Question 1

What type of economic system presently exists in Mexico?

Accepted Answer

A) Socialist market 
B) Communist 
C) Free market 
D) Planned economy 
A) Socialist market 
B) Communist 
C) Free market 
D) Planned economy

Question 2

German accounting standards have a "reverse authoritative principle." What does this mean?

Accepted Answer

A) Reversing entries must be made before financial reports can be issued to the public. 
B) Only tax deductible expenses can be used for determining accounting income. 
C) Financial statements are the basis for taxation. 
D) None of the above 
A) Reversing entries must be made before financial reports can be issued to the public. 
B) Only tax deductible expenses can be used for determining accounting income. 
C) Financial statements are the basis for taxation. 
D) None of the above

Question 3

Accounting and financial reporting in Japan is regulated by its Commercial Code, which is patterned after the Commercial Code of:

Accepted Answer

A) United States of America. 
B) United Kingdom. 
C) Germany. 
D) France. 
A) United States of America. 
B) United Kingdom. 
C) Germany. 
D) France.

Question 4

The Securities and Exchange Law (SEL) is one of the regulators of accounting and financial reporting in Japan.The SEL is modeled on the regulations of which U.S.entity?

Accepted Answer

A) Securities and Exchange Commission 
B) Financial Accounting Standards Board 
C) American Institute of Certified Public Accountants 
D) American Accounting Association 
A) Securities and Exchange Commission 
B) Financial Accounting Standards Board 
C) American Institute of Certified Public Accountants 
D) American Accounting Association

Question 5

Mexican corporations can issue three types of stock-Series A, Series B, and Series N.Series A stock can only be owned by Mexican nationals.These shares must constitute at least what percentage of corporate voting rights?

Accepted Answer

A) 51% 
B) 49% 
C) 25% 
D) 10% 
A) 51% 
B) 49% 
C) 25% 
D) 10%

Question 6

What is the reason given for a relatively low emphasis on public disclosure of financial information in Japan?

Accepted Answer

A) Significant reliance on bank credit for financing 
B) Long-term cross-corporate ownership of stock 
C) Income is not viewed as a measure of corporate performance 
D) All of the above 
A) Significant reliance on bank credit for financing 
B) Long-term cross-corporate ownership of stock 
C) Income is not viewed as a measure of corporate performance 
D) All of the above

Question 7

By what title are professional accountants in Mexico known?

Accepted Answer

A) Certified Public Accountant (CP
A)  
B) Chartered Accountant (C
A)  
C) Contador Publico Certificado (CP
C)  
D) Mexican Certified Public Accountant (MCP
A)  
A) Certified Public Accountant (CP
A)  
B) Chartered Accountant (C
A)  
C) Contador Publico Certificado (CP
C)  
D) Mexican Certified Public Accountant (MCP
A)

Question 8

Why is corporate income tax in Germany based on financial accounting income?

Accepted Answer

A) Germany had rules for financial accounting before it had a corporate income tax. 
B) The German Accounting Standards Board has more authority than the Bundestag. 
C) German financial accounting standards reflect true economic income. 
D) Germany was following the practice set by the United Kingdom. 
A) Germany had rules for financial accounting before it had a corporate income tax. 
B) The German Accounting Standards Board has more authority than the Bundestag. 
C) German financial accounting standards reflect true economic income. 
D) Germany was following the practice set by the United Kingdom.

Question 9

How does Japanese GAAP differ from IFRS with respect to preoperating costs?

Accepted Answer

A) Japanese GAAP requires expensing of preoperating costs, whereas IFRS allows capitalization. 
B) Japanese GAAP requires expensing of preoperating costs, whereas IFRS requires capitalization. 
C) Japanese GAAP requires capitalizing preoperating costs, whereas IFRS requires expensing. 
D) Japanese GAAP allows capitalizing preoperating costs, whereas IFRS requires expensing. 
A) Japanese GAAP requires expensing of preoperating costs, whereas IFRS allows capitalization. 
B) Japanese GAAP requires expensing of preoperating costs, whereas IFRS requires capitalization. 
C) Japanese GAAP requires capitalizing preoperating costs, whereas IFRS requires expensing. 
D) Japanese GAAP allows capitalizing preoperating costs, whereas IFRS requires expensing.

Question 10

How does the cultural value of collectivism explain the status of auditors in Japanese society?

