Question 1

Within the continental model of financial reporting, Germany has the closest approach to a uniform national accounting system.

Accepted Answer

A) True 
 B)False  False

Question 2

The US is an example of:

Accepted Answer

A) the Anglo-Saxon model. 
B) the continental model. 
C) the ASEAN model. 
D) the international model. 
A) the Anglo-Saxon model. 
B) the continental model. 
C) the ASEAN model. 
D) the international model. A

Question 3

The SEC drafted report required by Sarbanes-Oxley used which of the following terms to refer to a principles-based approach to standards?

Accepted Answer

A) Bright line standards 
B) Rule-oriented standards 
C) Objective-oriented standards 
D) Systematic and rational standards 
A) Bright line standards 
B) Rule-oriented standards 
C) Objective-oriented standards 
D) Systematic and rational standards C

Question 4

British standard setters blazed the trail of accounting regulation being centered in the private sector.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true regarding American securities exchanges?

Accepted Answer

A) The US and the UK have a system of reciprocity in place for listing the securities on one another's stock exchanges. 
B) The SEC does not allow foreign companies that do not use U.S. GAAP to be listed on American stock exchanges. 
C) Most Japanese firms listed for trading on American securities exchanges use U.S. GAAP. 
D) Canadian companies may list existing shares for trading on American stock exchanges, but may not list new stock issues. 
A) The US and the UK have a system of reciprocity in place for listing the securities on one another's stock exchanges. 
B) The SEC does not allow foreign companies that do not use U.S. GAAP to be listed on American stock exchanges. 
C) Most Japanese firms listed for trading on American securities exchanges use U.S. GAAP. 
D) Canadian companies may list existing shares for trading on American stock exchanges, but may not list new stock issues.

Question 6

Which country has the oldest professional accounting organizations?

Accepted Answer

A) The UK 
B) The US 
C) France 
D) Germany 
A) The UK 
B) The US 
C) France 
D) Germany

Question 7

Which of the following does  $\underline{not}$ describe the continental model of financial reporting?

Accepted Answer

A) A weak accounting profession 
B) Strong governmental influence 
C) The primacy of investor needs over tax influences and creditor needs 
D) Emphasis of debt financing over equity capital 
A) A weak accounting profession 
B) Strong governmental influence 
C) The primacy of investor needs over tax influences and creditor needs 
D) Emphasis of debt financing over equity capital

Question 8

Contrast principles-based and rules-based accounting standards. Why do these approaches to standard setting tend to converge according to Schipper?

Accepted Answer

@#LAT-DLM& are highly detailed, often have many e

Question 9

The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following statements are not required under Germany's accounting standards?

Accepted Answer

A) The Balance Sheet 
B) The Income Statement 
C) The Cash Flow Statement 
D) All of the above are required 
A) The Balance Sheet 
B) The Income Statement 
C) The Cash Flow Statement 
D) All of the above are required

Question 11

Benston, Bromwich, and Wagenhofer believe that the principles-based approach would work better in tandem with:

Accepted Answer

A) a fair value measurement orientation. 
B) a revenue-expense orientation. 
C) an asset-liability orientation. 
D) all of the above. 
A) a fair value measurement orientation. 
B) a revenue-expense orientation. 
C) an asset-liability orientation. 
D) all of the above.

Question 12

Accounting may be called "the language of business."

Accepted Answer

A) True 
 B)False

Question 13

The IASB has not yet promulgated a conceptual framework.

Accepted Answer

A) True 
 B)False

Question 14

Harmonization of accounting standards refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting.

Accepted Answer

A) True 
 B)False

Question 15

Anglo-Saxon versus continental differences have been summarized using all but which of the following characteristics?

Accepted Answer

A) Strength of the accounting profession 
B) Population size 
C) Strong equity markets as opposed to credit financing from major banking institutions 
D) The importance of the country's legal system relative to the setting of accounting rules 
A) Strength of the accounting profession 
B) Population size 
C) Strong equity markets as opposed to credit financing from major banking institutions 
D) The importance of the country's legal system relative to the setting of accounting rules

Question 16

Which of the following is  $\underline{not}$ a member of the G4+1?

Accepted Answer

A) IASB 
B) Australia 
C) The US 
D) France 
A) IASB 
B) Australia 
C) The US 
D) France

Question 17

Which of the following does  $\underline{not}$ accurately characterize the IFAC?

Accepted Answer

A) It produces international financial reporting standards. 
B) Its guidelines cannot be imposed on any member organization or nation. 
C) Its board produces international standards for ethics, education, and public sector accounting. 
D) It produces international standards for auditing and assurance. 
A) It produces international financial reporting standards. 
B) Its guidelines cannot be imposed on any member organization or nation. 
C) Its board produces international standards for ethics, education, and public sector accounting. 
D) It produces international standards for auditing and assurance.

