INTERNATIONAL ACCOUNTING CHAPTER 1
STUDY GUIDE 2026 COMPLETE PRACTICE
QUESTIONS AND CORRECT ANSWERS
WITH DETAILED RATIONALES
COMPREHENSIVE INTRODUCTION TO
IFRS AND GLOBAL ACCOUNTING EXAM
REVIEW
The number of companies involved in international trade has grown
significantly in recent years. What percent of U.S. exporters are relatively
small companies (i.e. less than 500 employees)?
A.
Less than 5%
B.
10%
C.
25%
D.
,More than 90% - CORRECT ANSWER -D More than 90%
OECD is an important supranational entity. What do the letters OECD
stand for?
A.
Organization of Electrical Companies Directorate
B.
Oil Exporting Countries and Developers
C.
Organization for Economic Cooperation and Development
D.
,Oil Exporting Corporations and Divisions - CORRECT ANSWER -C.
Organization for Economic Cooperation and Development
What countries are collectively known as "the triad"?
A.
France, Spain, and Italy
B.
Germany, Russia, and China
C.
United States, Japan, and members of the European Union
, D.
United States, Canada, and Mexico - CORRECT ANSWER -C.
United States, Japan, and members of the European Union
Which of the following is true about foreign direct investment?
A.
It is a means of reducing transportation costs in export sales.
B.
Since the 1980s, foreign direct investment has been relatively stable
worldwide.
C.
Only very large corporations are undertaking foreign direct investment.
D.
It refers only to the amount of money U.S. corporations put into non-U.S.
businesses. - CORRECT ANSWER -A.
It is a means of reducing transportation costs in export sales.
STUDY GUIDE 2026 COMPLETE PRACTICE
QUESTIONS AND CORRECT ANSWERS
WITH DETAILED RATIONALES
COMPREHENSIVE INTRODUCTION TO
IFRS AND GLOBAL ACCOUNTING EXAM
REVIEW
The number of companies involved in international trade has grown
significantly in recent years. What percent of U.S. exporters are relatively
small companies (i.e. less than 500 employees)?
A.
Less than 5%
B.
10%
C.
25%
D.
,More than 90% - CORRECT ANSWER -D More than 90%
OECD is an important supranational entity. What do the letters OECD
stand for?
A.
Organization of Electrical Companies Directorate
B.
Oil Exporting Countries and Developers
C.
Organization for Economic Cooperation and Development
D.
,Oil Exporting Corporations and Divisions - CORRECT ANSWER -C.
Organization for Economic Cooperation and Development
What countries are collectively known as "the triad"?
A.
France, Spain, and Italy
B.
Germany, Russia, and China
C.
United States, Japan, and members of the European Union
, D.
United States, Canada, and Mexico - CORRECT ANSWER -C.
United States, Japan, and members of the European Union
Which of the following is true about foreign direct investment?
A.
It is a means of reducing transportation costs in export sales.
B.
Since the 1980s, foreign direct investment has been relatively stable
worldwide.
C.
Only very large corporations are undertaking foreign direct investment.
D.
It refers only to the amount of money U.S. corporations put into non-U.S.
businesses. - CORRECT ANSWER -A.
It is a means of reducing transportation costs in export sales.