Accepted Answer

A) Collectivism places great importance on individual responsibility, giving auditors a high status in Japanese society. 
B) Since outsiders are not trusted in the Japanese culture, independent auditors in Japan do not enjoy the status of American auditors. 
C) As individual achievement is a hallmark of collectivism, auditors are commonly found at the top of Japanese corporations. 
D) Collectivism values the ability of individuals to collect resources for themselves, so auditors who achieve distinction in their profession are highly regarded. 
A) Collectivism places great importance on individual responsibility, giving auditors a high status in Japanese society. 
B) Since outsiders are not trusted in the Japanese culture, independent auditors in Japan do not enjoy the status of American auditors. 
C) As individual achievement is a hallmark of collectivism, auditors are commonly found at the top of Japanese corporations. 
D) Collectivism values the ability of individuals to collect resources for themselves, so auditors who achieve distinction in their profession are highly regarded.

Question 11

What functional area dominates the accounting profession in Germany?

Accepted Answer

A) Taxation 
B) Auditing 
C) Financial reporting 
D) Managerial Accounting 
A) Taxation 
B) Auditing 
C) Financial reporting 
D) Managerial Accounting

Question 12

Accounting in Mexico is oriented towards fairness, not:

Accepted Answer

A) professional judgment. 
B) legal compliance. 
C) correctness. 
D) taxable income. 
A) professional judgment. 
B) legal compliance. 
C) correctness. 
D) taxable income.

Question 13

In Germany, prudence is an accounting principle established in commercial law.What does "prudence" mean in an accounting context?

Accepted Answer

A) Reliability 
B) Comparability 
C) Conservatism 
D) Relevance 
A) Reliability 
B) Comparability 
C) Conservatism 
D) Relevance

Question 14

Which of the following is true of Tokyo agreement of August 2007?

Accepted Answer

A) It is a jointly announced agreement between the Accounting Standards Board of Japan (ASBJ) and Financial Accounting Standards Board (FAS
B) . 
B) It is an agreement announced to eliminate the cross-corporate ownership of companies in Japan. 
C) It is a jointly announced agreement between Japanese Institute of Certified Public Accountants (JICP
A)  and Japan's Ministry of Finance (MoF). 
D) It was announced to accelerate the process of convergence between Japanese GAAP and IFRS. 
A) It is a jointly announced agreement between the Accounting Standards Board of Japan (ASBJ) and Financial Accounting Standards Board (FAS
B) . 
B) It is an agreement announced to eliminate the cross-corporate ownership of companies in Japan. 
C) It is a jointly announced agreement between Japanese Institute of Certified Public Accountants (JICP
A)  and Japan's Ministry of Finance (MoF). 
D) It was announced to accelerate the process of convergence between Japanese GAAP and IFRS.

Question 15

Which of the following financial statements is NOT required in Mexico?

Accepted Answer

A) Statement of financial position 
B) Statement of cash flows 
C) Statement of changes in financial position 
D) Income statement 
A) Statement of financial position 
B) Statement of cash flows 
C) Statement of changes in financial position 
D) Income statement

Question 16

Which of the following is the purpose of China's "Accounting System for Business Enterprises" issued in 2001 to supersede its "Basic Standard of Accounting for Business Enterprises?"

Accepted Answer

A) Increase harmonization of accounting standards. 
B) Improve comparability of accounting statements. 
C) Make financial reporting distinct from taxation. 
D) All of the above 
A) Increase harmonization of accounting standards. 
B) Improve comparability of accounting statements. 
C) Make financial reporting distinct from taxation. 
D) All of the above

Question 17

Why is public disclosure of financial information less important in Japan than in other industrialized countries?

Accepted Answer

A) Very few corporations 
B) Undeveloped stock exchange 
C) Heavy reliance on bank financing 
D) Strong government control of corporations 
A) Very few corporations 
B) Undeveloped stock exchange 
C) Heavy reliance on bank financing 
D) Strong government control of corporations

Question 18

What agency is responsible for setting accounting standards and regulations in the People's Republic of China?

Accepted Answer

A) Chinese Institute of CPAs 
B) Ministry of Finance 
C) Accounting Society of China (AS
C)  
D) State Council 
A) Chinese Institute of CPAs 
B) Ministry of Finance 
C) Accounting Society of China (AS
C)  
D) State Council

Question 19

What must large Japanese corporations report for years ending after 2004 due to recent amendments to the Japanese commercial code?

Accepted Answer

A) Statement of changes in financial position 
B) Consolidated financial statements 
C) Retained earnings statement 
D) Cash flow statement 
A) Statement of changes in financial position 
B) Consolidated financial statements 
C) Retained earnings statement 
D) Cash flow statement

Question 20

Which of the following countries has NOT had its accounting systems significantly influenced by Germany?

