Question 1

A(n)_____ answers the question: What is the firm's financial position at a designated point in time?

Accepted Answer

A)  income statement 
B)  balance sheet 
C)  statement of retained earnings 
D)  statement of cash flows 
E)  statement of net value 
A)  income statement 
B)  balance sheet 
C)  statement of retained earnings 
D)  statement of cash flows 
E)  statement of net value

Question 2

______ is the recording, summarizing, and reporting of the economic activities and events of an organization.

Accepted Answer

The answer of ______ is the recording, summarizing, and reporting...

Question 3

A statement that lists the balances of the asset, liability, and owners' equity accounts of a business on a specific date is known as a(n)_____.

Accepted Answer

A)  income statement 
B)  balance sheet 
C)  statement of retained earnings 
D)  statement of cash flows 
E)  statement of net value 
A)  income statement 
B)  balance sheet 
C)  statement of retained earnings 
D)  statement of cash flows 
E)  statement of net value

Question 4

Internal auditors review all aspects of operations in search of improvement, as well as review the internal control structure to determine if they are opperating as expected.

Accepted Answer

A) True 
 B)False

Question 5

Scenario - Brininger Enterprises
Rapid City, South Dakota has been home to Brininger Enterprises since 1984. This company is recognized around the world for its superior cutlery and currently ranks as number three within the industry. In 2011, Brininger Enterprises recorded gross sales of over sixteen million dollars. From its gross sales, the company claimed net profits of four million dollars. Brininger Enterprises is quite proud of its performance. It realizes the company's financial records truly show this organization is doing something right.
-Brininger Enterprises maintains accurate and thorough accounting records. Which piece of the company's accounting records would be needed to identify what cash monies were received and what cash was paid out by the company?

Accepted Answer

A)  Statement of cash flows 
B)  Income statement 
C)  Balance sheet 
D)  Retained earnings statement 
E)  Petty cash fund 
A)  Statement of cash flows 
B)  Income statement 
C)  Balance sheet 
D)  Retained earnings statement 
E)  Petty cash fund

Question 6

Of the following statements about tax rates in selected countries, which is NOT true?

Accepted Answer

A)  Only developed nations impose a corporate income tax. 
B)  Tax rates and other business-related information can be obtained from the OECD. 
C)  Most OECD countries are high-income economies. 
D)  Corporate income taxes range from high levels, for example, 35 percent in the U.S. to low levels, for example, 12.5 percent in Ireland. 
E)  Countries that have little or no corporate income tax are known as tax havens. 
A)  Only developed nations impose a corporate income tax. 
B)  Tax rates and other business-related information can be obtained from the OECD. 
C)  Most OECD countries are high-income economies. 
D)  Corporate income taxes range from high levels, for example, 35 percent in the U.S. to low levels, for example, 12.5 percent in Ireland. 
E)  Countries that have little or no corporate income tax are known as tax havens.

Question 7

The first step of an audit typically is to _____.

Accepted Answer

A)  communicate audit results 
B)  arrive at audit opinion 
C)  plan the audit 
D)  obtain and evaluate evidence 
E)  brainstorm ideas for the audit 
A)  communicate audit results 
B)  arrive at audit opinion 
C)  plan the audit 
D)  obtain and evaluate evidence 
E)  brainstorm ideas for the audit

Question 8

Accountants who work in the _____ accounting field need to be licensed by the state or states in which they work; the license is designated Certified Public Accountant (CPA).

Accepted Answer

A)  public 
B)  AIS of a firm 
C)  AIS of a government entity 
D)  private 
E)  certified 
A)  public 
B)  AIS of a firm 
C)  AIS of a government entity 
D)  private 
E)  certified

Question 9

Of the following statements about financial ratios, which is NOT true?

Accepted Answer

A)  Financial ratios are designed to assess different aspects of the firm's financial situation. 
B)  Financial ratios enable meaningful comparisons among companies of different sizes to assess which companies are performing better and which are performing worse. 
C)  The Debt Ratio = Total Liabilities/Current Assets 
D)  A rule of thumb is that companies should have a current ratio between 1 and 2. 
E)  The current ratio is often important in debt covenants. 
A)  Financial ratios are designed to assess different aspects of the firm's financial situation. 
B)  Financial ratios enable meaningful comparisons among companies of different sizes to assess which companies are performing better and which are performing worse. 
C)  The Debt Ratio = Total Liabilities/Current Assets 
D)  A rule of thumb is that companies should have a current ratio between 1 and 2. 
E)  The current ratio is often important in debt covenants.

Question 10

Conducting business in a tax haven means that there are no taxes whatsoever.

Accepted Answer

A) True 
 B)False

Question 11

One of the world's first cases of cybercrime occurred in _____.

Accepted Answer

A)  the Soviet Union 
B)  New Zealand 
C)  Papua New Guinea 
D)  India 
E)  Mexico 
A)  the Soviet Union 
B)  New Zealand 
C)  Papua New Guinea 
D)  India 
E)  Mexico

Question 12

The statement that shows the beginning balance for retained earnings, additions and reductions to retained earnings, and the ending balance of retained earnings is called the income statement.

Accepted Answer

A) True 
 B)False

Question 13

The primary goal of the International Accounting Standards Board is to develop, in the public interest, a single set of high quality, understandable, and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements.

