Question 1

Harmonization of IASB and FASB standards is now being called:

Accepted Answer

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

Question 2

Compare and contrast the Anglo-Saxon financial reporting model with the continental model.

Accepted Answer

The Anglo-Saxon (sometimes called the An...

Question 3

The continental model of financial reporting generally presents a strong accounting profession.

Accepted Answer

A) True 
 B)False

Question 4

The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.

Accepted Answer

A) True 
 B)False

Question 5

The Netherlands is a continental nation with a largely Anglo-Saxon accounting model.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a financial reporting model that features the presence of a strong accounting profession?

Accepted Answer

A)  The Anglo-Saxon model
B)  The continental model
C)  The ASEAN model
D)  The international modelE) C) and D)
F) B) and D)

Question 7

The term International Financial Reporting Standard (IFRS)  refers to:

Accepted Answer

A)  the new numbered series of pronouncements that the IASB is issuing.
B)  the entire body of IASB pronouncements, including International Accounting Standards issued between 1973 and 2001.
C)  both a and b.
D)  none of the above.E) All of the above
F) A) and C)

Question 8

Which of the following characteristics does   not‾\underline{not}not​  describe the Anglo-Saxon model of financial reporting?

Accepted Answer

A)  A strong accounting profession
B)  Strong governmental influence
C)  The importance of securities markets for raising equity capital
D)  An emphasis upon the true and fair view of audited financial statements E) A) and D)
F) A) and C)

Question 9

The International Accounting Standards Committee was formed in an attempt at economic integration of member countries.

Accepted Answer

A) True 
 B)False

Question 10

The Anglo-Saxon model of reporting features the use of judgment to make financial statements useful.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)  The IASB has promulgated a conceptual framework.
B)  The IASB is playing an important role in the drive toward harmonization.
C)  Several European nations have surrendered their standard-setting powers to the IASB.
D)  Members of the IASB have pledged to use their best endeavors to bring the adoption of IASB standards to their countries. E) B) and C)
F) C) and D)

Question 12

Which of the following is true?

Accepted Answer

A)  Convergence of IASB and FASB standards will be a major step towards international harmonization.
B)  The IASB has reduced disclosure requirements.
C)  The IASB has increased the allowed number of treatment in particular event areas.
D)  FASB and the IASB have not yet committed to convergence of IFRS and U.S. GAAP.E) A) and D)
F) A) and C)

Question 13

Which of the following is a characteristic of rules-based accounting standards?

Accepted Answer

A)  They are highly detailed.
B)  They rely heavily on judgment by management or the auditor.
C)  They are shorter than rules-based standards.
D)  They are required by Sarbanes-Oxley.E) None of the above
F) B) and D)

Question 14

Which of the following is a continental model country with some signs of moving toward the Anglo-Saxon view?

Accepted Answer

A)  Germany
B)  France
C)  Canada
D)  JapanE) C) and D)
F) B) and D)

Question 15

Because of important national differences, a strong drive for harmonization of accounting standards has not yet been possible.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following terms is used to refer to the harmonization present among the accounting rules of different countries?

Accepted Answer

A)  Formal harmonization
B)  De jure harmonization
C)  Convergence
D)  All of the aboveE) A) and D)
F) B) and C)

Question 17

Which of the following organizations was formed in an attempt at economic integration, and has also been concerned with harmonization of accounting standard of its member nations?

Accepted Answer

A)  The International Accounting Standards Committee
B)  The International Federation of Accountants
C)  The European Union
D)  The International Organization of Security CommissionsE) A) and C)
F) A) and D)

Question 18

List five differences in accounting practices between the US and other countries.

Accepted Answer

Possible a...

Question 19

The key factor of difference between the Anglo-Saxon and continental models appears to be between capital-based financial markets and credit-based financial markets.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following countries is a continental nation, but more closely follows the Anglo-Saxon financial reporting model?

Accepted Answer

A)  France
B)  Japan
C)  The Netherlands
D)  AustraliaE) B) and C)
F) A) and D)

Exam 10: International Accounting

The continental model of financial reporting generally presents a strong accounting profession.

Correct AnswerverifiedShow Answer

List five differences in accounting practices between the US and other countries.

Correct AnswerverifiedPossible a...View AnswerShow Answer

Which of the following terms is used to refer to the harmonization present among the accounting rules of different countries?

Correct AnswerverifiedShow Answer

The Anglo-Saxon model of reporting features the use of judgment to make financial statements useful.

Correct AnswerverifiedShow Answer

Compare and contrast the Anglo-Saxon financial reporting model with the continental model.

Correct AnswerverifiedThe Anglo-Saxon (sometimes called the An...View AnswerShow Answer

The term International Financial Reporting Standard (IFRS) refers to:

Correct AnswerverifiedShow Answer

Which of the following is a characteristic of rules-based accounting standards?

Correct AnswerverifiedShow Answer

The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is a continental model country with some signs of moving toward the Anglo-Saxon view?

Correct AnswerverifiedShow Answer

Which of the following countries is a continental nation, but more closely follows the Anglo-Saxon financial reporting model?

Correct AnswerverifiedShow Answer

Harmonization of IASB and FASB standards is now being called:

Correct AnswerverifiedShow Answer

Because of important national differences, a strong drive for harmonization of accounting standards has not yet been possible.

Correct AnswerverifiedShow Answer

The Netherlands is a continental nation with a largely Anglo-Saxon accounting model.

Correct AnswerverifiedShow Answer

The key factor of difference between the Anglo-Saxon and continental models appears to be between capital-based financial markets and credit-based financial markets.

Correct AnswerverifiedShow Answer

Which of the following is a financial reporting model that features the presence of a strong accounting profession?

Correct AnswerverifiedShow Answer

The International Accounting Standards Committee was formed in an attempt at economic integration of member countries.

Correct AnswerverifiedShow Answer

Which of the following organizations was formed in an attempt at economic integration, and has also been concerned with harmonization of accounting standard of its member nations?

Correct AnswerverifiedShow Answer

Which of the following characteristics does not‾\underline{not}not​ describe the Anglo-Saxon model of financial reporting?

Correct AnswerverifiedShow Answer

Which of the following is true?

Correct AnswerverifiedShow Answer

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The Anglo-Saxon (sometimes called the An...
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Which of the following is $\underline{not}$ a true statement regarding the IASB?

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Which of the following characteristics does $\underline{not}$ describe the Anglo-Saxon model of financial reporting?

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