Question 1

What is Germany's position with respect to accounting standards harmonization?

Accepted Answer

A) IFRS should be used as long as they conform to directives set by the European Union. 
B) German GAAP is not influenced by IFRS. 
C) Accounting standard harmonization is of little interest to German accounting regulators. 
D) Germany has no mechanism for ensuring that accounting standards are consistent with IFRS. 
A) IFRS should be used as long as they conform to directives set by the European Union. 
B) German GAAP is not influenced by IFRS. 
C) Accounting standard harmonization is of little interest to German accounting regulators. 
D) Germany has no mechanism for ensuring that accounting standards are consistent with IFRS.

Question 2

Which of the following statements is true about joint ventures between Chinese companies and international companies?

Accepted Answer

A) Tax returns of joint ventures must be audited by Chinese CPAs. 
B) Annual financial reports of joint ventures must be audited by Chinese CPAs. 
C) Capital contributions by investors must be verified by Chinese CPAs. 
D) All of the above statements are true about Chinese joint ventures. 
A) Tax returns of joint ventures must be audited by Chinese CPAs. 
B) Annual financial reports of joint ventures must be audited by Chinese CPAs. 
C) Capital contributions by investors must be verified by Chinese CPAs. 
D) All of the above statements are true about Chinese joint ventures.

Question 3

What body currently enforces financial accounting requirements in Germany?

Accepted Answer

A) German Accounting Standards Committee 
B) Bundestag 
C) Financial Reporting Enforcement Panel 
D) Financial Accounting Standards Board 
A) German Accounting Standards Committee 
B) Bundestag 
C) Financial Reporting Enforcement Panel 
D) Financial Accounting Standards Board

Question 4

What is the main source of corporate financing in the United Kingdom?

Accepted Answer

A) banks 
B) capital markets 
C) government grants 
D) royal family 
A) banks 
B) capital markets 
C) government grants 
D) royal family

Question 5

Financial statements in the United Kingdom are supposed to provide a "true and fair view" of the firm's financial position and results of operations. How does U.K.GAAP define "true and fair view?"

Accepted Answer

A) Objective,free from bias 
B) Statements must comply with accounting standards. 
C) Relevant 
D) U)K.GAAP does not define "true and fair view." 
A) Objective,free from bias 
B) Statements must comply with accounting standards. 
C) Relevant 
D) U)K.GAAP does not define "true and fair view."

Question 6

Which of the following is NOT considered GAAP in Mexico?

Accepted Answer

A) MIPA Bulletins 
B) MIPA Interpretations 
C) International Financial Reporting Standards 
D) NBSC Statements on Accounting Practice 
A) MIPA Bulletins 
B) MIPA Interpretations 
C) International Financial Reporting Standards 
D) NBSC Statements on Accounting Practice

Question 7

In Japan,what is the most commonly used ending date for accounting periods?

Accepted Answer

A) December 31 
B) March 31 
C) June 30 
D) September 30 
A) December 31 
B) March 31 
C) June 30 
D) September 30

Question 8

Who is the main user of accounting information in China?

Accepted Answer

A) listed companies 
B) banks 
C) investors 
D) the government 
A) listed companies 
B) banks 
C) investors 
D) the government

Question 9

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 may 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 may be used for determining accounting income. 
C) Financial statements are the basis for taxation. 
D) None of the above.

Question 10

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 11

IAS 38 requires the capitalization of development expenses. How does U.K.GAAP handle development expenses?

Accepted Answer

A) Expensed right away 
B) Permits capitalization 
C) Amortized at the firm's choice 
D) There is no specific requirement. 
A) Expensed right away 
B) Permits capitalization 
C) Amortized at the firm's choice 
D) There is no specific requirement.

Question 12

In what way does the public accounting profession in the United Kingdom differ from the profession in the United States?

Accepted Answer

A) Public accountants in the U.K.may not sign audit reports. 
B) Auditors in the U.K.do not need to be independent from their audit clients. 
C) Public accountants in the U.K.are paid by the government for their audit services. 
D) Public accountants in the U.K.are not required to have a university education. 
A) Public accountants in the U.K.may not sign audit reports. 
B) Auditors in the U.K.do not need to be independent from their audit clients. 
C) Public accountants in the U.K.are paid by the government for their audit services. 
D) Public accountants in the U.K.are not required to have a university education.

Question 13

Why do Mexican accounting standards require all nonmonetary assets and liabilities to be restated in terms of purchasing power of the Mexican currency?

Accepted Answer

A) So that exchange rate gains and losses are properly reflected in the financial statement 
B) In order to reflect the historical cost of the assets and financing associated with these assets 
C) To reflect the high rates of inflation that Mexico has experienced 
D) Because historical costs overstate the value of the assets and corresponding claims on resources. 
A) So that exchange rate gains and losses are properly reflected in the financial statement 
B) In order to reflect the historical cost of the assets and financing associated with these assets 
C) To reflect the high rates of inflation that Mexico has experienced 
D) Because historical costs overstate the value of the assets and corresponding claims on resources.

