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Chap001 The Economic and Institutional Setting for Financial Reporting
True/False
[QUESTION]
Answer: True
Learning Objective: 01-01
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
Blooms: Remember
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: False
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: True
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: FN Risk Analysis
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: False
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: True
Learning Objective: 01-03
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: False
Feedback: The SEC retains enforcement authority over financial reporting in the U.S.
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: True
Learning Objective: 01-01
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Financial statementsAs sources of information
Topic: Management choicesReporting strategies
[QUESTION]
Answer: False
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: True
Learning Objective: 01-06
Difficulty: 1 Easy
AACSB: Diversity
AICPA: BB Global
AICPA: FN Measurement
Blooms: Remember
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: False
Feedback: Form F20 reconciles back to GAAP the earnings and shareholders equity
Learning Objective: 01-06
Difficulty: 2 Medium
AACSB: Diversity
AICPA: BB Legal
AICPA: FN Measurement
Blooms: Understand
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: True
Learning Objective: 01-05
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Global differences and financial reporting
[QUESTION]
Answer: True
Learning Objective: 01-06
Difficulty: 1 Easy
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
Blooms: Remember
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: True
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Industry
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: True
Learning Objective: 01-03
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
Blooms: Remember
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: False
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Industry
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: False
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Industry
Blooms: Remember
Topic: Fundamental concepts of financial reporting
Multiple Choice
[QUESTION]
Answer: d
Learning Objective: 01-01
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Remember
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: c
Learning Objective: 01-01
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Remember
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: c
Learning Objective: 01-01
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: a
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Industry
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Resource Management
AICPA: BB Industry
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: b
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
24. Which of the following statements is not correct regarding a companys financial statements? |
a. They may present a picture of the company at a moment in time. |
b. They may describe changes that took place over a period of time . |
c. They reflect economic events that affect the company. |
d. They are comparable to the statements of other companies as all publicly held companies follow the very precise science of accounting. |
Answer: d
Learning Objective: 01-01
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Remember
Topic: Financial statementsAs sources of information
[QUESTION]
25. Which of the following are correct with respect to information contained in financial statements? |
a. Information asymmetry occurs when management has access to more and better information than do people outside the company. |
b. Financial statements cannot solve the issue of information asymmetry. |
c. Financial statements help solve the issue of information asymmetry. |
d. Financial statements help solve the issue of information asymmetry which is when management has access to more and better information than do people outside the company. |
Answer: d
Learning Objective: 01-01
Difficulty: 3 Hard
AACSB: Reflective Thinking
AICPA: BB Industry
Blooms: Remember
Topic: Financial statementsAs sources of information
[QUESTION]
26. Which is not correct regarding Regulation Fair Disclosure (Reg FD) ? |
a. It helps level the playing field between individual and insitutional investors. |
b. It does not limit what management can say in private conversations with analysts or investors. |
c. It was passed by the SEC. |
d. It limits what management can say in private conversations with analysts and investors . |
Answer: b
Learning Objective: 01-03
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: b
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: c
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: a
Learning Objective: 01-01
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Understand
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: a
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: b
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
32. In designing audit procedures the auditor will include all of the following except: |
a. Industry conditions. |
b. Global economic trends. |
c. Assessing the reasonableness of the numbers in relation to the companys activities. |
d. Fraud risk factors that may be present. |
Answer: b
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: d
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
38. Employees demand financial information for all of the following except: |
a. Monitoring profit sharing and stock ownership plans. |
b. Monitoring how much the senior executives earn. |
c. Monitoring the health of company pension plans. |
d. Monitoring union contracts that link negotiated wage increases to company financial performance. |
Answer: b
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
