CHAPTER 1 INTRODUCTION TO FINANCIAL STATEMENTS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY |Item | |1. | |41.
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CHAPTER 1 ACCOUNTING IN ACTION Summary of Questions by STUDY Objectives and Bloom’s Taxonomy |Item | |1. | |51.
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Ans: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Performance Measurement 2. One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 3. When the disposal of a significant
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Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C1 2. The time period principle assumes that an organization's activities can be divided into specific time periods. TRUE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C1 3. Interim statements report a company's business activities for a 1-year period. FALSE AACSB: Communications AICPA BB: Industry AICPA FN: Decision
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12-1 AICPA Bus Persp: Legal/Regulatory AICPA Functional: Reporting 2) The statement of cash flows is an optional statement that can be prepared along with the income statement, balance sheet, and statement of retained earnings. Answer: FALSE Diff: 1 LO: 12-1 AICPA Bus Persp: Legal/Regulatory AICPA Functional: Reporting 3) The statement of cash flows shows the relationship of assets to cash flows. Answer: FALSE Diff: 1 LO: 12-1 AICPA Bus Persp: Legal/Regulatory AICPA Functional:
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1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a
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1 1. | Controlling involves the coordination of daily business functions within an organization. True False | 2. | Measuring the performance of managers and subunits is not an objective of managerial accounting. True False | 3. | Middle-level managers would likely be considered internal users of accounting information rather than external users. True False | 4. | A controller is normally involved with preparing financial statements. True False |
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Chapter 20 True/False Indicate whether the statement is true or false. ____ 1. Tax planning motivations usually are secondary to other objectives in deciding whether to create a trust. ____ 2. A trust might be used by the parties to an impending divorce. ____ 3. Like a limited liability company, the fiduciary is a tax-reporting, but not a separate tax-paying entity. ____ 4. An estate’s income beneficiary generally must wait until the entity is terminated by the executor to
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within an organization. FALSE AACSB: Reflective Thinking AICPA BB: Industry AICPA FN: Decision Making Bloom's: RC Difficulty: Easy Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals. 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. FALSE AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Research Bloom's: RC Difficulty: Easy Learning Objective: 01-03
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Chapter 01 An Introduction to Assurance and Financial Statement Auditing True / False Questions 1. | Independence standards are required for audits of public companies, but not for audits of private companies. True False | 2. | Decision makers demand reliable information that is provided by accountants. True False | 3. | Information asymmetry seldom occurs. True False | 4. | Conflicts of interest often occur between absentee owners and managers. True False |
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