internationalaccountingtestbankChapter02.docx
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internationalaccountingtestbankChapter02.docx
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internationalaccountingtestbankChapter02
international-accounting-tes-tbank-Chapter-02
MultipleChoiceQuestions
1.WhatistheequivalentofU.S.balancesheetcommonstockonthebalancesheetofaBritishcompany?
A)Capitalredemptionreserve
B)Sharepremiumaccount
C)Ownsharesheld
D)Called-upsharecapital
Answer:
DLevel:
MediumLO:
1
2.Whichofthefollowingisnotaproblemcausedbyaccountingdiversity?
A)Lackofqualifiedinternationalauditors
B)Preparationofconsolidatedfinancialstatements
C)Accesstoforeigncapitalmarkets
D)Comparabilityoffinancialstatements
Answer:
ALevel:
MediumLO:
2
3.Differencesinlegalsystemsusedinvariouscountrieshavebeencitedasonereasonfordiversityinaccountingpractice.Whatarethemajortypesoflegalsystems?
A)commerciallawandaccountinglaw
B)rulesandregulations
C)writtenlawandunwrittenlaw
D)commonlawandcodelaw
Answer:
DLevel:
EasyLO:
3
4.Theaccountingstandardsincodelawcountriestendtobe:
A)verydetailed.
B)formulatedbyorganizationssuchastheFASB.
C)statedbroadlywithoutmuchguidanceonaccountingprocedures.
D)veryconservative.
Answer:
CLevel:
MediumLO:
3
5.Whatislikelytobethesourceofaccountingstandardsincommonlawcountries?
A)Taxlaw
B)Non-governmententitiessuchastheFASB
C)Federalandlocallegislatures
D)TheInternationalAccountingStandardsBoard
Answer:
BLevel:
MediumLO:
3
6.Whenaccountingrulesareleftuptoprofessionalassociationsratherthanbeinglegislatedbygovernmentalbodies,whatisthelikelyresult?
A)Verygeneralaccountingrulesarecreated,asincodelawcountries.
B)Verydetailedrulesforpracticearecreated,asincommonlawcountries.
C)Verygeneralaccountingrulesarecreated,asincommonlawcountries.
D)Verydetailedrulesforpracticearecreated,asincodelawcountries.
Answer:
BLevel:
HardLO:
3
7.RelativetoaccountingstandardsincountriessuchasGermany,whoseaccountinglawsareonly47pageslong,accountingpracticeintheU.S.isoftendescribedasbeingsubjectto:
A)standardsoverload.
B)standardsminimization.
C)theoptimalamountofaccountingregulation.
D)idealaccountingstandards.
Answer:
ALevel:
MediumLO:
3
8.IncodelawcountriessuchasGermany,France,andJapantaxlawandaccountingstandardstendtobe:
A)unrelated.
B)verydifferent.
C)similar.
D)moreconfusingthanthoseintheU.S.
Answer:
CLevel:
MediumLO:
3
9.Ifmostofacountry'sbusinessfinancingcomesfromfamilies,banks,andthegovernmentwhatshouldweexpectintermsofinformationdisclosuretothepublic?
A)Relativelylittlebecausethepublicisn'tamajorfactor
B)Agreatdealofdisclosurebecauseitwillbetheonlywayforinterestedpartiestolearnaboutthecompany
C)Completeopennessofaccountingrecords
D)Nodisclosureatall
Answer:
ALevel:
MediumLO:
3
10.IncountriessuchastheU.S.,thereisgreatdemandforpublicdisclosureofaccountinginformation.Whatisthereasonforthis?
A)Corporatemanagementisn'ttrustworthy.
B)Businessesrelyheavilyonfinancingthroughissuanceofstocktothepublic.
C)TheAmericanpopulaceisbetterabletoreadfinancialstatementsthanpeopleinothercountries.
D)U.S.governmentofficialsaregenerallymembersofcorporateboardsofdirectorsandcangetalltheinformationtheyrequire.
Answer:
BLevel:
MediumLO:
3
11.HistoricalcostistheprimarybasisforassetvaluationunderU.S.GAAP.WhyishistoricalcostNOTasimportantintheaccountingsystemsofLatinAmericaasintheU.S.?
A)HistoricalcostsaretoodifficulttocalculateinthecurrenciesusedinCentralandSouthAmerica.
B)ThecountriesofLatinAmericahaveexperiencedveryhighratesofinflation,whichwouldmakehistoricalcostsmeaninglesstoreadersoffinancialstatements.
C)ThereisverylittleforeigndirectinvestmentinthecountriesofLatinAmerica,sofewassetsneedtobeaccountedfor.
D)InLatinAmerica,assetpricesareverystable,makinghistoricalcostsequaltoreplacementcosts,soitdoesn'tmatterwhichvaluationbasisisused.
Answer:
BLevel:
MediumLO:
3
12.Whatdoes“harmonization”meaninthecontextofinternationalaccounting?
A)Theprocessofcombiningthefinancialstatementsofforeignsubsidiariesintotheparentcompany'sfinancialstatements
B)Reducingthediversityofaccountingstandards
C)Disclosingtheaccountingmethodsusedinpreparingthefinancialstatements
D)Assessingtheexposureresultingfrominadequateinternalcontrols
Answer:
BLevel:
MediumLO:
2
13.Theextenttowhichhierarchyandunequalauthoritydistributionininstitutionsandorganizationsareacceptedwithinacultureisreferredtoas:
A)Uncertaintyavoidance.
