Question 1

There is a standard format for all countries for the statement of financial position.

Accepted Answer

A) True 
 B)False

Question 2

Explain some of the differences in accounting for operating assets that exist between U.S.GAAP and IFRS.

Accepted Answer

Both IFRS and U.S.GAAP require companies

Question 3

No single explanation can be given for the divergence of accounting standards.

Accepted Answer

A) True 
 B)False

Question 4

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Additional Paid-In Capital in the United States is

Accepted Answer

A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income. 
A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income.

Question 5

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the United States is

Accepted Answer

A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income. 
A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income.

Question 6

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Contingent Liabilities in the United States is

Accepted Answer

A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income. 
A) Share Capital. 
B) Capital Reserves. 
C) Provisions for Other Risks. 
D) Deferred Income.

Question 7

Under IFRS,if inventory is written down to a new lower market value,this cannot be reversed in later periods.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following statements is false regarding the reasons for differing accounting systems around the world?

Accepted Answer

A) Countries that have strong political and economic ties often share similar accounting practices. 
B) Canada and Mexico,two former British colonies,can trace their accounting roots to those found in the United Kingdom. 
C) The state of economic development typically mirrors the development stage of accounting rules in countries. 
D) In some less-developed countries of the world,where the forces of capitalism are less prevalent,accounting standards have developed at a much slower pace than they have in more advanced economies. 
A) Countries that have strong political and economic ties often share similar accounting practices. 
B) Canada and Mexico,two former British colonies,can trace their accounting roots to those found in the United Kingdom. 
C) The state of economic development typically mirrors the development stage of accounting rules in countries. 
D) In some less-developed countries of the world,where the forces of capitalism are less prevalent,accounting standards have developed at a much slower pace than they have in more advanced economies.

Question 9

Companies in Mexico have to begin using IFRS by 2020.

Accepted Answer

A) True 
 B)False

Question 10

All of the following statements are true regarding international legal systems except

Accepted Answer

A) the common law system has its roots in the United Kingdom. 
B) in common law countries,there are generally fewer statutes written into the laws. 
C) in code law countries,there is more reliance on interpretations by the courts than in common law countries. 
D) divergence in accounting standards is linked to differences in legal systems around the world. 
A) the common law system has its roots in the United Kingdom. 
B) in common law countries,there are generally fewer statutes written into the laws. 
C) in code law countries,there is more reliance on interpretations by the courts than in common law countries. 
D) divergence in accounting standards is linked to differences in legal systems around the world.

Question 11

The state of economic development can affect accounting standards.

Accepted Answer

A) True 
 B)False

Question 12

Both U.S.GAAP and IFRS apply the lower-of-cost-or-market rule in a similar manner to inventory.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is a true statement about the terms used on the balance sheet?

Accepted Answer

A) U.S.GAAP requires a standard set of terms on the balance sheet. 
B) IFRS require a standard set of terms on the balance sheet. 
C) Terminology is consistent across all countries. 
D) Neither IFRS nor U.S.GAAP requires a standard set of terms on the balance sheet. 
A) U.S.GAAP requires a standard set of terms on the balance sheet. 
B) IFRS require a standard set of terms on the balance sheet. 
C) Terminology is consistent across all countries. 
D) Neither IFRS nor U.S.GAAP requires a standard set of terms on the balance sheet.

Question 14

The U.S.accounting standards are more principle-based than IFRS.

Accepted Answer

A) True 
 B)False

There is a standard format for all countries for the statement of financial position.

Explain some of the differences in accounting for operating assets that exist between U.S.GAAP and IFRS.

No single explanation can be given for the divergence of accounting standards.

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Additional Paid-In Capital in the United States is

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the United States is

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Contingent Liabilities in the United States is

Under IFRS,if inventory is written down to a new lower market value,this cannot be reversed in later periods.

Which of the following statements is false regarding the reasons for differing accounting systems around the world?

Companies in Mexico have to begin using IFRS by 2020.

All of the following statements are true regarding international legal systems except

The state of economic development can affect accounting standards.

Both U.S.GAAP and IFRS apply the lower-of-cost-or-market rule in a similar manner to inventory.

Which of the following is a true statement about the terms used on the balance sheet?

The U.S.accounting standards are more principle-based than IFRS.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

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Exam 14: International Financial Reporting Standards

There is a standard format for all countries for the statement of financial position.

Explain some of the differences in accounting for operating assets that exist between U.S.GAAP and IFRS.

No single explanation can be given for the divergence of accounting standards.

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Additional Paid-In Capital in the United States is

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the United States is

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Contingent Liabilities in the United States is

Under IFRS,if inventory is written down to a new lower market value,this cannot be reversed in later periods.

Which of the following statements is false regarding the reasons for differing accounting systems around the world?

Companies in Mexico have to begin using IFRS by 2020.

All of the following statements are true regarding international legal systems except

The state of economic development can affect accounting standards.

Both U.S.GAAP and IFRS apply the lower-of-cost-or-market rule in a similar manner to inventory.

Which of the following is a true statement about the terms used on the balance sheet?

The U.S.accounting standards are more principle-based than IFRS.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Filters