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Question;18.;Which of the following does not describe a cultural;classification used to describe accounting systems?;a.;Nordic accounting;b.;Latin accounting;c.;North American accounting;d. Asian accounting;19.;Which of the following countries has tax regulations;that do not permit LIFO inventory valuation?;a.;Germany;b.;United States;c.;United Kingdom;d. LIFO is not permitted for;tax purposes in any of these countries.;20. Which of;the following countries uses tax rules to determine if leases should be;capitalized for accounting purposes?;a.;Germany;b.;Japan;c.;United Kingdom;d. All of these countries uses;tax rules to determine capitalization.;21.;In which country is the capitalization of research;and development costs permitted, under certain conditions?;a.;Germany;b.;United States;c.;Mexico;d.;Under certain circumstances, capitalization is;permitted in all three countries.;9-4;Chapter 9;22.;In which of the following countries are both;increases and decreases in the fair value of plant, property and equipment;recognized?;a.;United States;b.;Germany;c.;Japan;d. United Kingdom;23. Which of;the following has not led to an increase in the demand for audited financial;statements?;a.;growth in the corporate form of business;b.;an increase in global capital needs;c.;an increase in investor bases;d. an increase in global tax;rates;24.;Which of the following is not an objective of the;International Accounting Standards Board (IASB)?;a.;to establish legally enforceable accounting;standards to govern international business;b.;to formulate and publish accounting standards to be;observed in the presentation of financial statements;c.;to work for the harmonization of accounting;standards;d. all are objectives of the;IASB;25. The;Securities and Exchange Commission requires foreign companies seeking to sell;securities on U.S. stock markets to;a.;reconcile its financial statements to U.S. GAAP.;b.;reconcile its financial statements to U.S. tax;regulations.;c.;provide financial statements prepared according to;U.S. GAAP.;d. provide;investors details of differences between U.S. accounting standards and;International accounting standards.;26.;The IASB has established "benchmark;accounting methods. Companies adopting methods other than benchmark methods;will;a.;receive an adverse audit opinion.;b.;be banned from transacting business with;international banks.;c. be;encouraged to provide a reconciliation of results restating them under the;benchmark method.;d.;be fined by an amount based on the magnitude of the;departure from the benchmark method.;9-5;Chapter 9;27. Which of;the following accounting methods, commonly employed in the United States, is;discouraged by the IASB?;a.;the general expensing of research and development;costs;b.;LIFO inventory valuation;c.;capitalization of certain leases;d. disclosure of related-party;transaction;28.;How does the International Federation of Accountants;(IFAC) differ from the International Accounting Standards Board (IASB)?;a.;Adherence to IFAC standards is not voluntary.;b.;The IFAC is concerned with financial reporting;standards only.;c.;The IFAC is dominated by the European Community;(EC).;d. The IFAC is;more concerned with encouraging the harmonization of accounting principles than;with standard setting.;29. The European Community (EC);has established accounting directives. Unlike standards of other international;bodies involved in standard setting, EC directives;a.;are not voluntary.;b.;do not allow consolidated financial statements.;c.;do not apply to any U.S. firms.;d. are primarily auditing;rather than accounting standards.;30.;Which of the following would not be an advantage to;American investors that would result from the harmonization of accounting;standards?;a.;Financial information will be more comparable.;b.;Accounting principles will be more responsive to;economic reality.;c. Accounting;principles will be more responsive to national politics.;d.;Firms will not be at an accounting advantage or;disadvantage when seeking capital.


Paper#44389 | Written in 18-Jul-2015

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