Chapter 23 Test Bank
CHAPTER 24
FULL DISCLOSURE IN FINANCIAL REPORTING
IFRS questions are available at the end of this chapter.
TRUE-FALSE—Conceptual
Answer
F
T
T
F
F
T
F
T
F
T
F
T
F
T
F
T
F
T
T
F
No.
Description
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Items affected by FASB standards.
SEC reporting requirements.
Definition of accounting policies.
Related party transactions disclosure.
Post-balance-sheet disclosures.
FASB 131 requirements
Allocation of joint or common costs.
Disclosure of major customers.
Reporting under the integral approach.
Accounting principles in interim reports.
Reporting extraordinary items in interim reports.
Computing taxes in an interim period.
Opinions issued by auditor.
Definition of qualified opinion.
Management’s discussion and analysis section.
Information provided by MD&A section.
Definition of financial projection.
Financial forecast vs. financial projection.
Fraudulent financial reporting.
Internal environment influences.
MULTIPLE CHOICE—Conceptual
Answer
d c c d b b c d d b d b c d a d No.
21.
22.
23.
S
24.
S
25.
S
26.
P
27.
28.
29.
30.
31.
32.
33.
34.
S
35.
S
36.
Description
Disclosure of significant accounting policies.
Disclosure of inventory accounting policy.
Definition of errors and irregularities.
Full disclosure principle description.
APB Opinion No. 22 disclosure.
Related party transactions.
Post-balance-sheet events.
Subsequent events disclosure.
Recognition of subsequent events.
Revenue of a segment.
Segment revenue test.
Segment revenue test.
Disclosure of operating segment information.
Bases of reporting disaggregated information.
Items reconciled in segment reporting.
Accounting principles used in interim reports.
24 - 2 a d
Test Bank for Intermediate Accounting, Fourteenth Edition
P
37.
38.
Planned volume variance in interim period.
Interim financial reporting.
MULTIPLE CHOICE—Conceptual (cont.)
Answer
d b a c c b c c a a b b d c c c d
N/o.
39.
40.
41.
42.
43.
S
44.
P
45.
S
46.
47.
*48.
FULL DISCLOSURE IN FINANCIAL REPORTING
IFRS questions are available at the end of this chapter.
TRUE-FALSE—Conceptual
Answer
F
T
T
F
F
T
F
T
F
T
F
T
F
T
F
T
F
T
T
F
No.
Description
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Items affected by FASB standards.
SEC reporting requirements.
Definition of accounting policies.
Related party transactions disclosure.
Post-balance-sheet disclosures.
FASB 131 requirements
Allocation of joint or common costs.
Disclosure of major customers.
Reporting under the integral approach.
Accounting principles in interim reports.
Reporting extraordinary items in interim reports.
Computing taxes in an interim period.
Opinions issued by auditor.
Definition of qualified opinion.
Management’s discussion and analysis section.
Information provided by MD&A section.
Definition of financial projection.
Financial forecast vs. financial projection.
Fraudulent financial reporting.
Internal environment influences.
MULTIPLE CHOICE—Conceptual
Answer
d c c d b b c d d b d b c d a d No.
21.
22.
23.
S
24.
S
25.
S
26.
P
27.
28.
29.
30.
31.
32.
33.
34.
S
35.
S
36.
Description
Disclosure of significant accounting policies.
Disclosure of inventory accounting policy.
Definition of errors and irregularities.
Full disclosure principle description.
APB Opinion No. 22 disclosure.
Related party transactions.
Post-balance-sheet events.
Subsequent events disclosure.
Recognition of subsequent events.
Revenue of a segment.
Segment revenue test.
Segment revenue test.
Disclosure of operating segment information.
Bases of reporting disaggregated information.
Items reconciled in segment reporting.
Accounting principles used in interim reports.
24 - 2 a d
Test Bank for Intermediate Accounting, Fourteenth Edition
P
37.
38.
Planned volume variance in interim period.
Interim financial reporting.
MULTIPLE CHOICE—Conceptual (cont.)
Answer
d b a c c b c c a a b b d c c c d
N/o.
39.
40.
41.
42.
43.
S
44.
P
45.
S
46.
47.
*48.