Accepted Answer

A) Switzerland 
B) Denmark 
C) Japan 
D) France 
A) Switzerland 
B) Denmark 
C) Japan 
D) France

What type of economic system presently exists in Mexico?

German accounting standards have a "reverse authoritative principle." What does this mean?

Accounting and financial reporting in Japan is regulated by its Commercial Code, which is patterned after the Commercial Code of:

The Securities and Exchange Law (SEL) is one of the regulators of accounting and financial reporting in Japan.The SEL is modeled on the regulations of which U.S.entity?

Mexican corporations can issue three types of stock-Series A, Series B, and Series N.Series A stock can only be owned by Mexican nationals.These shares must constitute at least what percentage of corporate voting rights?

What is the reason given for a relatively low emphasis on public disclosure of financial information in Japan?

By what title are professional accountants in Mexico known?

Why is corporate income tax in Germany based on financial accounting income?

How does Japanese GAAP differ from IFRS with respect to preoperating costs?

How does the cultural value of collectivism explain the status of auditors in Japanese society?

What functional area dominates the accounting profession in Germany?

Accounting in Mexico is oriented towards fairness, not:

In Germany, prudence is an accounting principle established in commercial law.What does "prudence" mean in an accounting context?

Which of the following is true of Tokyo agreement of August 2007?

Which of the following financial statements is NOT required in Mexico?

Which of the following is the purpose of China's "Accounting System for Business Enterprises" issued in 2001 to supersede its "Basic Standard of Accounting for Business Enterprises?"

Why is public disclosure of financial information less important in Japan than in other industrialized countries?

What agency is responsible for setting accounting standards and regulations in the People's Republic of China?

What must large Japanese corporations report for years ending after 2004 due to recent amendments to the Japanese commercial code?

Which of the following countries has NOT had its accounting systems significantly influenced by Germany?

Introduction to International Accounting

Worldwide Accounting Diversity

International Convergence of Financial Reporting

International Financial Reporting Standards: Part I

International Financial Reporting Standards: Part II

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Additional Financial Reporting Issues

Analysis of Foreign Financial Statements

International Taxation

International Transfer Pricing

Strategic Accounting Issues in Multinational Corporations

Comparative International Auditing and Corporate Governance

International Corporate Social Reporting

Filters

Exam 6: Comparative Accounting

What type of economic system presently exists in Mexico?

German accounting standards have a "reverse authoritative principle." What does this mean?

Accounting and financial reporting in Japan is regulated by its Commercial Code, which is patterned after the Commercial Code of:

The Securities and Exchange Law (SEL) is one of the regulators of accounting and financial reporting in Japan.The SEL is modeled on the regulations of which U.S.entity?

Mexican corporations can issue three types of stock-Series A, Series B, and Series N.Series A stock can only be owned by Mexican nationals.These shares must constitute at least what percentage of corporate voting rights?

What is the reason given for a relatively low emphasis on public disclosure of financial information in Japan?

By what title are professional accountants in Mexico known?

Why is corporate income tax in Germany based on financial accounting income?

How does Japanese GAAP differ from IFRS with respect to preoperating costs?

How does the cultural value of collectivism explain the status of auditors in Japanese society?

What functional area dominates the accounting profession in Germany?

Accounting in Mexico is oriented towards fairness, not:

In Germany, prudence is an accounting principle established in commercial law.What does "prudence" mean in an accounting context?

Which of the following is true of Tokyo agreement of August 2007?

Which of the following financial statements is NOT required in Mexico?

Which of the following is the purpose of China's "Accounting System for Business Enterprises" issued in 2001 to supersede its "Basic Standard of Accounting for Business Enterprises?"

Why is public disclosure of financial information less important in Japan than in other industrialized countries?

What agency is responsible for setting accounting standards and regulations in the People's Republic of China?

What must large Japanese corporations report for years ending after 2004 due to recent amendments to the Japanese commercial code?

Which of the following countries has NOT had its accounting systems significantly influenced by Germany?

Introduction to International Accounting

Worldwide Accounting Diversity

International Convergence of Financial Reporting

International Financial Reporting Standards: Part I

International Financial Reporting Standards: Part II

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Additional Financial Reporting Issues

Analysis of Foreign Financial Statements

International Taxation

International Transfer Pricing

Strategic Accounting Issues in Multinational Corporations

Comparative International Auditing and Corporate Governance

International Corporate Social Reporting

Filters