Question 18

The United States is not a member of the G4 +1.

Accepted Answer

A) True 
 B)False

Question 19

The ASEAN is a group of developing nations in Southeast Asia whose goal is to foster trade and development both within and outside the region.

Accepted Answer

A) True 
 B)False

Question 20

Which country has the closest approach to a uniform national accounting system?

Accepted Answer

A) The UK 
B) The US 
C) France 
D) Germany 
A) The UK 
B) The US 
C) France 
D) Germany

Within the continental model of financial reporting, Germany has the closest approach to a uniform national accounting system.

The US is an example of:

The SEC drafted report required by Sarbanes-Oxley used which of the following terms to refer to a principles-based approach to standards?

British standard setters blazed the trail of accounting regulation being centered in the private sector.

Which of the following is true regarding American securities exchanges?

Which country has the oldest professional accounting organizations?

Which of the following does $\underline{not}$ describe the continental model of financial reporting?

Contrast principles-based and rules-based accounting standards. Why do these approaches to standard setting tend to converge according to Schipper?

The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.

Which of the following statements are not required under Germany's accounting standards?

Benston, Bromwich, and Wagenhofer believe that the principles-based approach would work better in tandem with:

Accounting may be called "the language of business."

The IASB has not yet promulgated a conceptual framework.

Harmonization of accounting standards refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting.

Anglo-Saxon versus continental differences have been summarized using all but which of the following characteristics?

Which of the following is $\underline{not}$ a member of the G4+1?

Which of the following does $\underline{not}$ accurately characterize the IFAC?

The United States is not a member of the G4 +1.

The ASEAN is a group of developing nations in Southeast Asia whose goal is to foster trade and development both within and outside the region.

Which country has the closest approach to a uniform national accounting system?

An Introduction to Accounting Theory

Accounting Theory and Accounting Research

Development of Institutional Structure of Financial Accounting

The Economics of Financial Reporting Regulation

Postulates, Principles, and Concepts

The Search for Objectives

The Fasbs Conceptual Framework

Usefulness of Accounting Information to Investors and Creditors

Uniformity and Disclosure: Some Policy-Making Directions

The Balance Sheet

The Income Statement

Statement of Cash Flows

Income Taxes and Financial Accounting

Pensions and Other Postretirement Benefits

Leases

Intercorporate Equity Investments

Filters

Exam 10: International Accounting

Within the continental model of financial reporting, Germany has the closest approach to a uniform national accounting system.

The US is an example of:

The SEC drafted report required by Sarbanes-Oxley used which of the following terms to refer to a principles-based approach to standards?

British standard setters blazed the trail of accounting regulation being centered in the private sector.

Which of the following is true regarding American securities exchanges?

Which country has the oldest professional accounting organizations?

Which of the following does not‾\underline{not}not​ describe the continental model of financial reporting?

Contrast principles-based and rules-based accounting standards. Why do these approaches to standard setting tend to converge according to Schipper?

The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.

Which of the following statements are not required under Germany's accounting standards?

Benston, Bromwich, and Wagenhofer believe that the principles-based approach would work better in tandem with:

Accounting may be called "the language of business."

The IASB has not yet promulgated a conceptual framework.

Harmonization of accounting standards refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting.

Anglo-Saxon versus continental differences have been summarized using all but which of the following characteristics?

Which of the following is not‾\underline{not}not​ a member of the G4+1?

Which of the following does not‾\underline{not}not​ accurately characterize the IFAC?

The United States is not a member of the G4 +1.

The ASEAN is a group of developing nations in Southeast Asia whose goal is to foster trade and development both within and outside the region.

Which country has the closest approach to a uniform national accounting system?

An Introduction to Accounting Theory

Accounting Theory and Accounting Research

Development of Institutional Structure of Financial Accounting

The Economics of Financial Reporting Regulation

Postulates, Principles, and Concepts

The Search for Objectives

The Fasbs Conceptual Framework

Usefulness of Accounting Information to Investors and Creditors

Uniformity and Disclosure: Some Policy-Making Directions

The Balance Sheet

The Income Statement

Statement of Cash Flows

Income Taxes and Financial Accounting

Pensions and Other Postretirement Benefits

Leases

Intercorporate Equity Investments

Filters

Which of the following does $\underline{not}$ describe the continental model of financial reporting?

Which of the following is $\underline{not}$ a member of the G4+1?

Which of the following does $\underline{not}$ accurately characterize the IFAC?