ACC 401 Week 8 Quiz - Strayer



Click on the Link Below to Purchase A+ Graded Course Material

http://budapp.net/ACC-401-Advanced-Accounting-Week-8-Quiz-Strayer-276.htm

Quiz 7 Chapter 11 and 12

Chapter 11

International Financial Reporting Standards

Multiple Choice—Conceptual

1.         The goals of the International Accounting Standards Committee include all of the following except
a.   To improve international accounting.
b.   To formulate a single set of auditing standards to be applied in all countries.
c.   To promote global acceptance of its standards.
d.   To harmonize accounting practices between countries.

2.         Which of the following is true about the FASB after the mandatory adoption of IFRS by US companies?
a.   The FASB will serve in an advisory capacity to the IASB.
b.   The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP.
c.   The role of the FASB post-IFRS adoption has not been determined.
d.   The FASB will cease to exist.

3.         Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except:
a.   Improvements in accounting standards.
b.   Limited early adoption of IFRS in an effort to enhance comparability for US investors
c.   Mandatory use of IFRS by US entities.
d.   All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies.

4.         The roles of the IASC Foundation include
a.   establishing global standards for financial reporting.
b.   coordinating the filing requirements of stock exchange regulatory agencies.
c.   financing IASB operations.
d.   all of the above are roles of the IASC Foundation.

5.         Which of the following statements is true regarding the IASC?
a.   The IASC is a public-sector, not-for-profit organization.
b.   The IASC is accountable to an international securities regulator.
c.   The IASC is a stand-alone, private-sector organization.
d.   The IASC funds the operations of the IASB through filing fees paid to national securities regulators.

6.   .     Concerns of the SEC with regard to the mandatory adoption of IFRS by US entities include all of the following except:
a.   the extent to which the standard-setting process addresses emerging issues in a timely manner.
b.   the security and stability of IASC funding.
c.   the enhancement of IASB independence through a system of voluntary contributions from firms in the accounting profession.
d.   the degree to which due process is integrated into the standard-setting process .

7.   .     Under the staged transition to mandatory adoption of IFRS being considered by the SEC,
a.   large, accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2011.
b.   non-accelerated filers would begin IFRS filings for fiscal years beginning on or after December 31, 2015.
c.   large non-accelerated filers would have until fiscal years beginning on or after December 15, 2017 to adopt IFRS.
d.   smaller reporting companies would begin IFRS filings for fiscal years beginning on or after December 15, 2016.
.
8.         In order to complete its first IFRS filing, including three years of audited financial statements, according to the staged transition to mandatory adoption of IFRS considered by the SEC, a large accelerated filer would need to adopt IFRS beginning in fiscal year
a.   2011.
b.   2012.
c.   2013.
d.   2014.

9.         Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except
a.   increases the independence of the FASB.
b.   aids in the convergence of US GAAP with IFRS.
c.   reduces time and effort required to research accounting issues.
d.   clearly distinguishes between authoritative and non-authoritative guidance.

10.       SFAS No.162, the Accounting Standards Codification, is directed to
a.   auditors.
b.   Boards of Directors.
c.   securities regulators.
d.   entities.

11.       IFRS and US GAAP differ with regard to financial statement presentation in all of the following except
a.   IFRS generally requires that assets be listed in order of increasing liquidity while US GAAP requires that assets be listed in order of decreasing liquidity.
b.   US GAAP requires expenses to be listed by function while IFRS requires expenses to be listed by nature.
c.   IFRS prohibits extraordinary items which are allowed by US GAAP.
d.   IFRS requires two years of comparative income statements while under US GAAP, three years of income statements are required.

12.       The major difference between IFRS and US GAAP in accounting for inventories is that
a.   US GAAP prohibits the use of specific identification.
b.   IFRS requires the use of the LIFO cost flow assumption.
c.   US GAAP prohibits the use of the LIFO cost flow assumption
d.   US GAAP allows the use of the LIFO cost flow assumption.





13.       One difference between IFRS and GAAP in valuing inventories is that
a.   IFRS, but not GAAP, allows reversals so that inventories written down under lower-of-cost-or-market can be written back up to the original cost .
b.   GAAP defines market value as replacement cost where IFRS defines market as the selling price.
c.         GAAP strictly adheres to the historical cost concept and does no

Comments

Post a Comment

Popular posts from this blog

ACC 206 Week 8 Quiz – Strayer

Click on the Link Below to Purchase A+ Graded Course Material http://budapp.net/ACC-206-Accounting-Principles-II-Week-8-Quiz-Strayer-266.htm Quiz 6 Chapter 1 6 INVESTM E NTS CHA P TE R ST UD Y O B J EC T I V ES 1. Discu s s w hycorpor a t i o n s i nve s t i nde b tandstocksecu r i t ies. 2. Ex p lain t heacc o u nt i n g f ordebt i nves t men t s. 3. Ex p lain t heacc o u nt i ng f orstockinves t ment s . 4. De s cribetheuseof c o n s o l i d a ted f inan c i a l s ta t eme n ts. 5. I ndic a teh o wde b ta n d s tock i nves t mentsarerepor t ed i nfinan c ialstat e me n ts. 6. Dist i ng u ishb e t w een s h o rt-te r mand l on g -t e r m i nves t ment s . TRU E - F ALS E S T A T E M EN T S 1.     C orpora t i onsp u rchase i n v estmen t sindebt o rstocksecurities g en e ra ll y f oro n e o ft w o reasons. 2.     Areason s omec o mpan i espurch a sein v estmen t sisbeca u s e t hey ...
Read more

ACC 350 Week 8 Quiz – Strayer

Click on the Link Below to Purchase A+ Graded Course Material http://budapp.net/ACC-350-Week-8-Quiz-Strayer-345.htm Quiz 6 Chapter 7   Flexible Budgets, Direct-Cost Variances, and Management Control 1) The master budget is one type of flexible budget.   2) A flexible budget is calculated at the start of the budget period.   3) Information regarding the causes of variances is provided when the master budget is compared with actual results.   4) A variance is the difference between the actual cost for the current and previous year.  5) A favorable variance results when budgeted revenues exceed actual revenues.   6) Management by exception is the practice of concentrating on areas not operating as anticipated (such as a cost overrun) and placing less attention on areas operating as anticipated.   7) The essence of variance analysis is to capture a depart...
Read more