TEST BANK For Modern Advanced
|! |! |! |!
Accounting In Canada 10th Edition By
|! |! |! |!
Darrell Herauf, Chima Mbagwu Verified
|! |! |!
Chapter's 1 - 12 | Complete
|! |! |! |! |!
1-1
,1-2
,TABLE OF CONTENTS |! |!
CHAPTER 1 Conceptual and Case Analysis Frameworks for Financial Reporting
|! |! |! |! |! |! |! |! |!
CHAPTER 2 Investments in Equity Securities
|! |! |! |! |!
CHAPTER 3 Business Combinations
|! |! |!
CHAPTER 4 Consolidation of Non-Wholly Owned Subsidiaries
|! |! |! |! |! |!
CHAPTER 5 Consolidation Subsequent to Acquisition Date
|! |! |! |! |! |!
CHAPTER 6 Intercompany Inventory and Land Profits
|! |! |! |! |! |!
CHAPTER 7 (A) Intercompany Profits in Depreciable Assets (B) Intercompany Bondholdings
|! |! |! |! |! |! |! |! |! |!
CHAPTER 8 Consolidated Cash Flows and Changes in Ownership
|! |! |! |! |! |! |! |!
CHAPTER 9 Other Consolidation Reporting Issues
|! |! |! |! |!
CHAPTER 10 Foreign Currency Transactions
|! |! |! |!
CHAPTER 11 Translation and Consolidation of Foreign Operations
|! |! |! |! |! |! |!
CHAPTER 12 Accounting for Not-for-Profit and Public Sector Organizations
|! |! |! |! |! |! |! |!
1-3
, Chapter 01 |!
|! Conceptual and Case Analysis Frameworks for Financial Reporting
|! |! |! |! |! |! |!
Multiple Choice Questions
|! |!
1. Which of the following would NOT be a reason to obtain a greater understanding
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
of accounting practices in other nations?
|! |! |! |! |!
A. Financial results are disclosed in different currencies.
|! |! |! |! |! |!
B. One needs to be aware of differing disclosure requirements from nation to nation, as
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
this impacts the preparation of financial statements.
|! |! |! |! |! |!
C. Income-smoothing may have affected a foreign subsidiary's results; such smoothing
|! |! |! |! |! |! |! |! |!
practices are not permitted in North America.
|! |! |! |! |! |! |!
D. Departures from the historical cost principle may be possible in other nations.
|! |! |! |! |! |! |! |! |! |! |!
Accessibility: |!Keyboard |!Navigation | !
Blooms: |! Remember
Difficulty: |! Easy
Learning |! Objective: |! 01-01 |! Describe |! and |! apply |! the |! conceptual |! framework |! for |! financial |! reporting.
| ! Topic: |! 01-01 |! The |! Conceptual |! Framework |! for |! Financial |! Reporting
2. Which of the following would be most affected by financial statements being
|! |! |! |! |! |! |! |! |! |! |! |!
prepared under different accounting principles?
|! |! |! |!
A. Reduced comparability. |!
B. Reduced reliability. |!
C. Increased complexity. |!
D. Inaccurate asset valuations. |! |!
Accessibility: |!Keyboard |!Navigation | !
Blooms: |! Remember
Difficulty: |! Easy
Learning |! Objective: |! 01-01 |! Describe |! and |! apply |! the |! conceptual |! framework |! for |! financial |! reporting.
| ! Topic: |! 01-01 |! The |! Conceptual |! Framework |! for |! Financial |! Reporting
1-4
|! |! |! |!
Accounting In Canada 10th Edition By
|! |! |! |!
Darrell Herauf, Chima Mbagwu Verified
|! |! |!
Chapter's 1 - 12 | Complete
|! |! |! |! |!
1-1
,1-2
,TABLE OF CONTENTS |! |!
CHAPTER 1 Conceptual and Case Analysis Frameworks for Financial Reporting
|! |! |! |! |! |! |! |! |!
CHAPTER 2 Investments in Equity Securities
|! |! |! |! |!
CHAPTER 3 Business Combinations
|! |! |!
CHAPTER 4 Consolidation of Non-Wholly Owned Subsidiaries
|! |! |! |! |! |!
CHAPTER 5 Consolidation Subsequent to Acquisition Date
|! |! |! |! |! |!
CHAPTER 6 Intercompany Inventory and Land Profits
|! |! |! |! |! |!
CHAPTER 7 (A) Intercompany Profits in Depreciable Assets (B) Intercompany Bondholdings
|! |! |! |! |! |! |! |! |! |!
CHAPTER 8 Consolidated Cash Flows and Changes in Ownership
|! |! |! |! |! |! |! |!
CHAPTER 9 Other Consolidation Reporting Issues
|! |! |! |! |!
CHAPTER 10 Foreign Currency Transactions
|! |! |! |!
CHAPTER 11 Translation and Consolidation of Foreign Operations
|! |! |! |! |! |! |!
CHAPTER 12 Accounting for Not-for-Profit and Public Sector Organizations
|! |! |! |! |! |! |! |!
1-3
, Chapter 01 |!
|! Conceptual and Case Analysis Frameworks for Financial Reporting
|! |! |! |! |! |! |!
Multiple Choice Questions
|! |!
1. Which of the following would NOT be a reason to obtain a greater understanding
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
of accounting practices in other nations?
|! |! |! |! |!
A. Financial results are disclosed in different currencies.
|! |! |! |! |! |!
B. One needs to be aware of differing disclosure requirements from nation to nation, as
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
this impacts the preparation of financial statements.
|! |! |! |! |! |!
C. Income-smoothing may have affected a foreign subsidiary's results; such smoothing
|! |! |! |! |! |! |! |! |!
practices are not permitted in North America.
|! |! |! |! |! |! |!
D. Departures from the historical cost principle may be possible in other nations.
|! |! |! |! |! |! |! |! |! |! |!
Accessibility: |!Keyboard |!Navigation | !
Blooms: |! Remember
Difficulty: |! Easy
Learning |! Objective: |! 01-01 |! Describe |! and |! apply |! the |! conceptual |! framework |! for |! financial |! reporting.
| ! Topic: |! 01-01 |! The |! Conceptual |! Framework |! for |! Financial |! Reporting
2. Which of the following would be most affected by financial statements being
|! |! |! |! |! |! |! |! |! |! |! |!
prepared under different accounting principles?
|! |! |! |!
A. Reduced comparability. |!
B. Reduced reliability. |!
C. Increased complexity. |!
D. Inaccurate asset valuations. |! |!
Accessibility: |!Keyboard |!Navigation | !
Blooms: |! Remember
Difficulty: |! Easy
Learning |! Objective: |! 01-01 |! Describe |! and |! apply |! the |! conceptual |! framework |! for |! financial |! reporting.
| ! Topic: |! 01-01 |! The |! Conceptual |! Framework |! for |! Financial |! Reporting
1-4
