Question 1

Financial accounting standard setting in New Zealand has remained within the private sector.

Accepted Answer

A) True 
 B)False

Question 2

What does harmonization of accounting standards mean, and what are the two aspects of harmonization?

Accepted Answer

Harmonization refers to the degree of co...

Question 3

Professional accounting societies first arose in the United Kingdom in the middle of the 19th century.

Accepted Answer

A) True 
 B)False

Question 4

Principles-based standards are more highly detailed than rules-based standards.

Accepted Answer

A) True 
 B)False

Question 5

In the United States, the term "present fairly" in opinions of American auditing firms is the same as the "true and fair view" of international financial reporting.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true regarding the Accounting Standards Board (ASB)  in the UK?

Accepted Answer

A)  The US has a greater influence on the standard-setting apparatus in the UK than does the European Union.
B)  ASB board members serve on a part-time basis without salary.
C)  The Emerging Issues Task Force (EITF)  serves both the US and the UK standards-setting boards.
D)  The ASB issues accounting standards on its own authority.E) A) and C)
F) A) and B)

Question 7

Which of the following is   not‾\underline{not}not​  a true statement regarding harmonization of accounting standards?

Accepted Answer

A)  Harmonization refers to the degree of coordination or similarity among the various sets of national accounting standards and methods and the formats of financial reporting.
B)  Among the factors underlying the desire for harmonization is the rise in importance of the multinational firm.
C)  The issue of harmonization is closely tied to the efforts of the IASB as well as activities of the EU.
D)  Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the US. E) A) and B)
F) A) and C)

Question 8

The Accounting Standards Board (ASB) in the UK operates along the lines of the FASB.

Accepted Answer

A) True 
 B)False

Question 9

Financial reporting is independent of the legal system of a nation.

Accepted Answer

A) True 
 B)False

Question 10

Identify the following organizations and describe the role each plays in the drive toward harmonization:
a.The IASB
b.The EU

Accepted Answer

a.The IASC (International Accounting Sta...

Question 11

Which of the following characterizes the United Nations involvement in financial reporting?

Accepted Answer

A)  The UN has developed significant regulations relative to financial reporting for multinationals.
B)  The US and the UK have expressed a desire to have the UN participate in developing qualifications to sit for professional accounting exams.
C)  The UN has shown interest in prescribing an accounting curriculum.
D)  The UN has had a greater role in establishing international accounting standards than the IASB.E) A) and B)
F) B) and D)

Question 12

The "true and fair view" refers to:

Accepted Answer

A)  the use of judgment to make financial statements useful.
B)  the same thing as "present fairly" in opinions of American auditing firms.
C)  the fact that financial statements are in accordance with GAAP
D)  the fact that financial statements are presented correctly in accordance with the law.E) B) and C)
F) All of the above

Question 13

Which of the following possible measurement bases listed by the IASB in the most prevalent?

Accepted Answer

A)  Present value
B)  Exit value
C)  Replacement cost
D)  Historical costE) B) and C)
F) A) and D)

Question 14

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

Accepted Answer

A) True 
 B)False

Question 15

The continental model of financial reporting generally reflects a strong governmental influence on accounting regulation.

Accepted Answer

A) True 
 B)False

Question 16

Countries following the continental model include most major countries of Western Europe as well as Japan.

Accepted Answer

A) True 
 B)False

Question 17

Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the US.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is a major difference between the IASB's conceptual framework and the FASB's conceptual framework?

Accepted Answer

A)  The IASB prefers replacement cost over historical cost as a measurement basis.
B)  FASB limits primary user groups to investors and creditors.
C)  FASB's conceptual framework is considerably shorter than the IASB's.
D)  The IASB's framework is in the form of a series of concept statements rather than a single framework.E) A) and D)
F) A) and C)

Question 19

The IAS designation for the preferred accounting treatment is referred to as:

Accepted Answer

A)  benchmarking.
B)  conformity.
C)  reconciliation.
D)  convergence.E) A) and B)
F) B) and D)

Question 20

Which of the following terms is used to refer to harmonization among accounting practice of different enterprises?

Accepted Answer

A)  Formal harmonization
B)  Material harmonization
C)  De jure harmonization.
D)  ConvergenceE) A) and B)
F) All of the above

Exam 10: International Accounting

In the United States, the term "present fairly" in opinions of American auditing firms is the same as the "true and fair view" of international financial reporting.

Correct AnswerverifiedShow Answer

What does harmonization of accounting standards mean, and what are the two aspects of harmonization?

Correct AnswerverifiedHarmonization refers to the degree of co...View AnswerShow Answer

Which of the following is a major difference between the IASB's conceptual framework and the FASB's conceptual framework?

Correct AnswerverifiedShow Answer

Financial reporting is independent of the legal system of a nation.

Correct AnswerverifiedShow Answer

Which of the following possible measurement bases listed by the IASB in the most prevalent?

Correct AnswerverifiedShow Answer

Which of the following is not‾\underline{not}not​ a true statement regarding harmonization of accounting standards?

Correct AnswerverifiedShow Answer

The IAS designation for the preferred accounting treatment is referred to as:

Correct AnswerverifiedShow Answer

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

Correct AnswerverifiedShow Answer

Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the US.

Correct AnswerverifiedShow Answer

Which of the following terms is used to refer to harmonization among accounting practice of different enterprises?

Correct AnswerverifiedShow Answer

Professional accounting societies first arose in the United Kingdom in the middle of the 19th century.

Correct AnswerverifiedShow Answer

Which of the following characterizes the United Nations involvement in financial reporting?

Correct AnswerverifiedShow Answer

Countries following the continental model include most major countries of Western Europe as well as Japan.

Correct AnswerverifiedShow Answer

Identify the following organizations and describe the role each plays in the drive toward harmonization: a.The IASB b.The EU

Correct Answerverifieda.The IASC (International Accounting Sta...View AnswerShow Answer

The "true and fair view" refers to:

Correct AnswerverifiedShow Answer

The Accounting Standards Board (ASB) in the UK operates along the lines of the FASB.

Correct AnswerverifiedShow Answer

The continental model of financial reporting generally reflects a strong governmental influence on accounting regulation.

Correct AnswerverifiedShow Answer

Financial accounting standard setting in New Zealand has remained within the private sector.

Correct AnswerverifiedShow Answer

Principles-based standards are more highly detailed than rules-based standards.

Correct AnswerverifiedShow Answer

Which of the following is true regarding the Accounting Standards Board (ASB) in the UK?

Correct AnswerverifiedShow Answer

Correct Answer
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Harmonization refers to the degree of co...
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Correct Answer
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Which of the following is $\underline{not}$ a true statement regarding harmonization of accounting standards?

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Professional accounting societies first arose in the United Kingdom in the middle of the 19^th century.

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Correct Answer
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a.The IASC (International Accounting Sta...
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