Test Bank Kieso Intermediate Accounting 12e

Test Bank

Book Title: 

Intermediate Accounting 12 th edition

Author(s): 

Kieso, Weygandt, Warfield

Publisher: 

John Wiley & Sons Inc.

Chapter: 

1 - 24

Chapter 1: Financial Accounting and Accounting Standards
Chapter 2: Conceptual Framework Underlying Financial Accounting
Chapter 3: The Accounting Information System
Chapter 4: Income Statement and Related Information
Chapter 5: Balance Sheet and Statement of Cash Flows
Chapter 6: Accounting and the Time Value of Money
Chapter 7: Cash and Receivables
Chapter 8: Valuation of Inventories: A Cost-Basis Approach
Chapter 9: Inventories: Additional Valuation Issues
Chapter 10: Acquisition and Disposition of Property, Plant, and Equipment
Chapter 11: Depreciation, Impairments, and Depletion
Chapter 12: Intangible Assets
Chapter 13: Current Liabilities and Contingencies
Chapter 14: Long-Term Liabilities
Chapter 15: Stockholders' Equity
Chapter 16: Dilutive Securities and Earnings Per Share
Chapter 17: Investments
Chapter 18: Revenue Recognition
Chapter 19: Accounting for Income Taxes
Chapter 20: Accounting for Pensions and Postretirement Benefits
Chapter 21: Accounting for Leases
Chapter 22: Accounting Changes and Error Analysis
Chapter 23: Statement of Cash Flows
Chapter 24: Full Disclosure in Financial Reporting

CHAPTER 1

FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS

MULTIPLE CHOICE—Conceptual

21. 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.

22. Users of financial reports include all of the following except

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

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

a.  balance sheet.
b.  income statement.
c.  statement of cash flows.
d.  statement of retained earnings.

24. 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.

25. 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.