39. Which of the following statements is correct with respect to economic incentives to release financial information? |
a. Because companies have an economic incentive to supply information investors want, regulatory groups have little influence over the amount and type of financial information that companies disclose. |
b. Because financial disclosures are regulated, owners and managers have little economic incentive to supply the amount and type of financial information that will enable them to raise capital most cheaply. |
c. Companies have an economic incentive to supply the information investors want in order to raise capital at the lowest possible cost. |
d. Owners and managers do not have an economic incentive to supply the amount and type of financial information because it has no effect on the companys ability to raise capital at the lowest cost. |
Answer: c
Learning Objective: 01-01
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
Blooms: Understand
Topic: Financial statementsAs sources of information
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
40. Which statement below describes efficient market investors? |
a. They presume they have no insight beyond the share price. |
b. They believe that any new development is quickly and correctly reflected in the stock price. |
c. They use financial statements to assess risk and dividend yields to make portfolio decisions. |
d. All of these answer choices are correct. |
Answer: d
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
41. Which of the following create a competitive disadvantage according to the full disclosure principle? |
a. Details about the companys strategies, plans and tactics. |
b. Information about the companys technological and managerial innovations. |
c. Detailed information about the companys operations. |
d. All of these answer choices are correct. |
Answer: d
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: b
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: a
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Analytical Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Analyze
Topic: Fundamental concepts of financial reporting
[QUESTION]
45. Which of the following is not an accurate statement related to the demand for financial reporting? |
a. Economically realistic reporting standards are low when there are few important capital providers. |
b. Cross-country differences have no impact on capital funding opportunities and financial reporting practices. |
c. External investors who provide capital demand a reporting system that accurately depicts a company past economic performance and its future prospects. |
d. Comprehensive financial data is demanded when there is a broad base of external investors. |
Answer: b
Learning Objective: 01-05
Difficulty: 2 Medium
AACSB: Diversity
AICPA: BB Global
AICPA: BB Resource Management
Blooms: Understand
Topic: Global differences and financial reporting
[QUESTION]
Answer: a
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-01
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Legal
AICPA: FN Measurement
Blooms: Understand
Topic: Financial statementsAs sources of information
[QUESTION]
48. What type of trends and relationships can be gleaned from a companys financial statements? |
a. Rates of sales and accounts receivable growth. |
b. Rates of expense growth and expenses as a percentage of sales. |
c. How the companys growth rates compare to their competitors. |
d. All of these answer choices are correct. |
Answer: d
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: c
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
51. Which statement is not true regarding the conservatism convention in accounting? |
a. Conservatism guides us to choose the approach that leads to lower assets or higher liabilities. |
b. Conservatism means we only record that of which we are 100% certain. |
c. Conservatism is sometimes used to defend poor accounting judgments. |
d. Conservatism strives to ensure that business risks and uncertainties are adequately reflected in the financial statements. |
Answer: c
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsFor decision-maker needs
[QUESTION]
53. Which of the following people outside the company do not demand financial statement information as a key input? |
a. Suppliers and Lenders. |
b. Government and Regulatory Agencies. |
c. Competitors. |
d. Customers. |
Answer: c
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Industry
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
54. Which item below does not describe a politically vulnerable firm? |
a. The firm has contracts controlled by the government. |
b. The firm may face antitrust litigation or loss of protective import quotas. |
c. The firm is in a highly visible industry such as oil & gas or pharmaceuticals. |
d. The firm may be attacked in the financial and popular press for generating high earnings. |
Answer: a
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Industry
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
55. Which of the following are primary qualitative characteristics of accounting information? |
a. Relevance and Timeliness. |
b. Relevance and Faithful Representation. |
c. Comparability and Timeliness. |
d. Verifiability and Understandability. |
Answer: b
Learning Objective: 01-01
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Financial statementsAs sources of information
[QUESTION]
56. To achieve Faithful Representation, accounting information presented must meet which of the following requirements? |
a. It must be comparable so that analysts can use it. |
b. It must have predictive and confirmatory value. |
c. It must depict the underlying economic event, be complete, neutral, and free from material error. |
d. It must meet a materiality threshold. |
Answer: c
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
58. Whose responsibility is it to ensure that the companys financial information is properly assembled, classified, characterized, and presented clearly and concisely in order to make it understandable? |
