TEST BANK FOR Appendix A: International Financial Reporting Standards LATEST UPDATED EXAM GUIDE WITH A CORRECT ANSWERS .

TEST BANK FOR Appendix A: International Financial Reporting
Standards LATEST UPDATED EXAM GUIDE WITH A CORRECT
ANSWERS .
True / False

1. The state of economic development can affect accounting standards.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-01 - LO: A-01
KEYWORDS: Bloom's: Remembering

2. Japan has a greater number of differences than the U.S. between the amount of income reported to stockholders and that
reported to the taxing authorities.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-01 - LO: A-01
KEYWORDS: Bloom's: Remembering

3. No single explanation can be given for the divergence of accounting standards.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-01 - LO: A-01
KEYWORDS: Bloom's: Remembering

4. In countries, like Japan and much of Europe, fewer differences between the amount of income reported to stockholders
and that reported to the taxing authorities exist than in the U.S.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-01 - LO: A-01
KEYWORDS: Bloom's: Remembering

5. According to the text, in economies like those that made up the former Soviet Union, accounting standards are
relatively less complex due to the fact that they are just beginning to be developed.

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,Appendix A: International Financial Reporting Standards
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-01 - LO: A-01
KEYWORDS: Bloom's: Remembering

6. Ultimately, it will be the responsibility of the FASB in the U.S. to decide if the advantages of IFRS’s outweigh the
disadvantages.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
LEARNING OBJECTIVES: FACC.PONO.13.A-02 - LO: A-02
KEYWORDS: Bloom's: Understanding

7. A single set of accounting standards could help a U.S. company save time and money in the acquisition of a German
company.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-02 - LO: A-02
KEYWORDS: Bloom's: Understanding

8. IFRS is now mandatory in all member states of the economic and political organization known as the European Union.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-03 - LO: A-03
KEYWORDS: Bloom's: Remembering

9. Companies in Mexico had to begin using IFRS by 2020.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-03 - LO: A-03
KEYWORDS: Bloom's: Remembering

© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, Appendix A: International Financial Reporting Standards
10. The U.S. accounting standards are more principle-based than IFRS.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
LEARNING OBJECTIVES: FACC.PONO.13.A-04 - LO: A-04
KEYWORDS: Bloom's: Understanding




© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.