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 S01
SConceptual Sand SCase SAnalysis SFrameworks Sfor SFinancial
SReporting
Multiple SChoice SQuestions
1. Which Sof Sthe Sfollowing Swould SNOT Sbe Sa Sreason Sto Sobtain Sa Sgreater
Sunderstanding Sof Saccounting Spractices Sin Sother Snations?
A. Financial Sresults Sare Sdisclosed Sin Sdifferent Scurrencies.
B. One Sneeds Sto Sbe Saware Sof Sdiffering Sdisclosure Srequirements Sfrom Snation Sto Snation, Sas
Sthis Simpacts Sthe Spreparation Sof Sfinancial Sstatements.
C. Income-smoothing Smay Shave Saffected Sa Sforeign Ssubsidiary's Sresults; Ssuch
Ssmoothing Spractices Sare Snot Spermitted Sin SNorth SAmerica.
D. Departures Sfrom Sthe Shistorical Scost Sprinciple Smay Sbe Spossible Sin Sother Snations.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
2. Which Sof Sthe Sfollowing Swould Sbe Smost Saffected Sby Sfinancial Sstatements Sbeing
Sprepared Sunder Sdifferent Saccounting Sprinciples?
A. Reduced Scomparability.
B. Reduced Sreliability.
C. Increased Scomplexity.
D. Inaccurate Sasset Svaluations.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
1-3
, 3. The SCPA SCanada SHandbook S- SAccounting Sis Sthe Shandbook Sof SCanadian
Saccounting Sstandards. SWhy Sdo Scompanies Sin SCanada Sensure Sthat Stheir Sfinancial
Sreporting Sis Sconsistent Swith SCanadian SGAAP?
A. Their Sbank Srequires Sthem Sto Sdo Sso.
B. Their Sauditors Srequire Sthem Sto Sdo Sso.
C. Reporting Sunder Sthe SCPA SCanada SHandbook S- SAccounting Sis Srequired Sby Spublic
Scompanies' Sboards Sof Sdirectors.
D. Compliance Swith Sthe SCPA SCanada SHandbook S- SAccounting Spronouncements Sis
Susually Srequired Sby Smany Slegal Sstatutes.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
4. Which Sdecision Shas SCanada Smade Swith Srespect Sto Sfinancial Sreporting Sfor
Sprivate Senterprises?
A. To Sadopt Sthe SIFRS Sstandards Sfor Ssmall Sand Smedium-sized Senterprises.
B. To Sretain Sthe Scurrent Sstandards.
C. To Slook Sto SUS SGAAP Sfor Sstandards.
D. To Sdevelop Sand Smaintain Sits Sown Sstandards Sfor Sprivate Senterprises.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-02 SDescribe Show Saccounting Sstandards Sin SCanada Sare Stailored Sto Sdifferent Stypes Sof
Sorganizations. S Topic: S01-05 SGAAP Sfor SPrivate SEnterprises
5. Starting Sin S2011, Swhat S is Sthe Sdefinition Sof Sa Sprivate Senterprise S(PE) Sunder SCanadian SGAAP?
A. A Scorporation Sthat Shas Sno Spublic Sshareholders.
B. A Scorporation Sthat Shas Sless Sthan S500 Sshareholders Sand Sis Snot Slisted Son Sa Sstock Sexchange.
C. A Scorporation Swhich Sis Snot Sprofit Soriented.
D. A Sprofit Soriented Senterprise Sthat Shas Snone Sof Sits Sissued Sand Soutstanding Sfinancial
Sinstruments Straded Sin Sa Spublic Smarket Sand Sdoes Snot Shold Sassets Sin Sa Sfiduciary Scapacity
Sfor Sa Sbroad Sgroup Sof Soutsiders Sas Sone Sof Sits Sprimary Sbusinesses.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-02 SDescribe Show Saccounting Sstandards Sin SCanada Sare Stailored Sto Sdifferent Stypes Sof
Sorganizations. S Topic: S01-05 SGAAP Sfor SPrivate SEnterprises
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 S01
SConceptual Sand SCase SAnalysis SFrameworks Sfor SFinancial
SReporting
Multiple SChoice SQuestions
1. Which Sof Sthe Sfollowing Swould SNOT Sbe Sa Sreason Sto Sobtain Sa Sgreater
Sunderstanding Sof Saccounting Spractices Sin Sother Snations?
