Question 1

During what year did the IASB and FASB reaffirm their commitment to achieving convergence of accounting standards in the U.S.?

Accepted Answer

A) 2007 
B) 2009 
C) 2002 
D) 2008 
A) 2007 
B) 2009 
C) 2002 
D) 2008

Question 2

Which of the following countries do not use a common law system?

Accepted Answer

A) The United States 
B) Germany 
C) The United Kingdom 
D) Both a and c are correct. 
A) The United States 
B) Germany 
C) The United Kingdom 
D) Both a and c are correct.

Question 3

The group with primary responsibility for development of a single set of accounting standards around the world is the

Accepted Answer

A) FASB 
B) SEC 
C) IFRS 
D) IASB 
A) FASB 
B) SEC 
C) IFRS 
D) IASB

Question 4

No single explanation can be given for the divergence of accounting standards.

Accepted Answer

A) True 
 B)False

Question 5

There is a standard format in various countries for the statement of financial position.

Accepted Answer

A) True 
 B)False

Question 6

The benefits of a single set of accounting standards used around the world would include all of the following except:

Accepted Answer

A) They would eventually save companies considerable money in accounting fees. 
B) They would prevent competitors from acquiring each other. 
C) They would allow easier comparisons by analysts and investors. 
D) They would facilitate access to foreign capital markets. 
A) They would eventually save companies considerable money in accounting fees. 
B) They would prevent competitors from acquiring each other. 
C) They would allow easier comparisons by analysts and investors. 
D) They would facilitate access to foreign capital markets.

Question 7

IFRS is now mandatory in all member states of the economic and political organization known as the European Union.

Accepted Answer

A) True 
 B)False

Question 8

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the U.S.is:

Accepted Answer

A) Share Capital 
B) Capital Reserves 
C) Provisions for other Risks 
D) Deferred Income 
A) Share Capital 
B) Capital Reserves 
C) Provisions for other Risks 
D) Deferred Income

During what year did the IASB and FASB reaffirm their commitment to achieving convergence of accounting standards in the U.S.?

Which of the following countries do not use a common law system?

The group with primary responsibility for development of a single set of accounting standards around the world is the

No single explanation can be given for the divergence of accounting standards.

There is a standard format in various countries for the statement of financial position.

The benefits of a single set of accounting standards used around the world would include all of the following except:

IFRS is now mandatory in all member states of the economic and political organization known as the European Union.

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the U.S.is:

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, plant, and Equipment, and Intangibles

Current Liabilities, contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

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Exam 14: International Financial Reporting Standards

During what year did the IASB and FASB reaffirm their commitment to achieving convergence of accounting standards in the U.S.?

Which of the following countries do not use a common law system?

The group with primary responsibility for development of a single set of accounting standards around the world is the

No single explanation can be given for the divergence of accounting standards.

There is a standard format in various countries for the statement of financial position.

The benefits of a single set of accounting standards used around the world would include all of the following except:

IFRS is now mandatory in all member states of the economic and political organization known as the European Union.

Significant differences exist in terms on financial statements around the world.For example,another name for what we know as Capital Stock in the U.S.is:

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, plant, and Equipment, and Intangibles

Current Liabilities, contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Filters