TEST BANK For | |
Modern Advanced Accounting In Canada
| | | |
10th Edition |
By Darrell Herauf, Chima Mbagwu
| | | |
Verified Chapter's 1 - 12 | Complete
| | | | | |
1-1
,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
1-2
, 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
1-3
, 3. The |CPA |Canada |Handbook |- |Accounting |is |the |handbook |of |Canadian |accounting
|standards. |Why |do |companies |in |Canada |ensure |that |their |financial |reporting |is |consistent
|with |Canadian |GAAP?
A. Their |bank |requires |them |to |do |so.
B. Their |auditors |require |them |to |do |so.
C. Reporting |under |the |CPA |Canada |Handbook |- |Accounting |is |required |by |public |companies'
|boards |of |directors.
D. Compliance |with |the |CPA |Canada |Handbook |- |Accounting |pronouncements |is |usually
|required |by |many |legal |statutes.
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
4. Which |decision |has |Canada |made |with |respect |to |financial |reporting |for |private
|enterprises?
A. To |adopt |the |IFRS |standards |for |small |and |medium-sized |enterprises.
B. To |retain |the |current |standards.
C. To |look |to |US |GAAP |for |standards.
D. To |develop |and |maintain |its |own |standards |for |private |enterprises.
Accessibility: |Keyboard |Navigation
| Blooms: |Remember
Difficulty: |Easy
Learning |Objective: |01-02 |Describe |how |accounting |standards |in |Canada |are |tailored |to |different |types |of
|organizations. | Topic: |01-05 |GAAP |for |Private |Enterprises
5. Starting |in |2011, |what |is |the |definition |of |a |private |enterprise |(PE) |under |Canadian |GAAP?
A. A |corporation |that |has |no |public |shareholders.
B. A |corporation |that |has |less |than |500 |shareholders |and |is |not |listed |on |a |stock |exchange.
C. A |corporation |which |is |not |profit |oriented.
D. A |profit |oriented |enterprise |that |has |none |of |its |issued |and |outstanding |financial
|instruments |traded |in |a |public |market |and |does |not |hold |assets |in |a |fiduciary |capacity |for |a
|broad |group |of |outsiders |as |one |of |its |primary |businesses.
Accessibility: |Keyboard |Navigation
| Blooms: |Remember
Difficulty: |Easy
Learning |Objective: |01-02 |Describe |how |accounting |standards |in |Canada |are |tailored |to |different |types |of
|organizations. | Topic: |01-05 |GAAP |for |Private |Enterprises
1-4
Modern Advanced Accounting In Canada
| | | |
10th Edition |
By Darrell Herauf, Chima Mbagwu
| | | |
Verified Chapter's 1 - 12 | Complete
| | | | | |
1-1
,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
1-2
, 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
1-3
, 3. The |CPA |Canada |Handbook |- |Accounting |is |the |handbook |of |Canadian |accounting
|standards. |Why |do |companies |in |Canada |ensure |that |their |financial |reporting |is |consistent
|with |Canadian |GAAP?
A. Their |bank |requires |them |to |do |so.
B. Their |auditors |require |them |to |do |so.
C. Reporting |under |the |CPA |Canada |Handbook |- |Accounting |is |required |by |public |companies'
|boards |of |directors.
D. Compliance |with |the |CPA |Canada |Handbook |- |Accounting |pronouncements |is |usually
|required |by |many |legal |statutes.
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
4. Which |decision |has |Canada |made |with |respect |to |financial |reporting |for |private
|enterprises?
A. To |adopt |the |IFRS |standards |for |small |and |medium-sized |enterprises.
B. To |retain |the |current |standards.
C. To |look |to |US |GAAP |for |standards.
D. To |develop |and |maintain |its |own |standards |for |private |enterprises.
Accessibility: |Keyboard |Navigation
| Blooms: |Remember
Difficulty: |Easy
Learning |Objective: |01-02 |Describe |how |accounting |standards |in |Canada |are |tailored |to |different |types |of
|organizations. | Topic: |01-05 |GAAP |for |Private |Enterprises
5. Starting |in |2011, |what |is |the |definition |of |a |private |enterprise |(PE) |under |Canadian |GAAP?
A. A |corporation |that |has |no |public |shareholders.
B. A |corporation |that |has |less |than |500 |shareholders |and |is |not |listed |on |a |stock |exchange.
C. A |corporation |which |is |not |profit |oriented.
D. A |profit |oriented |enterprise |that |has |none |of |its |issued |and |outstanding |financial
|instruments |traded |in |a |public |market |and |does |not |hold |assets |in |a |fiduciary |capacity |for |a
|broad |group |of |outsiders |as |one |of |its |primary |businesses.
Accessibility: |Keyboard |Navigation
| Blooms: |Remember
Difficulty: |Easy
Learning |Objective: |01-02 |Describe |how |accounting |standards |in |Canada |are |tailored |to |different |types |of
|organizations. | Topic: |01-05 |GAAP |for |Private |Enterprises
1-4
