Question 1

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 2

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) A) and C)
F) None of the above

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The ASEAN is a group of developing nations in southeast Asia whose goal is to foster trade and development both within and outside the region.

Accepted Answer

A) True 
 B)False

Question 5

Financial accounting standard setting in New Zealand has remained within the private sector.

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) A) and B)
F) None of the above

Question 7

The IASB has not yet promulgated a conceptual framework.

Accepted Answer

A) True 
 B)False

Question 8

The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.

Accepted Answer

A) True 
 B)False

Question 9

Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the United States.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Countries following the continental model include most major countries of Western Europe as well as Japan.

Accepted Answer

A) True 
 B)False

Question 12

What does harmonization of accounting standards mean, and what are the two aspects of harmonization?

Accepted Answer

Harmonization refers to the degree of co...

Question 13

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 14

The continental model of financial reporting generally reflects a strong governmental influence on accounting regulation.

Accepted Answer

A) True 
 B)False

Question 15

Contrast principles-based and rules-based accounting standards. Why do these approaches to standard setting tend to converge according to Schipper?

Accepted Answer

Rules-based standards are highly detaile...

Question 16

The United States is not a member of the G4 +1.

Accepted Answer

A) True 
 B)False

Question 17

The IAS designation for the preferred accounting treatment is referred to as:

Accepted Answer

A)   Benchmarking
B)   Conformity
C)   Reconciliation
D)   ConvergenceE) All of the above
F) B) and D)

Question 18

Which of the following is 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 D)
F) C) and D)

Question 19

Professional accounting societies first arose in the United Kingdom in the middle of the 19th century.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is true regarding American securities exchanges?

Accepted Answer

A)   The US and the UK have a system of reciprocity in place for listing the securities on one another's stock exchanges.
B)   The SEC does not allow foreign companies that do not use US GAAP to be listed on American stock exchanges.
C)   Most Japanese firms listed for trading on American securities exchanges use US GAAP.
D)   Canadian companies may list existing shares for trading on American stock exchanges, but may not list new stock issues.E) B) and D)
F) A) and B)

Exam 10: International Accounting

The continental model of financial reporting generally reflects a strong governmental influence on accounting regulation.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Financial accounting standard setting in New Zealand has remained within the private sector.

Correct AnswerverifiedShow Answer

The IAS designation for the preferred accounting treatment is referred to as:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Professional accounting societies first arose in the United Kingdom in the middle of the 19th century.

Correct AnswerverifiedShow Answer

Countries following the continental model include most major countries of Western Europe as well as Japan.

Correct AnswerverifiedShow Answer

Contrast principles-based and rules-based accounting standards. Why do these approaches to standard setting tend to converge according to Schipper?

Correct AnswerverifiedRules-based standards are highly detaile...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

The United States is not a member of the G4 +1.

Correct AnswerverifiedShow Answer

What does harmonization of accounting standards mean, and what are the two aspects of harmonization?

Correct AnswerverifiedHarmonization refers to the degree of co...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the United States.

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 true regarding American securities exchanges?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The ASEAN is a group of developing nations in southeast Asia whose goal is to foster trade and development both within and outside the region.

Correct AnswerverifiedShow Answer

The IASB has not yet promulgated a conceptual framework.

Correct AnswerverifiedShow Answer

The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.

Correct AnswerverifiedShow Answer

Which of the following is not a true statement regarding the IASB?

Correct AnswerverifiedShow Answer

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Professional accounting societies first arose in the United Kingdom in the middle of the 19^th century.

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Correct Answer
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Correct Answer
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Rules-based standards are highly detaile...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Harmonization refers to the degree of co...
View Answer

Correct Answer
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Correct Answer
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