Modern Advanced Accounting In Canada 9th Edition by Hilton Murray, Herauf Darrell-Test Bank All 1-12 Chapters Covered ,Latest Edition ISBN: 9781259654695
Modern Advanced Accounting In Canada, 10th Edition Solution Manual By Darrell Herauf, Chima Mbagwu, Verified Chapters 1 - 12, Complete Newest Version
Test Bank for Modern Advanced Accounting In Canada 9th Edition by Hilton Murray, Herauf Darrell
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TEST BANK for Modern Advanced Accounting in Canada
9th Edition by Hilton Murray, Herauf Darrell A+
Chapter 01 Conceptual and Case Analysis Frameworks for Financial Reporting
Multiple Choice Questions
1. Which of the following would NOT be a reason to obtain a greater understanding of
accounting practices in other nations?
A. Financial results are disclosed in different currencies.
B. One needs to be aware of differing disclosure requirements from nation to nation, as this
impacts the preparation of financial statements.
C. Income-smoothing may have affected a foreign subsidiary's results; such smoothing
practices are not permitted in North America.
D. Departures from the historical cost principle may be possible in other nations.
Learning Objective: 01-02 Describe how accounting standards in Canada are tailored to different
types of organizations. Topic: 01-05 GAAP for Private Enterprises
6. Which enterprises must report under IFRS in Canada?
A. All corporations, government agencies and private companies.
B. Public companies and private companies whose shareholders' equity is in excess of
$500,000,000 at any particular year end.
C. Public companies, private companies and not-for-profit organizations.
D. Publicly accountable enterprises.
A+ Page 4
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