Intermediate Accounting Volume 1, 13th Canadian Edition by Donald E. Kieso Test bank

Multiple Choice QUESTIONS
 
Answer           No.       Description
        d                  1.         Accounting characteristics
        a                   2.         Nature of financial accounting
        c                   3.         Definition of financial accounting
        b                  4.         Definition of management accounting
        d                  5.         Efficient use of resources
        c                   6.         Capital allocation process
        d                  7.         Importance of accounting information
        b                  8.         Primary exchange mechanism(s) for allocating resources
        b                  9.         Stakeholders in the financial reporting environment
        d                 10.        Preparation of audited financial statements
        a                 11.        Auditor’s responsibility
        c                  12.        Causes of subprime lending crisis
        a                 13.        Management’s primary responsibility with respect to financial statements
        c                  14.        Primary responsibility of security and exchange commissions
        b                 15.        Objectives of financial reporting
        b                 16.        Appropriate objectives of general-purpose financial reporting
        b                 17.        Accrual-basis accounting
        c                  18.        Preparation of biased information
        c                  19.        Existence of information asymmetry
        b                 20.        Efficient markets hypothesis
        d                 21.        Management bias