B)Masculinity.
C)Individualism.
D)Powerdistance.
Answer:
DLevel:
MediumLO:
5
14.Aculturalpreferenceforlooselyknitsocialfabricratherthantightlyknitsocialfabricisreferredtobytheterm:
A)Uncertaintyavoidance.
B)Masculinity.
C)Individualism.
D)Powerdistance.
Answer:
CLevel:
MediumLO:
5
15.Aculturalemphasisonvaluesofperformanceandachievementratherthanvaluesofrelationships,caring,andnurturingisreferredtoas:
A)Uncertaintyavoidance.
B)Masculinity.
C)Individualism.
D)Powerdistance.
Answer:
BLevel:
MediumLO:
5
16.Whattermisusedtorefertoaculturalaversiontoambiguoussituations?
A)Uncertaintyavoidance.
B)Masculinity.
C)Powerdistance.
D)Individualism.
Answer:
ALevel:
MediumLO:
5
17.Aculturalpreferenceforaccountingsystemsthatrelyoncompliancewithlegalrequirementsiscalled:
A)Professionalism.
B)Uniformity.
C)Statutorycontrol.
D)Optimism.
Answer:
CLevel:
MediumLO:
5
18.CountriessuchastheU.S.tendtovalueself-regulationofaccounting.Whattermisusedtodefinethissubculture?
A)Uniformity
B)Flexibility
C)Conservatism
D)Professionalism
Answer:
DLevel:
MediumLO:
5
19.Whatdoes“transparency”meaninaccounting?
A)Anemphasisonconfidentiality
B)Restricteddisclosureofaccountinginformation
C)Flexibilityintheapplicationofaccountingstandards
D)Opennessofaccountinginformation
Answer:
DLevel:
EasyLO:
5
20.Whattermisusedtodescribeaccountingstandardsthatencouragerisk-takinginfinancialreporting?
A)Optimism
B)Conservatism
C)Professionalism
D)Transparency
Answer:
ALevel:
MediumLO:
5
21.Whichofthefollowingcountriestendstohavearelativelyhighdegreeoftransparencyintheircompanies'financialstatements?
A)Germany
B)Switzerland
C)UnitedKingdom
D)SaudiArabia
Answer:
CLevel:
HardLO:
5
22.Whichofthefollowingcountriestendstoshowarelativelyhighpreferenceforconservativeaccountingstandards?
A)Norway
B)UnitedKingdom
C)UnitedStatesofAmerica
D)Japan
Answer:
DLevel:
HardLO:
5
23.Optimismisavalueofaccountingstandardsthatwouldmostlikelybefoundinwhichcountry?
A)Japan
B)Australia
C)Mexico
D)Brazil
Answer:
BLevel:
HardLO:
5
24.InGray'sframeworkforaccountingsystemdevelopment,theculturaldimensionsofindividualism,powerdistance,uncertaintyavoidanceandmasculinitydirectlyaffect:
A)accountingsystems.
B)accountingvalues.
C)externalinfluences.
D)institutionalconsequences.
Answer:
BLevel:
HardLO:
5
25.Individualism,powerdistance,uncertaintyavoidance,andmasculinityareexamplesof:
A)accountingvalues.
B)ecologicalfactors.
C)culturaldimensions.
D)externalforces.
Answer:
CLevel:
MediumLO:
5
26.Howaretheconceptsofprofessionalism,uniformity,conservatism,andsecrecyclassifiedinGray'sframeworkforaccountingsystemdevelopment?
A)Accountingvalues
B)Accountingsystems
C)Institutionalconsequences
D)Culturaldimensions
Answer:
ALevel:
MediumLO:
5
27.AccordingtoGray'sframeworkforaccountingsystemdevelopment,whichofthefollowingaredirectlyaffectedbyecologicalinfluences,suchasgeography,demography,andtechnology?
A)accountingvalues
B)accountingsystems
C)institutionalconsequences
D)culturaldimensions
Answer:
DLevel:
HardLO:
5
28.AccordingtoGray'sframeworkforaccountingsystemdevelopment,thecounterpartto(i.e.oppositeof)thevalueof“secrecy”is:
A)professionalism.
B)transparency.
C)optimism.
D)flexibility.
Answer:
BLevel:
MediumLO:
5
29.Intheir1993paper,DoupnikandSalterfoundthatcountriestendedtoclusterintermsofthesimilaritiesordifferencesoftheiraccountingsystems.TheseresearchersattributethelargeclusteraroundGreatBritainto:
A)thesuperiorityoftheAngloaccountingmodel.
B)thepredominantinfluenceofGreatBritainintheworldeconomy.
C)thecolonialinfluenceofGreatBritainonaccountingdevelopment.
D)thefactthatmoreoftheworld'speoplespeakEnglishthananyotherlanguage.
Answer:
CLevel:
MediumLO:
5
30.The1993studybyDoupnikandSalterfoundthataclusterofLatinAmericancountriesindicatedthatthesimilarityoftheiraccountingsystemswasrelatedto:
A)acommoncurrency.
B)theeffectofpersistentinflation.
C)thecolonialinfluenceofSpain.
D)thecolonialinfluenceoftheUnitedStatesofAmerica.
Answer:
BLevel:
MediumLO:
5
31.Itisgenerallybelievedthatthe1997financialcrisisinEastAsiawaspartlyduetoaccountingfactorsinthatpartoftheworld.Whichofthefollowingaccountingvalueswaslackinginthatpartoftheworld,andther
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