Question 14

What is the most important federal agency regulating disclosure by publicly traded companies in Mexico?

Accepted Answer

A) Mexican Institute of Public Accountants (MIP
A)  
B) National Banking and Securities Commission (NBS
C)  
C) Bolsa Mexicana de Valores (BMV) 
D) National Executive Committee (NE
C)  
A) Mexican Institute of Public Accountants (MIP
A)  
B) National Banking and Securities Commission (NBS
C)  
C) Bolsa Mexicana de Valores (BMV) 
D) National Executive Committee (NE
C)

Question 15

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 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

How is goodwill handled for U.K.GAAP purposes?

Accepted Answer

A) Expensed right away 
B) Capitalized and never amortized 
C) Amortized at the firm's choice 
D) There is no specific requirement. 
A) Expensed right away 
B) Capitalized and never amortized 
C) Amortized at the firm's choice 
D) There is no specific requirement.

Question 18

What is China's policy regarding revaluation of intangible assets?

Accepted Answer

A) It is encouraged. 
B) It is prohibited. 
C) It is permitted only if the asset trades in an active market. 
D) It has offered no guidance on the issue. 
A) It is encouraged. 
B) It is prohibited. 
C) It is permitted only if the asset trades in an active market. 
D) It has offered no guidance on the issue.

Question 19

What was the difference between the CICPA and CACPA in the People's Republic of China (PRC)?

Accepted Answer

A) These are two translations of a single Chinese professional association from Mandarin to English. 
B) The CICPA was the professional association for accountants and the CACPA is the professional association for auditors. 
C) The CICPA was the professional association for CPAs in private practice and the CACPA is the professional association for accountants in public practice in the PRC. 
D) None of the statements above is true. 
A) These are two translations of a single Chinese professional association from Mandarin to English. 
B) The CICPA was the professional association for accountants and the CACPA is the professional association for auditors. 
C) The CICPA was the professional association for CPAs in private practice and the CACPA is the professional association for accountants in public practice in the PRC. 
D) None of the statements above is true.

Question 20

What body regulates trading of corporate securities in the People's Republic of China?

Accepted Answer

A) National People's Congress 
B) State Council 
C) Securities and Exchange Commission 
D) Chinese Security Regulatory Commission 
A) National People's Congress 
B) State Council 
C) Securities and Exchange Commission 
D) Chinese Security Regulatory Commission

What is Germany's position with respect to accounting standards harmonization?

Which of the following statements is true about joint ventures between Chinese companies and international companies?

What body currently enforces financial accounting requirements in Germany?

What is the main source of corporate financing in the United Kingdom?

Financial statements in the United Kingdom are supposed to provide a "true and fair view" of the firm's financial position and results of operations. How does U.K.GAAP define "true and fair view?"

Which of the following is NOT considered GAAP in Mexico?

In Japan,what is the most commonly used ending date for accounting periods?

Who is the main user of accounting information in China?

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

What type of economic system presently exists in Mexico?

IAS 38 requires the capitalization of development expenses. How does U.K.GAAP handle development expenses?

In what way does the public accounting profession in the United Kingdom differ from the profession in the United States?

Why do Mexican accounting standards require all nonmonetary assets and liabilities to be restated in terms of purchasing power of the Mexican currency?

What is the most important federal agency regulating disclosure by publicly traded companies in Mexico?

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

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?"

How is goodwill handled for U.K.GAAP purposes?

What is China's policy regarding revaluation of intangible assets?

What was the difference between the CICPA and CACPA in the People's Republic of China (PRC)?

What body regulates trading of corporate securities in the People's Republic of China?

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

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Exam 6: Comparative Accounting

What is Germany's position with respect to accounting standards harmonization?

Which of the following statements is true about joint ventures between Chinese companies and international companies?

What body currently enforces financial accounting requirements in Germany?

What is the main source of corporate financing in the United Kingdom?

Financial statements in the United Kingdom are supposed to provide a "true and fair view" of the firm's financial position and results of operations. How does U.K.GAAP define "true and fair view?"

Which of the following is NOT considered GAAP in Mexico?

In Japan,what is the most commonly used ending date for accounting periods?

Who is the main user of accounting information in China?

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

What type of economic system presently exists in Mexico?

IAS 38 requires the capitalization of development expenses. How does U.K.GAAP handle development expenses?

In what way does the public accounting profession in the United Kingdom differ from the profession in the United States?

Why do Mexican accounting standards require all nonmonetary assets and liabilities to be restated in terms of purchasing power of the Mexican currency?

What is the most important federal agency regulating disclosure by publicly traded companies in Mexico?

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

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?"

How is goodwill handled for U.K.GAAP purposes?

What is China's policy regarding revaluation of intangible assets?

What was the difference between the CICPA and CACPA in the People's Republic of China (PRC)?

What body regulates trading of corporate securities in the People's Republic of China?

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