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TEST BANK For Modern Advanced Accounting In Canada 10th Edition By Darrell Herauf, Chima Mbagwu Verified Chapter's 1 - 12 | Complete $18.49
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1. WhichzofzthezfollowingzwouldzNOTzbezazreasonztozobtainzazgreaterzunderstandingzofz
accountingzpracticeszinzotherznations?
A. Financialzresultszarezdisclosedzinzdifferentzcurrencies.
B. Onezneedsztozbezawarezofzdifferingzdisclosurezrequirementszfromznationztoznation,zaszthiszi
mpactszthezpreparationzofzfinancialzstatements.
C. Income-
smoothingzmayzhavezaffectedzazforeignzsubsidiary'szresults;zsuchzsmoothingzpracticeszar
eznotzpermittedzinzNorthzAmerica.
D. Departureszfromzthezhistoricalzcostzprinciplezmayzbezpossiblezinzotherznations.
2. Whichzofzthezfollowingzwouldzbezmostzaffectedzbyzfinancialzstatementszbeingzpreparedz
underzdifferentzaccountingzprinciples?
A. Reducedzcomparability.
B. Reducedzreliability.
C. Increasedzcomplexity.
D. Inaccuratezassetzvaluations.
adazensurezthatztheirzfinancialzreportingziszconsistentzwithzCanadianzGAAP?
A. Theirzbankzrequireszthemztozdozso.
B. Theirzauditorszrequirezthemztozdozso.
C. ReportingzunderzthezCPAzCanadazHandbookz-
zAccountingziszrequiredzbyzpubliczcompanies'zboardszofzdirectors.
D. CompliancezwithzthezCPAzCanadazHandbookz-
zAccountingzpronouncementsziszusuallyzrequiredzbyzmanyzlegalzstatutes.
4. WhichzdecisionzhaszCanadazmadezwithzrespectztozfinancialzreportingzforzprivatez
enterprises?
A. TozadoptzthezIFRSzstandardszforzsmallzandzmedium-sizedzenterprises.
B. Tozretainzthezcurrentzstandards.
C. TozlookztozUSzGAAPzforzstandards.
D. Tozdevelopzandzmaintainzitszownzstandardszforzprivatezenterprises.
5. Startingzinz2011,zwhatziszthezdefinitionzofzazprivatezenterprisez(PE)zunderzCanadianzGAAP?
A. Azcorporationzthatzhasznozpubliczshareholders.
B. Azcorporationzthatzhaszlesszthanz500zshareholderszandzisznotzlistedzonzazstockzexchange.
C. Azcorporationzwhichzisznotzprofitzoriented.
D. Azprofitzorientedzenterprisezthatzhasznonezofzitszissuedzandzoutstandingzfinancialzinstrum
entsztradedzinzazpubliczmarketzandzdoesznotzholdzassetszinzazfiduciaryzcapacityzforzazbroadzgr
oupzofzoutsiderszaszonezofzitszprimaryzbusinesses.
, 6. WhichzenterpriseszmustzreportzunderzIFRSzinzCanada?
A. Allzcorporations,zgovernmentzagencieszandzprivatezcompanies.
B. Publiczcompanieszandzprivatezcompanieszwhosezshareholders'zequityziszinzexcesszof
$500,000,000zatzanyzparticularz yearzend.
C. Publiczcompanies,zprivatezcompanieszandznot-for-profitzorganizations.
D. Publiclyzaccountablezenterprises.
7. WhatzapproachzdidzCanadazfirstzdecideztoztakezwithzrespectztozconvergencezwithzIFRS?
A. HarmonizationzofzCPAzCanadazHandbookzwithzIFRS.
B. SubstitutingzIFRSzforzCanadianzGAAPzwhenzapprovedzbyzthezIASB.
C. AdoptingzsomezbutznotznecessarilyzallzIFRSszbyzreviewingzthemzonzazcasezbyzcasezbasis.
D. Reviewingzthemzwithzallzpublicallyzaccountablezentitiesztozseezwhichzoneszwouldzbez
acceptable.
8. Whatzchoice(s)zdozprivatezenterpriseszhavezinztheirzfinancialzreportingzinzCanada?
A. Theyzhaveznozchoicezatzall;ztheyzwillzneedztozreportz underzIFRS.
B. Theyzmayzelectztozcontinuezwithzdifferentialzreporting.
C. Theyzmayzadoptzaccountingzprincipleszthatzarezappropriateztozthezcircumstances.
D. TheyzmayzelectztozreportzunderzeitherzIFRSzorzASPEzbutzoncezadopted,zmustzusezallzthezs
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