Acct 564 midterm + final exam

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1.

Question :

(TCO 1) Which of the following is a reason for a company to make a foreign direct investment?

2.

Question :

(TCO 1) Which of the following is NOT a problem caused by accounting diversity?

3.

Question :

(TCO 1) Which financial statement is provided by virtually all corporations worldwide?

4.

Question :

(TCO 2) Which of the following are differences between IFRS and U.S. GAAP?

5.

Question :

(TCO 2) Which of the following items should be included in the cost of property, plant, and equipment under IAS 16?

6.

Question :

(TCO 2) What conditions must be met for revenue from the sale of goods to be recognized under IAS 18?

7.

Question :

(TCO 2) Which of the following is NOT a share-based payment transaction under IFRS 2?

8.

Question :

(TCO 2) Which of the following inventory valuation methods commonly used in the United States is NOT allowed under IAS 2 (Inventories)?

9.

Question :

(TCO 3) Which of the following is true with regards to IAS 12, Income Taxes?

10.

Question:

(TCO 3) What does the structure of the Codification Database include?

1.

Question :

(TCO 1) How does religion influence financial reporting?

2.

Question :

(TCO 1) Describe how terminology in financial statements differs across countries.

3.

Question :

(TCO 2) Define harmonization and discuss its significance to international financial reporting.

4.

Question :

(TCO 2) Discuss the arguments against international convergence of financial reporting standards.

5.

Question :

(TCO 3) What is the difference between harmonization and convergence of accounting standards?

1.

Question :

(TCO 1) One of the reasons for accounting diversity is inflation. Define inflation and discuss how inflation contributes to accounting diversity.

2.

Question :

(TCO 2) What is a principles-based accounting system? Describe how it differs from a rules-based accounting system. Which one do you think results in the more accurate financial statements?

 

ACCT 564 Final Exam

Points Received:

200 / 200  (100%)

Question Type:

# Of Questions:

# Correct:

Short

3

N/A

Essay

4

N/A

 

Question 1.

Question :

(TCO 1) What do you think is the most important event in the history of international accounting standards?

Question 2.

Question :

(TCO 2) What is the difference between a rules-based accounting standard and a principles-based accounting standard?

 

Question 3.

Question :

(TCO 3) Why was the FASB Codification Project initiated?

 

Question 4.

Question :

(TCO 4) How do you hedge foreign exchange risk? What is the risk in hedging this risk?

 

Question 5.

Question :

(TCO 5) Why is it difficult to analyze foreign financial statements? Describe one of the potential problems in analyzing foreign financial statements.

 

Question 6.

Question :

(TCO 6) What factors are considered in the treatment of foreign source income? Which factor do you think is the most important?

 

Question 7.

Question :

(TCO 7) Describe three transfer pricing methods. Why is it important to accurately determine the transfer price for goods and services?