Accepted Answer

A) True 
 B)False

Question 14

Differences between U.S. and International GAAP are influenced by all of the following EXCEPT:

Accepted Answer

A)  political and legal systems 
B)  language used 
C)  taxation 
D)  sources of capital 
E)  inflation 
A)  political and legal systems 
B)  language used 
C)  taxation 
D)  sources of capital 
E)  inflation

Question 15

Types of taxes include all of the following EXCEPT:

Accepted Answer

A)  payroll 
B)  sales 
C)  service 
D)  value-added 
E)  labor 
A)  payroll 
B)  sales 
C)  service 
D)  value-added 
E)  labor

Question 16

_______ is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.

Accepted Answer

International Financ

Question 17

Describe and differentiate between the US GAAP and the International GAAP.

Accepted Answer

The answer of Describe and differentiate between the US GAAP...

Question 18

Of the following, which is NOT a LOWER level of authoritative accounting literature?

Accepted Answer

A)  Interpretations issued by the FASB 
B)  APB Statements 
C)  AICPA Issues Papers 
D)  Minutes of the FASB Emerging Issues Task Force 
E)  Guidelines published by SEC and other regulatory agencies 
A)  Interpretations issued by the FASB 
B)  APB Statements 
C)  AICPA Issues Papers 
D)  Minutes of the FASB Emerging Issues Task Force 
E)  Guidelines published by SEC and other regulatory agencies

Question 19

Internal transfers typically consist of raw materials, semi-finished and finished goods, allocation of fixed costs, loans, fees, and royalties for use of trademarks and copyrights.

Accepted Answer

A) True 
 B)False

Question 20

The last step of an audit typically is to _____.

Accepted Answer

A)  communicate audit results 
B)  arrive at audit opinion 
C)  plan the audit 
D)  obtain and evaluate evidence 
E)  brainstorm ideas for the audit 
A)  communicate audit results 
B)  arrive at audit opinion 
C)  plan the audit 
D)  obtain and evaluate evidence 
E)  brainstorm ideas for the audit

A(n)_____ answers the question: What is the firm's financial position at a designated point in time?

______ is the recording, summarizing, and reporting of the economic activities and events of an organization.

A statement that lists the balances of the asset, liability, and owners' equity accounts of a business on a specific date is known as a(n)_____.

Internal auditors review all aspects of operations in search of improvement, as well as review the internal control structure to determine if they are opperating as expected.

Of the following statements about tax rates in selected countries, which is NOT true?

The first step of an audit typically is to _____.

Accountants who work in the _____ accounting field need to be licensed by the state or states in which they work; the license is designated Certified Public Accountant (CPA).

Of the following statements about financial ratios, which is NOT true?

Conducting business in a tax haven means that there are no taxes whatsoever.

One of the world's first cases of cybercrime occurred in _____.

The statement that shows the beginning balance for retained earnings, additions and reductions to retained earnings, and the ending balance of retained earnings is called the income statement.

The primary goal of the International Accounting Standards Board is to develop, in the public interest, a single set of high quality, understandable, and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements.

Differences between U.S. and International GAAP are influenced by all of the following EXCEPT:

Types of taxes include all of the following EXCEPT:

_______ is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.

Describe and differentiate between the US GAAP and the International GAAP.

Of the following, which is NOT a LOWER level of authoritative accounting literature?

Internal transfers typically consist of raw materials, semi-finished and finished goods, allocation of fixed costs, loans, fees, and royalties for use of trademarks and copyrights.

The last step of an audit typically is to _____.

The Rise of Globalization

The Evolution of International Business

Regional Economic Integration

The International Flow of Funds and Exchange Rates

The Cultural Environment

The Legal and Political Environment of Global Business

Corruption and Ethics in Global Business

Entry Strategies in Global Business

Control of Global Business

The Organization of Global Business

Global Human Resource Management

Global Marketing

Global Operations and Supply-Chain Management

Global Financial Management

Filters

Exam 15: Accounting and Taxation in Global Business

A(n)_____ answers the question: What is the firm's financial position at a designated point in time?

______ is the recording, summarizing, and reporting of the economic activities and events of an organization.

A statement that lists the balances of the asset, liability, and owners' equity accounts of a business on a specific date is known as a(n)_____.

Internal auditors review all aspects of operations in search of improvement, as well as review the internal control structure to determine if they are opperating as expected.

Of the following statements about tax rates in selected countries, which is NOT true?

The first step of an audit typically is to _____.

Accountants who work in the _____ accounting field need to be licensed by the state or states in which they work; the license is designated Certified Public Accountant (CPA).

Of the following statements about financial ratios, which is NOT true?

Conducting business in a tax haven means that there are no taxes whatsoever.

One of the world's first cases of cybercrime occurred in _____.

The statement that shows the beginning balance for retained earnings, additions and reductions to retained earnings, and the ending balance of retained earnings is called the income statement.

The primary goal of the International Accounting Standards Board is to develop, in the public interest, a single set of high quality, understandable, and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements.

Differences between U.S. and International GAAP are influenced by all of the following EXCEPT:

Types of taxes include all of the following EXCEPT:

_______ is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.

Describe and differentiate between the US GAAP and the International GAAP.

Of the following, which is NOT a LOWER level of authoritative accounting literature?

Internal transfers typically consist of raw materials, semi-finished and finished goods, allocation of fixed costs, loans, fees, and royalties for use of trademarks and copyrights.

The last step of an audit typically is to _____.

The Rise of Globalization

The Evolution of International Business

Regional Economic Integration

The International Flow of Funds and Exchange Rates

The Cultural Environment

The Legal and Political Environment of Global Business

Corruption and Ethics in Global Business

Entry Strategies in Global Business

Control of Global Business

The Organization of Global Business

Global Human Resource Management

Global Marketing

Global Operations and Supply-Chain Management

Global Financial Management

Filters