Question 1

What body currently develops accounting standards in Germany?

Accepted Answer

A) German Accounting Standards Committee 
B) German Ministry of Justice 
C) Bundestag 
D) Chamber of Auditors 
A) German Accounting Standards Committee 
B) German Ministry of Justice 
C) Bundestag 
D) Chamber of Auditors

Question 2

What term should be used to describe the current economic system in the People's Republic of China?

Accepted Answer

A) Communist 
B) Socialist market 
C) Totalitarian 
D) Free enterprise 
A) Communist 
B) Socialist market 
C) Totalitarian 
D) Free enterprise

Question 3

Why does German accounting practice differ from IFRS?

Accepted Answer

A) German accounting rules are much more specific in most areas than IFRS. 
B) German accounting law is less specific in some respects than IFRS. 
C) Germany has not adopted a policy on accounting standard harmonization. 
D) Germany is not interested in foreign direct investment. 
A) German accounting rules are much more specific in most areas than IFRS. 
B) German accounting law is less specific in some respects than IFRS. 
C) Germany has not adopted a policy on accounting standard harmonization. 
D) Germany is not interested in foreign direct investment.

Question 4

What was the "Big Bang" in Japan?

Accepted Answer

A) The stock market crash of 1929. 
B) The unprecedented decline in exports and stock prices in the late 1980's. 
C) The changes in accounting regulation that occurred in the late 1990's 
D) The growth of the Japanese economy from the 1950's to the 1980's. 
A) The stock market crash of 1929. 
B) The unprecedented decline in exports and stock prices in the late 1980's. 
C) The changes in accounting regulation that occurred in the late 1990's 
D) The growth of the Japanese economy from the 1950's to the 1980's.

Question 5

What was the primary influence on Germany's accounting regulations from the mid-1980's until very recently?

Accepted Answer

A) The Stock Corporation Law 
B) The directives of the European Union 
C) The Companies Act 
D) The U.S.Financial Accounting Standards Board 
A) The Stock Corporation Law 
B) The directives of the European Union 
C) The Companies Act 
D) The U.S.Financial Accounting Standards Board

Question 6

What is the policy for accounting harmonization in the United Kingdom?

Accepted Answer

A) Eventual adoption of standards promulgated by the IASB 
B) Alignment of U.K.GAAP with IFRS where practical 
C) Rejection of IASB pronouncements 
D) Alignment of U.K.GAAP with U.S.GAAP 
A) Eventual adoption of standards promulgated by the IASB 
B) Alignment of U.K.GAAP with IFRS where practical 
C) Rejection of IASB pronouncements 
D) Alignment of U.K.GAAP with U.S.GAAP

Question 7

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 8

Mexican corporations may issue three types of stock. 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 9

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 10

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 11

Until recently,regulation of accounting practice in the United Kingdom had traditionally been left to:

Accepted Answer

A) Parliament. 
B) the accounting profession. 
C) the securities exchange commission. 
D) None of the above. 
A) Parliament. 
B) the accounting profession. 
C) the securities exchange commission. 
D) None of the above.

Question 12

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 what 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 13

What currency is used in Mexico?

Accepted Answer

A) Peseta 
B) Peso 
C) Mexican dollar 
D) Bolivar 
A) Peseta 
B) Peso 
C) Mexican dollar 
D) Bolivar

Question 14

What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW)for following a principles-based approach to setting accounting standards?

Accepted Answer

A) Lawmakers and standard-setters cannot anticipate every situation. 
B) Professions should be about exercising judgment and integrity. 
C) The profession needs to attract people of high intellect. 
D) All of the above. 
A) Lawmakers and standard-setters cannot anticipate every situation. 
B) Professions should be about exercising judgment and integrity. 
C) The profession needs to attract people of high intellect. 
D) All of the above.

Question 15

What is a key component of the U.K.'s true and fair view?

Accepted Answer

A) Professional judgment 
B) Prudence 
C) Historical cost 
D) Loss bias 
A) Professional judgment 
B) Prudence 
C) Historical cost 
D) Loss bias

Question 16

Of the following British professional accounting associations,whose members MAY NOT sign an audit report?

Accepted Answer

A) ICAEW 
B) ACCA 
C) CIPFA 
D) ICAS 
A) ICAEW 
B) ACCA 
C) CIPFA 
D) ICAS

What body currently develops accounting standards in Germany?

What term should be used to describe the current economic system in the People's Republic of China?

Why does German accounting practice differ from IFRS?

What was the "Big Bang" in Japan?

What was the primary influence on Germany's accounting regulations from the mid-1980's until very recently?

What is the policy for accounting harmonization in the United Kingdom?

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

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

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

By what title are professional accountants in Mexico known?

Until recently,regulation of accounting practice in the United Kingdom had traditionally been left to:

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 what U.S.entity?

What currency is used in Mexico?

What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW)for following a principles-based approach to setting accounting standards?

What is a key component of the U.K.'s true and fair view?

Of the following British professional accounting associations,whose members MAY NOT sign an audit report?

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 body currently develops accounting standards in Germany?

What term should be used to describe the current economic system in the People's Republic of China?

Why does German accounting practice differ from IFRS?

What was the "Big Bang" in Japan?

What was the primary influence on Germany's accounting regulations from the mid-1980's until very recently?

What is the policy for accounting harmonization in the United Kingdom?

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

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

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

By what title are professional accountants in Mexico known?

Until recently,regulation of accounting practice in the United Kingdom had traditionally been left to:

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 what U.S.entity?

What currency is used in Mexico?

What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW)for following a principles-based approach to setting accounting standards?

What is a key component of the U.K.'s true and fair view?

Of the following British professional accounting associations,whose members MAY NOT sign an audit report?

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