Financial Accounting Standalone book 9th Edition Weygandt Test Bank

1. Chapter 1: An overview of the Australian external reporting environment
2. Part 1: The Australian accounting environment
3. Chapter Introduction
4. 1.1 Accounting, accountability and the role of financial accounting
5. Financial accounting defined
6. 1.2 Users’ demand for general purpose financial statements
7. 1.3 Australian Securities and Investments Commission
8. The meaning of ‘materiality’
9. Other reporting obligations within the Corporations Act
10. The true and fair view: further considerations
11. 1.4 Australian Accounting Standards Board
12. Reporting exemption allowed for ‘small proprietary companies’
13. The process of Australia adopting accounting standards issued by the International Accounting Standards Board
14. Numbering of Australian Accounting Standards
15. 1.5 Financial Reporting Council
16. 1.6 Australian Securities Exchange
17. 1.7 International Accounting Standards Board
18. The IASB does not have power to enforce its standards
19. IFRS Interpretations Committee
20. 1.8 Accounting standards change across time
21. 1.9 Differential reporting
22. 1.10 The use and role of audit reports
23. 1.11 What benefits can we expect from all of this international standardisation?
24. 1.12 International cultural differences and the harmonisation of accounting standards
25. 1.13 All of this regulation—is it really necessary?
26. The ‘free-market’ perspective
27. The ‘pro-regulation’ perspective
28. 1.14 The reporting of alternative measures of ‘profits’
