Chapter 1--Introduction to International Accounting Exam Questions and Answers 100% Solved

Chapter 1--Introduction to International

Accounting Exam Questions and

Answers 100% Solved


accounting - ✔✔Includes financial, managerial, auditing, taxation,

and accounting information systems

international - ✔✔Supranational--standards, guidelines, and rules

of accounting, auditing, and taxation issued by supranational

organizations (OECD, UN, IFA)



Company--the standards, guidelines, and practices that a

company follows related to its international business activities and

foreign investments



Broadest level--the study of the standards, guidelines, and rules

of accounting, auditing, and taxation that exist within each country
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, as a well as comparison of those items across countries (includes

rules related to the financial reporting of plant, property, and

equipment; income and other tax rates; and the requirements for

becoming a member of the national accounting profession

foreign exchange risk - ✔✔the possibility that a foreign currency

will decrease in US$ value over the life of the receivable

strike price - ✔✔a predetermined exchange rate for selling a

foreign currency

derivative financial instrument - ✔✔options

foreign currency forward contracts

derivative - ✔✔a financial instrument whose value is based on (or

derived from) a traditional security (such as a stock or bond), an

asset (such as a foreign currency or a commodity like gold) or a

market index (such as the S&P 500 index)

greenfield investment - ✔✔constructing a new plant in a foreign

country



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