1. WhichsofsthesfollowingswouldsNOTsbesasreasonstosobtainsasgreatersunderstandingsofsa
ccountingspracticessinsothersnations?
A. Financialsresultssaresdisclosedsinsdifferentscurrencies.
B. Onesneedsstosbesawaresofsdifferingsdisclosuresrequirementssfromsnationstosnation,sassthissi
mpactssthespreparationsofsfinancialsstatements.
C. Income-
smoothingsmayshavesaffectedsasforeignssubsidiary'ssresults;ssuchssmoothingspracticessare
snotspermittedsinsNorthsAmerica.
D. Departuressfromstheshistoricalscostsprinciplesmaysbespossiblesinsothersnations.
2. Whichsofsthesfollowingswouldsbesmostsaffectedsbysfinancialsstatementssbeingspreparedsu
ndersdifferentsaccountingsprinciples?
A. Reducedscomparability.
B. Reducedsreliability.
C. Increasedscomplexity.
D. Inaccuratesassetsvaluations.
adasensuresthatstheirsfinancialsreportingsissconsistentswithsCanadiansGAAP?
A. Theirsbanksrequiressthemstosdosso.
B. Theirsauditorssrequiresthemstosdosso.
C. ReportingsundersthesCPAsCanadasHandbooks-
sAccountingsissrequiredsbyspublicscompanies'sboardssofsdirectors.
D. ComplianceswithsthesCPAsCanadasHandbooks-
sAccountingspronouncementssissusuallysrequiredsbysmanyslegalsstatutes.
4. WhichsdecisionshassCanadasmadeswithsrespectstosfinancialsreportingsforsprivatese
nterprises?
A. TosadoptsthesIFRSsstandardssforssmallsandsmedium-sizedsenterprises.
B. Tosretainsthescurrentsstandards.
C. ToslookstosUSsGAAPsforsstandards.
D. Tosdevelopsandsmaintainsitssownsstandardssforsprivatesenterprises.
5. Startingsins2011,swhatsissthesdefinitionsofsasprivatesenterprises(PE)sundersCanadiansGAAP?
A. Ascorporationsthatshassnospublicsshareholders.
B. Ascorporationsthatshasslesssthans500sshareholderssandsissnotslistedsonsasstocksexchange.
C. Ascorporationswhichsissnotsprofitsoriented.
D. Asprofitsorientedsenterprisesthatshassnonesofsitssissuedsandsoutstandingsfinancialsinstrum
entsstradedsinsaspublicsmarketsandsdoessnotsholdsassetssinsasfiduciaryscapacitysforsasbroadsgro
upsofsoutsiderssassonesofsitssprimarysbusinesses.
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