Intermediate Accounting 7e by Spiceland TB
16595 WordsSep 14, 201467 Pages
Intermediate Accounting by Spiceland 7th Edition Test Bank
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Chapter 01
Environment and Theoretical Structure of Financial Accounting
True / False Questions 1.
The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False 2.
Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False 3.
The FASB is…show more content… True False 26.
In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply. True False 27.
The funding of the standard-setting bodies that promulgate IFRS is as independent as that underlying U.S. GAAP. True False
Multiple Choice Questions 28.
External decision makers would not look primarily to financial accounting information to assist them in making decisions on:
A.
Granting credit.
B.
Capital budgeting.
C.
Selecting stocks.
D.
Mergers and acquisitions.
29.
Corporations issue their shares to the investing public in the:
A.
Option a
B.
Option b
C.
Option c
D.
Option d
30.
The primary focus for financial accounting information is to provide information useful for:
A.
Option a
B.
Option b
C.
Option c
D.
Option d
31.
Which of the following groups is not among the external users for whom financial statements are prepared?
A.
Customers.
B.
Suppliers.
C.
Employees.
D.
All of the above are external users of financial statements.
32.
Which of the following is not true about net operating cash flow?
A.
It is the difference between cash receipts and cash disbursements from providing goods and services.
B.
It is a measure used in accrual accounting and is