ACCT 564 Week 4 Midterm Exam

ACCT 564 Week 4 Midterm Exam

Author: Harvey Maxwell

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1. (TCO 1) Which of the following is NOT a reason for a company to make a foreign direct investment?
2. (TCO 1) Which of the following is NOT a problem caused by accounting diversity?
3. (TCO 1) Which financial statement is provided by virtually all corporations worldwide?
4. (TCO 2) Which of the following are differences between IFRS and U.S. GAAP?
5. (TCO 2) Which of the following items is NOT included in the cost of property, plant, and equipment under IAS 16?
6. (TCO 2) Why is it difficult to compare IAS 18, Revenue, to U.S. GAAP?
7. (TCO 2) Which of the following is NOT a share-based payment transaction under IFRS 2?
8. (TCO 2) Which of the following inventory valuation methods commonly used in the United States is NOT allowed under IAS 2 (Inventories)?
9. (TCO 3) IFRIC 13, Customer Loyalty Programmes, specifies which of the following?
10. (TCO 3) What of the following is NOT part of the structure of the Codification Database?
1. (TCO 1) Describe one way the culture influences financial reporting
2. (TCO 1) Describe how terminology in financial statements differs across countries.
3. (TCO 2) Define convergence and discuss its significance to international financial reporting.
4. (TCO 2) Discuss the arguments for international convergence of financial reporting standards
5. (TCO 3) What is the difference between harmonization and convergence of accounting standards?
1. (TCO 1) One of the reasons for accounting diversity is inflation. Define inflation and discuss how inflation contributes to accounting diversity
2. (TCO 2) Compare and contrast a rules-based accounting system and a principles-based accounting system. Which one do you think results in the more accurate financial statements?

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