1. The state of economic development can affect accounting standards.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-2-A-3
LEARNING OBJECTIVES: FACC.PONO.18.A-01 - LO: A-01
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
2. Japan has a greater number of differences than the United States between the amount of income reported to
stockholders and that reported to the taxing authorities.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. A-2-A-3
LEARNING OBJECTIVES: FACC.PONO.18.A-01 - LO: A-01
NATIONAL STANDARDS: United States - BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
3. No single explanation can be given for the divergence of accounting standards.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-2-A-3
LEARNING OBJECTIVES: FACC.PONO.18.A-01 - LO: A-01
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
,Appendix A
4. In countries, like Japan and much of Europe, fewer differences between the amount of income reported to stockholders
and that reported to the taxing authorities exist than in the United States.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-2-A-3
LEARNING OBJECTIVES: FACC.PONO.18.A-01 - LO: A-01
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
5. According to the text, in economies like those that made up the former Soviet Union, accounting standards are
relatively less complex due to the fact that they are just beginning to be developed.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-2-A-3
LEARNING OBJECTIVES: FACC.PONO.18.A-01 - LO: A-01
NATIONAL STANDARDS: United States - BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
6. Ultimately, it will be the responsibility of the FASB in the United States to decide if the advantages of IFRS’s outweigh
the disadvantages.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
REFERENCES: pp. A-3-A-4
LEARNING OBJECTIVES: FACC.PONO.18.A-02 - LO: A-02
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Understanding
, Appendix A
7. A single set of accounting standards could help a U.S. company save time and money in the acquisition of a German
company.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-3-A-4
LEARNING OBJECTIVES: FACC.PONO.18.A-02 - LO: A-02
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Understanding
8. IFRS are now mandatory in all member states of the economic and political organization known as the European
Union.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. A-4-A-5
LEARNING OBJECTIVES: FACC.PONO.18.A-03 - LO: A-03
NATIONAL STANDARDS: United States - BUSPROG: Diversity
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
9. Companies in Mexico have to begin using IFRS by 2020.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. A-4-A-5
LEARNING OBJECTIVES: FACC.PONO.18.A-03 - LO: A-03
NATIONAL STANDARDS: United States - BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
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