Chapter5

In: Business and Management

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International Accounting

Sample Exam

Multiple Choice 1. How is the term “stocks” used on the balance sheet of a British company? A) Capital stock in the Owners' Equity section B) Shares of another company owned as marketable securities. C) Fixed assets D) Inventory

Answer: D Level: Medium LO: 1

2. A study conducted by the SEC in 1993 illustrated that U.S. GAAP was more conservative for most of the foreign entities listed on U.S. exchanges. What does this mean? A) Income restated under U.S. GAAP was higher than income under GAAP of the companies' home countries. B) Income restated under U.S. GAAP was lower than income under GAAP of the companies' home countries. C) Income reported under U.S. GAAP is more accurate than income reported under GAAP of other countries. D) Assets were understated when restated using U.S. GAAP.

Answer: B Level: Medium LO: 2

3. Differences in legal systems used in various countries have been cited as one reason for diversity in accounting practice. What are the major types of legal systems? A) commercial law and accounting law B) rules and regulations C) written law and unwritten law D) common law and code law

Answer: D Level: Easy LO: 3

4. The accounting standards in code law countries tend to be . . . A) very detailed. B) formulated by organizations such as the FASB. C) stated broadly without much guidance on accounting procedures. D) very conservative.

Answer: C Level: Medium LO: 3 5. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards. B) The cost of the IASB to regulate compliance with many…...

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