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28 Sep 2019
9. The United States requires foreign companies that wish to havesecurities traded on U.S. exchanges to reconcile their reportingmethods to U.S.:
congressional law.
generally accepted accounting principles.
generally accepted auditing standards.
tax law.
10. When compared to U.S. GAAP, international accounting standardsallow:
about the same latitude.
less latitude.
much more latitude.
no tolerance from U.S. GAAP.
11. According to the SEC's Statement on International AccountingStandards, the SEC requires three key elements for acceptance ofthe IASC's proposed core standards. Which one of the following is arequired element?
The standards must be routinely interpreted and applied.
The standards must be in accordance with U.S. governmentalaccounting (Yellow Book) standards.
The standards must comply with U.S. GAAP.
The standards must include a core set of accounting pronouncementsthat constitute a comprehensive, generally accepted basis ofaccounting.
12. A decline in the purchasing power of a country's currencyis:
abnormal.
deflation.
inflation.
mandatory inflation.
13. When a company uses the current cost accounting approach fordealing with inflation, all nonmonetary assets are reflected on thebalance sheet at:
current costs at the balance sheet date.
future value.
net realizable value as of the beginning of the year.
price-level adjusted historical cost.
9. The United States requires foreign companies that wish to havesecurities traded on U.S. exchanges to reconcile their reportingmethods to U.S.:
congressional law.
generally accepted accounting principles.
generally accepted auditing standards.
tax law.
10. When compared to U.S. GAAP, international accounting standardsallow:
about the same latitude.
less latitude.
much more latitude.
no tolerance from U.S. GAAP.
11. According to the SEC's Statement on International AccountingStandards, the SEC requires three key elements for acceptance ofthe IASC's proposed core standards. Which one of the following is arequired element?
The standards must be routinely interpreted and applied.
The standards must be in accordance with U.S. governmentalaccounting (Yellow Book) standards.
The standards must comply with U.S. GAAP.
The standards must include a core set of accounting pronouncementsthat constitute a comprehensive, generally accepted basis ofaccounting.
12. A decline in the purchasing power of a country's currencyis:
abnormal.
deflation.
inflation.
mandatory inflation.
13. When a company uses the current cost accounting approach fordealing with inflation, all nonmonetary assets are reflected on thebalance sheet at:
current costs at the balance sheet date.
future value.
net realizable value as of the beginning of the year.
price-level adjusted historical cost.
congressional law.
generally accepted accounting principles.
generally accepted auditing standards.
tax law.
10. When compared to U.S. GAAP, international accounting standardsallow:
about the same latitude.
less latitude.
much more latitude.
no tolerance from U.S. GAAP.
11. According to the SEC's Statement on International AccountingStandards, the SEC requires three key elements for acceptance ofthe IASC's proposed core standards. Which one of the following is arequired element?
The standards must be routinely interpreted and applied.
The standards must be in accordance with U.S. governmentalaccounting (Yellow Book) standards.
The standards must comply with U.S. GAAP.
The standards must include a core set of accounting pronouncementsthat constitute a comprehensive, generally accepted basis ofaccounting.
12. A decline in the purchasing power of a country's currencyis:
abnormal.
deflation.
inflation.
mandatory inflation.
13. When a company uses the current cost accounting approach fordealing with inflation, all nonmonetary assets are reflected on thebalance sheet at:
current costs at the balance sheet date.
future value.
net realizable value as of the beginning of the year.
price-level adjusted historical cost.
Hubert KochLv2
28 Sep 2019