Question 1

Which of the following terms is used to refer to the harmonization present among the accounting rules of different countries?

Accepted Answer

A)  Formal harmonization 
B)  De jure harmonization 
C)  Convergence 
D)  All of the above 
A)  Formal harmonization 
B)  De jure harmonization 
C)  Convergence 
D)  All of the above D

Question 2

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  True

Question 3

The Anglo-Saxon model of reporting features the use of judgment to make financial statements useful.

Accepted Answer

A) True 
 B)False  True

Question 4

The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is not a true statement regarding harmonization of accounting standards?

Accepted Answer

A)  Harmonization refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting. 
B)  Among the factors underlying the desire for harmonization is the rise in importance of the multinational firm. 
C)  The issue of harmonization is closely tied to the efforts of the IASB as well as activities of the EU. 
D)  Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the United States. 
A)  Harmonization refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting. 
B)  Among the factors underlying the desire for harmonization is the rise in importance of the multinational firm. 
C)  The issue of harmonization is closely tied to the efforts of the IASB as well as activities of the EU. 
D)  Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the United States.

Question 6

Identify the following organizations and describe the role each plays in the drive toward harmonization:
a.
The IASB
b.
The EU

Accepted Answer

a.
The IASC (International Accounting St

Question 7

Which of the following terms is used to refer to harmonization among accounting practice of different enterprises?

Accepted Answer

A)  Formal harmonization 
B)  Material harmonization 
C)  De jure harmonization. 
D)  Convergence 
A)  Formal harmonization 
B)  Material harmonization 
C)  De jure harmonization. 
D)  Convergence

Question 8

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 9

Financial reporting is independent of the legal system of a nation.

Accepted Answer

A) True 
 B)False

Question 10

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

Question 11

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

Question 12

The Netherlands is a continental nation with a largely Anglo-Saxon accounting model.

Accepted Answer

A) True 
 B)False

Question 13

A false sense of comparability may develop during translation of an IFRS from English into another language.

Accepted Answer

A) True 
 B)False

Question 14

Principles-based standards are more highly detailed than rules-based standards.

Accepted Answer

A) True 
 B)False

Question 15

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

Accepted Answer

A) True 
 B)False

Question 16

Compare and contrast the Anglo-Saxon financial reporting model with the continental model.

Accepted Answer

The Anglo-Saxon (sometimes called the An

Question 17

Harmonization of IASB and FASB standards is now being called:

Accepted Answer

A)  Benchmarking 
B)  Conformity 
C)  Uniformity 
D)  Convergence 
A)  Benchmarking 
B)  Conformity 
C)  Uniformity 
D)  Convergence

Question 18

Which of the following does 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 19

Which of the following does 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 20

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

Accepted Answer

A) True 
 B)False

Which of the following terms is used to refer to the harmonization present among the accounting rules of different countries?

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.

The Anglo-Saxon model of reporting features the use of judgment to make financial statements useful.

The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.

Which of the following is not a true statement regarding harmonization of accounting standards?

Identify the following organizations and describe the role each plays in the drive toward harmonization: a. The IASB b. The EU

Which of the following terms is used to refer to harmonization among accounting practice of different enterprises?

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

Financial reporting is independent of the legal system of a nation.

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

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

The Netherlands is a continental nation with a largely Anglo-Saxon accounting model.

A false sense of comparability may develop during translation of an IFRS from English into another language.

Principles-based standards are more highly detailed than rules-based standards.

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

Compare and contrast the Anglo-Saxon financial reporting model with the continental model.

Harmonization of IASB and FASB standards is now being called:

Which of the following does not describe the continental model of financial reporting?

Which of the following does not accurately characterize the IFAC?

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

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

Statements of Cash Flows

Accounting for Inflation and Changing Prices

Income Taxes and Financial Accounting

Pensions and Other Postretirement Benefits

Leases

Intercorporate Equity Investments

Filters

Exam 10: International Accounting

Which of the following terms is used to refer to the harmonization present among the accounting rules of different countries?

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.

The Anglo-Saxon model of reporting features the use of judgment to make financial statements useful.

The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.

Which of the following is not a true statement regarding harmonization of accounting standards?

Identify the following organizations and describe the role each plays in the drive toward harmonization: a. The IASB b. The EU

Which of the following terms is used to refer to harmonization among accounting practice of different enterprises?

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

Financial reporting is independent of the legal system of a nation.

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

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

The Netherlands is a continental nation with a largely Anglo-Saxon accounting model.

A false sense of comparability may develop during translation of an IFRS from English into another language.

Principles-based standards are more highly detailed than rules-based standards.

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

Compare and contrast the Anglo-Saxon financial reporting model with the continental model.

Harmonization of IASB and FASB standards is now being called:

Which of the following does not describe the continental model of financial reporting?

Which of the following does not accurately characterize the IFAC?

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

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

Statements of Cash Flows

Accounting for Inflation and Changing Prices

Income Taxes and Financial Accounting

Pensions and Other Postretirement Benefits

Leases

Intercorporate Equity Investments

Filters