U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
•  c.IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
•  d.Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.

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 answers are correct.

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.

What is the major objective of financial reporting?

•  a.Provide information that is useful to management in making decisions.
•  b.Provide information that clearly portray nonfinancial transactions.
•  c.Provide information that is useful to present and potential equity investors, lenders, and other creditors in making decisions..
•  d.Provide information that excludes claims to the resources.

The two major standard-setting organizations in the world are

•  a.Financial Accounting Standards Board (FASB) and the International Organization of Securities Commission (IOSCO).
•  b.Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
•  c.The International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO).
•  d.The International Accounting Standards Board (IASB) and the Standards Advisory Council (SAC).

The purpose of the International Accounting Standards Board is to

•  a.issue enforceable standards which regulate the financial accounting and reporting of multinational corporations.
•  b.develop a uniform currency in which the financial transactions of companies through-out the world would be measured.
•  c.develop a single set of high-quality IFRS.
•  d.arbitrate accounting disputes between auditors and international companies.

The financial statements most frequently provided include all of the following except the

•  a.statement of financial position.
•  b.income statement.
•  c.statement of cash flows.
•  d.statement of retained earnings.

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

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

Users of financial reports include all of the following except:

•  a.creditors.
•  b.government agencies.
•  c.unions.
•  d.All of these are users.

The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS). Place the following steps in the correct order: 1)Research and analysis conducted; preliminary views of pros and cons issued; 2)Topics identified and placed on the agenda; 3)Board evaluates responses, final standard issued;4)Public hearing on proposed standard; 5)Board evaluates research, issues exposure draft.

•  a.1, 2, 3, 4, 5
•  b.2, 1, 4, 5, 3
•  c.1, 2, 5, 4, 3
•  d.1, 2, 5, 3, 4

Which of the following is an ethical concern of accountants?

•  a.Earnings manipulation.
•  b.Conservative accounting.
•  c.Industry practices.
•  d.None of the above.

International financial reporting interpretations (issued by the International Accounting Standards Board)

•  a.Are considered authoritative and must be followed.
•  b.Cover newly identified financial reporting issues not specifically addressed by the IASB.
•  c.Cover issues where unsatisfactory or conflicting interpretations have developed.
•  d.All of the choices are correct regarding International financial reporting interpretations.

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.

Which of the following statements is true regarding the International Accounting Standards Board (IASB)?

•  a.The IASB is a regulatory agency with enforcement powers for its International Financial Reporting Standards (IFRS).
•  b.The IASB is a public organization, funded by taxpayer dollars from member countries.
•  c.Is compromised of 16 members.
•  d.All of the choices are correct regarding the IASB.

The IASB's standard-setting structure includes all of the following except:

•  a.IFRS Interpretations Committee
•  b.IFRS Advisory Council
•  c.IFRS Comparison Committee
•  d.Trustees