19. The Czech Republic, Estonia, Hungary, Latvia, Lithuania,Poland, Slovakia and Slovenia joined the European Union in 2004. Inaddition to belonging to the EU, what do these countries have incommon?
A) They share a common language.
B) Formerly they were under the political and economic influenceof the Soviet Union.
C) All were under the political control of Germany until theearly 1960s.
D) They were former British colonies until after World WarII.
20. The initial harmonization efforts (1973-1988) of theInternational Accounting Standards Committee (IASC) createdstandards that have been described as the lowest common denominatorapproach. What was the effect of these first internationalaccounting standards?
A) IASC standards accommodated accounting practices in severalcountries.
B) Comparability of financial statements between countries.
C) It turned out that few companies complied with IASCstandards.
D) All of the above
21. Which of the following is NOT a goal of the InternationalAccounting Standards Board (IASB)?
A) Establish the global uniformity of accounting practice
B) Develop a unique set of executable global accountingstandards
C) Promote the use and application of global accountingstandards
D) Encouraging the convergence of national accountingstandards
22. The International Accounting Standards Board (IASB) waspreceded by:
A) the IOSCO
B) ASEAN
C) the IASC
D) the NRC
24. Which of the following is NOT part of the due processfollowed by the IASB in the formulation of International FinancialReporting Standards?
A) A public comment period is provided after the discussionpapers have been prepared.
B) The rules are unanimously approved by the 16 members of theboard.
C) Exposure drafts are published before a vote of the board ofdirectors.
D) National accounting standards and practices are studied priorto the preparation of exposure drafts.
25. What basis does the International Accounting Standards Board(IASB) use to formulate its IFRS?
A) Detailed rules for accounting practice
B) A framework of accounting principles
C) The tax laws typical of the western nations
D) Exceptions or unusual circumstances that require specialattention
19. The Czech Republic, Estonia, Hungary, Latvia, Lithuania,Poland, Slovakia and Slovenia joined the European Union in 2004. Inaddition to belonging to the EU, what do these countries have incommon?
A) They share a common language.
B) Formerly they were under the political and economic influenceof the Soviet Union.
C) All were under the political control of Germany until theearly 1960s.
D) They were former British colonies until after World WarII.
20. The initial harmonization efforts (1973-1988) of theInternational Accounting Standards Committee (IASC) createdstandards that have been described as the lowest common denominatorapproach. What was the effect of these first internationalaccounting standards?
A) IASC standards accommodated accounting practices in severalcountries.
B) Comparability of financial statements between countries.
C) It turned out that few companies complied with IASCstandards.
D) All of the above
21. Which of the following is NOT a goal of the InternationalAccounting Standards Board (IASB)?
A) Establish the global uniformity of accounting practice
B) Develop a unique set of executable global accountingstandards
C) Promote the use and application of global accountingstandards
D) Encouraging the convergence of national accountingstandards
22. The International Accounting Standards Board (IASB) waspreceded by:
A) the IOSCO
B) ASEAN
C) the IASC
D) the NRC
24. Which of the following is NOT part of the due processfollowed by the IASB in the formulation of International FinancialReporting Standards?
A) A public comment period is provided after the discussionpapers have been prepared.
B) The rules are unanimously approved by the 16 members of theboard.
C) Exposure drafts are published before a vote of the board ofdirectors.
D) National accounting standards and practices are studied priorto the preparation of exposure drafts.
25. What basis does the International Accounting Standards Board(IASB) use to formulate its IFRS?
A) Detailed rules for accounting practice
B) A framework of accounting principles
C) The tax laws typical of the western nations
D) Exceptions or unusual circumstances that require specialattention