29. Summary
30. Key Terms
31. Answers to Opening Questions
32. Review Questions
33. Challenging Questions
34. References
35. Chapter 2: The Conceptual Framework for Financial Reporting
36. Chapter Introduction
37. 2.1 An introduction to the IASB Conceptual Framework
38. 2.2 Benefits of a conceptual framework
39. 2.3 An overview of the recently revised Conceptual Framework
40. Introduction: the status and purpose of the Conceptual Framework
41. The Conceptual Framework is not an accounting standard
42. 2.4 An overview of the building blocks of the Conceptual Framework
43. 2.5 Definition of general purpose financial reporting and a reporting entity
44. 2.6 Users of general purpose financial statements
45. 2.7 Objective of general purpose financial reporting
46. 2.8 Qualitative characteristics of useful financial information
47. Relevance
48. Faithful representation
49. Balancing relevance and representational faithfulness
50. Comparability
51. Verifiability
52. Timeliness
53. Understandability
54. 2.9 Definition and recognition of the elements of financial statements
55. Definition and recognition of assets
56. Definition and recognition of liabilities
57. Definition and recognition of expenses
58. Definition and recognition of income
59. Definition of equity
60. 2.10 Measurement principles
61. 2.11 A critical review of conceptual frameworks
62. The Conceptual Framework adopts a very restricted view of accountability
63. The definitions of the elements of financial reporting ignore many social and environmental ‘costs’
64. The Conceptual Framework simply reflects existing accounting practice
65. Conceptual frameworks are a mechanism to legitimise the accounting profession
66. 2.12 The conceptual framework as a normative theory of accounting
67. Summary
68. Key Terms
69. Answers to Opening Questions
70. Review Questions
71. Challenging Questions
72. References
73. Chapter 3: Theories of financial accounting
74. Part 2: Theories of accounting
75. Chapter Introduction
76. 3.1 Introduction to theories applicable to financial accounting
77. Why discuss theories in a book such as this?
78. Definition of ‘theory’
79. 3.2 Positive Accounting Theory
80. 3.3 Efficiency and opportunistic perspectives of PAT
81. 3.4 Owner–manager contracting
82. Bonus schemes generally
83. Accounting-based bonus plans
84. Incentives to manipulate accounting numbers
85. Market-based bonus schemes
86. 3.5 Debt contracting
87. 3.6 Political costs
88. Earnings management
89. PAT in summary
90. Accounting policy selection and disclosure
91. 3.7 Accounting policy choice and ‘creative accounting’
92. 3.8 Some criticisms of Positive Accounting Theory
93. 3.9 Normative accounting theories
94. Current-cost accounting
95. Exit-price accounting
96. Deprival-value accounting
97. 3.10 Systems-oriented theories to explain accounting practice
98. 3.11 Stakeholder Theory
99. Diverse stakeholders and the production of ‘multiple accounts’ (or ‘dialogic accounts’)
100. 3.12 Legitimacy Theory
101. 3.13 Institutional Theory
102. 3.14 Theories that seek to explain why regulation is introduced
103. Public Interest Theory
104. Capture Theory
105. Economic Interest Group Theory of Regulation
106. Summary
107. Key Terms
108. Answers to Opening Questions
109. Review Questions
110. Challenging Questions
111. Further Reading
112. References
113. Chapter 4: An overview of accounting for assets
114. Part 3: Accounting for assets
115. Chapter Introduction
116. 4.1 Introduction to accounting for assets
117. Definition of assets
118. 4.2 Recognition criteria
119. 4.3 Measurement of assets
120. The sources of the future economic benefits
121. Acquisition cost of assets
122. 4.4 Further consideration of ‘fair value’
123. Some concerns about fair values
124. 4.5 Definition of current assets
125. 4.6 How to present a statement of financial position
126. Specific disclosures to be made on the face of the statement of financial position
127. 4.7 Accounting for property, plant and equipment—an introduction
128. Safety and environmental expenditure
129. Repairs and improvements to property, plant and equipment
130. Allocation of cost to individual items of property, plant and equipment
131. Components approach
132. 4.8 Property, plant and equipment acquired with non-cash consideration
133. 4.9 Deferred payments made to acquire an asset
134. 4.10 Accounting for borrowing costs incurred when constructing an item of property, plant and equipment
135. Research on interest capitalisation
136. 4.11 Assets acquired at no cost
137. Summary
138. Key Terms
139. Answers to Opening Questions
140. Review Questions
141. Challenging Questions
142. References
143. Chapter 5: Depreciation of property, plant and equipment
144. Chapter Introduction
145. 5.1 Introduction to accounting for the depreciation of property, plant and equipment
146. 5.2 Key factors to consider when determining depreciation
147. Depreciable amount (base) of an asset
148. Determination of useful life
149. Method of cost apportionment
150. 5.3 Applying different methods of depreciation
151. 5.4 Depreciation of separate components
152. 5.5 When to start depreciating an asset
153. 5.6 Revision of depreciation rate and depreciation method
154. 5.7 Land and buildings
155. 5.8 Modifying existing non-current assets
156. 5.9 Disposition of a depreciable asset
157. Sale
158. 5.10 Depreciation as a process of allocating the cost of an asset over its useful life: some related concerns
159. 5.11 Disclosure requirements
160. Summary
161. Key Terms
162. Answers to Opening Questions
163. Review Questions
164. Challenging Questions
165. References
166. Chapter 6: Revaluations and impairment testing of non-current assets
167. Chapter Introduction
168. 6.1 Introduction to revaluations and impairment testing of non-current assets
169. 6.2 Measuring property, plant and equipment at cost or at fair value—there’s a choice
170. 6.3 The use of fair values
171. How does an entity determine fair value?
172. Valuations to be kept up to date
173. 6.4 Revaluation increments
174. 6.5 Treatment of balances of accumulated depreciation upon revaluation
175. 6.6 Revaluation decrements
176. 6.7 Reversal of revaluation decrements and increments
177. 6.8 Accounting for the gain or loss on the disposal or derecognition of a revalued non-current asset
178. 6.9 Recognition of impairment losses
179. The meaning of recoverable amount
180. Recognising an impairment loss when an entity has elected to change accounting policy from the cost model to the fair-value model
181. 6.10 Further consideration of present values
182. 6.11 Investment properties
183. 6.12 Economic consequences of asset revaluations and impairments
184. 6.13 Disclosure requirements
185. Summary
186. Key Terms
187. Answers to Opening Questions
188. Review Questions
189. Challenging Questions
190. References
191. Chapter 7: Inventory
192. Chapter Introduction
193. 7.1 Introduction to inventory
194. Definition of inventory
195. 7.2 The general basis of inventory measurement
196. The meaning of cost
197. Items excluded from the cost of inventory
198. Allocating costs to inventory
199. Determining net realisable value
200. 7.3 Inventory cost-flow assumptions
201. The perpetual and periodic inventory systems
202. 7.4 Reversal of previous inventory write-downs
203. 7.5 Disclosure requirements
204. Summary
205. Key Terms
206. Answers to Opening Questions
207. Review Questions
208. Challenging Questions
209. References
210. Chapter 8: Accounting for intangibles
211. Chapter Introduction
212. 8.1 Introduction to accounting for intangible assets
213. 8.2 Which intangible assets can be recognised and included in the statement of financial position?
214. 8.3 What is the initial basis of measurement of intangible assets?
215. 8.4 General amortisation requirements for intangible assets
216. 8.5 Revaluation of intangible assets
217. 8.6 Required disclosures in relation to intangible assets
218. 8.7 Research and development
219. Costs included as part of research and development
220. Amortisation of deferred development costs
221. Empirical research on accounting for research and development
222. 8.8 Accounting for goodwill
223. What is goodwill?
224. How is goodwill measured?
225. Goodwill impairment
226. Economic implications associated with the choice to recognise goodwill impairment losses
227. 8.9 Does the way we account for intangible assets provide useful financial accounting information?
228. Summary
229. Key Terms
230. Answers to Opening Questions
231. Review Questions
232. Challenging Questions
233. References

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