a. The public accounting firm performing the audit. |
b. The SEC by enforcing reporting standards. |
c. Management of the company publishing the statements. |
d. FASB when drafting generally accepted accounting principles. |
Answer: c
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
59. Which of the following is not an action taken by shareholders when the earnings and share price fall below acceptable levels? |
a. Letters to management and outside directors. |
b. Phone calls to management and outside directors. |
c. Launching a proxy contest. |
d. Filing a lawsuit for the lost value of the share price. |
Answer: d
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: b
Learning Objective: 01-02
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-02
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Resource Management
AICPA: FN Risk Analysis
Blooms: Remember
Topic: Financial statementsFor decision-maker needs
[QUESTION]
Answer: d
Learning Objective: 01-01
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsAs sources of information
[QUESTION]
Answer: d
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: d
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: a
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: c
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
Answer: b
Learning Objective: 01-03
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Understand
Topic: Financial statementsDisclosure costs and benefits
[QUESTION]
70. When comparing U.S. GAAP and IFRS standards, which of the following is not correct? |
a. IFRS is principles-based while U.S. GAAP is rules-based. |
b. U.S. GAAP standards provide too many scope exceptions. |
c. IFRS provides more detailed guidance than U.S. GAAP. |
d. U.S. GAAP provides more detailed guidance than IFRS. |
Answer: c
Learning Objective: 01-06
Difficulty: 2 Medium
AACSB: Diversity
AICPA: BB Global
AICPA: FN Measurement
Blooms: Understand
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: a
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Standard-settingUS GAAP
[QUESTION]
73. Which of the following does not describe how FASB endeavors to draft pronouncements? |
a. Provide enough implementation guidance for consistent application. |
b. Explain the accounting principles being applied. |
c. Clearly define bright-line rules. |
d. Avoid bright line rules. |
Answer: c
Learning Objective: 01-06
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Legal
AICPA: FN Measurement
Blooms: Understand
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: d
Learning Objective: 01-04
Learning Objective: 01-05
Difficulty: 1 Easy
AACSB: Diversity
AICPA: BB Global
Blooms: Remember
Topic: Standard-settingIFRS
[QUESTION]
Answer: d
Learning Objective: 01-04
Learning Objective: 01-App1A
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: FN Measurement
AICPA: BB Legal
Blooms: Understand
Topic: Standard-settingIFRS
Topic: Historical overview of US financial reporting
[QUESTION]
Answer: d
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: FN Research
Blooms: Remember
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: a
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: FN Research
Blooms: Remember
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: FN Research
Blooms: Understand
Topic: Standard-settingUS GAAP
[QUESTION]
Answer: a
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Management choicesReporting strategies
[QUESTION]
Answer: b
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Management choicesReporting strategies
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Analytical Thinking
AICPA: BB Critical Thinking
AICPA: FN Risk Analysis
Blooms: Analyze
Topic: Management choicesReporting strategies
[QUESTION]
Answer: d
Learning Objective: 01-App1A
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Understand
Topic: Historical overview of US financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-App1A
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Remember
Topic: Historical overview of US financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-App1A
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Legal
Blooms: Understand
Topic: Historical overview of US financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-04
Difficulty: 1 Easy
AACSB: Reflective Thinking
AICPA: FN Measurement
Blooms: Remember
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: d
Learning Objective: 01-04
Difficulty: 2 Medium
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Blooms: Understand
Topic: Fundamental concepts of financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-05
Difficulty: 2 Medium
AACSB: Diversity
AACSB: Reflective Thinking
AICPA: BB Legal
AICPA: BB Global
Blooms: Understand
Topic: Global differences and financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-06
Difficulty: 2 Medium
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
AICPA: FN Measurement
Blooms: Understand
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: a
Learning Objective: 01-05
Difficulty: 2 Medium
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
Blooms: Understand
Topic: Global differences and financial reporting
[QUESTION]
Answer: c
Learning Objective: 01-05
Difficulty: 2 Medium
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
AICPA: BB Resource Management
Blooms: Understand
Topic: Global differences and financial reporting
[QUESTION]
Answer: b
Learning Objective: 01-04
Learning Objective: 01-06
Difficulty: 1 Easy
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
Blooms: Remember
Topic: Standard-settingIFRS
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: d
Learning Objective: 01-06
Difficulty: 2 Medium
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: BB Global
Blooms: Understand
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
Answer: a
Learning Objective: 01-06
Difficulty: 1 Easy
AACSB: Reflective Thinking
AACSB: Diversity
AICPA: Global
Blooms: Remember
Topic: Standards differencesUS GAAP and IFRS
[QUESTION]
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