Intermediate Accounting Reporting and Analysis 2017 Update 2e James M Wahlen Jefferson P Jones Donald P Pagach – Test Bank

Solution Manual For Advanced Accounting Reporting and Analysis 2017 Update 2e James M Wahlen Jefferson P Jones Donald P Pagach

ISBN-10:1337116610 , ISBN-13:978-1337116619

CHAPTER 1: THE REQUIREMENT FOR AND SUPPLY OF FINANCIAL ACCOUNTING INFORMATION

1. An issue arising from unequal knowledge known as knowledge asymmetry.

a. Correct

b. Incorrect

ANSWER: Incorrect

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.1 – LO: 1.1

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

2. The requirement for relevant and dependable financial information originates from the needs of the internal and external stakeholders.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.1 – LO: 1.1

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

3. The objective of the Securities and Exchange Commission is to safeguard consumers, uphold fair, orderly, and efficient markets, and aid in the capital formation.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.2 – LO: 1.2

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

4. The SEC possesses the power to establish accounting standards, while also enforcing regulations on firms, exchanges, and investors.

a. Correct

b. Incorrect

ANSWER: Incorrect

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.2 – LO: 1.2

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

5. The Financial Accounting Standards Board (FASB) was established in 1973 following the retirement of the Accounting Principles Board (APB) by the AICPA.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.3 – LO: 1.3

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

6. ​FASB’s Emerging Issues Task Force supports and advises the FASB by identifying and addressing timely yet more specific standard-setting issues.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.3 – LO: 1.3

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

7. The Codification is structured as a system of tiers starting with sections, topics, and subtopics.

a. Correct

b. Incorrect

ANSWER: Incorrect

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.4 – LO: 1.4

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

8. The Codification was introduced to aid in reducing the time required to research an accounting issue and enhance the ability to utilize accounting information compliant with GAAP.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.4 – LO: 1.4

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

9. The convergence dilemma between the IASB and GAAP was instigated in 2002 when the two boards engaged in the “Northward Agreement”.

a. Correct

b. Incorrect

ANSWER: Incorrect

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.5 – LO: 1.5

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

10. A potential challenge facing the convergence issue is that many firms have entered agreements based on U.S. GAAP financial reporting; these agreements may need to be renegotiated using IFRS which could potentially cause more harm than good to some companies.

a. Correct

b. Incorrect

ANSWER: Correct

POINTS: 1

CHALLENGE: Simple

GOALS OF LEARNING: ACCT.WHAL.16.1.5 – LO: 1.5

NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking – BUSPROG: Analytic

LOCAL STANDARDS: United States – OH – Default Town – AICPA: FN-Determination Modeling

KEYWORDS: Bloom’s: Remembering

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