ACCT 564 Midterm + Final Exam

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?