A. Financial Sresults Sare Sdisclosed Sin Sdifferent Scurrencies.
B. One Sneeds Sto Sbe Saware Sof Sdiffering Sdisclosure Srequirements Sfrom Snation Sto Snation, Sas
Sthis Simpacts Sthe Spreparation Sof Sfinancial Sstatements.
C. Income-smoothing Smay Shave Saffected Sa Sforeign Ssubsidiary's Sresults; Ssuch
Ssmoothing Spractices Sare Snot Spermitted Sin SNorth SAmerica.
D. Departures Sfrom Sthe Shistorical Scost Sprinciple Smay Sbe Spossible Sin Sother Snations.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
2. Which Sof Sthe Sfollowing Swould Sbe Smost Saffected Sby Sfinancial Sstatements Sbeing
Sprepared Sunder Sdifferent Saccounting Sprinciples?
A. Reduced Scomparability.
B. Reduced Sreliability.
C. Increased Scomplexity.
D. Inaccurate Sasset Svaluations.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
1-3
, 3. The SCPA SCanada SHandbook S- SAccounting Sis Sthe Shandbook Sof SCanadian
Saccounting Sstandards. SWhy Sdo Scompanies Sin SCanada Sensure Sthat Stheir Sfinancial
Sreporting Sis Sconsistent Swith SCanadian SGAAP?
A. Their Sbank Srequires Sthem Sto Sdo Sso.
B. Their Sauditors Srequire Sthem Sto Sdo Sso.
C. Reporting Sunder Sthe SCPA SCanada SHandbook S- SAccounting Sis Srequired Sby Spublic
Scompanies' Sboards Sof Sdirectors.
D. Compliance Swith Sthe SCPA SCanada SHandbook S- SAccounting Spronouncements Sis
Susually Srequired Sby Smany Slegal Sstatutes.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-01 SDescribe Sand Sapply Sthe Sconceptual Sframework Sfor Sfinancial
Sreporting. S Topic: S01-01 SThe SConceptual SFramework Sfor SFinancial SReporting
4. Which Sdecision Shas SCanada Smade Swith Srespect Sto Sfinancial Sreporting Sfor
Sprivate Senterprises?
A. To Sadopt Sthe SIFRS Sstandards Sfor Ssmall Sand Smedium-sized Senterprises.
B. To Sretain Sthe Scurrent Sstandards.
C. To Slook Sto SUS SGAAP Sfor Sstandards.
D. To Sdevelop Sand Smaintain Sits Sown Sstandards Sfor Sprivate Senterprises.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-02 SDescribe Show Saccounting Sstandards Sin SCanada Sare Stailored Sto Sdifferent Stypes Sof
Sorganizations. S Topic: S01-05 SGAAP Sfor SPrivate SEnterprises
5. Starting Sin S2011, Swhat S is Sthe Sdefinition Sof Sa Sprivate Senterprise S(PE) Sunder SCanadian SGAAP?
A. A Scorporation Sthat Shas Sno Spublic Sshareholders.
B. A Scorporation Sthat Shas Sless Sthan S500 Sshareholders Sand Sis Snot Slisted Son Sa Sstock Sexchange.
C. A Scorporation Swhich Sis Snot Sprofit Soriented.
D. A Sprofit Soriented Senterprise Sthat Shas Snone Sof Sits Sissued Sand Soutstanding Sfinancial
Sinstruments Straded Sin Sa Spublic Smarket Sand Sdoes Snot Shold Sassets Sin Sa Sfiduciary Scapacity
Sfor Sa Sbroad Sgroup Sof Soutsiders Sas Sone Sof Sits Sprimary Sbusinesses.
Accessibility: SKeyboard SNavigation
S Blooms: SRemember
Difficulty: SEasy
Learning SObjective: S01-02 SDescribe Show Saccounting Sstandards Sin SCanada Sare Stailored Sto Sdifferent Stypes Sof
Sorganizations. S Topic: S01-05 SGAAP Sfor SPrivate SEnterprises
1-4
