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TEST BANK for Modern Advanced Accounting in Canada 9th Edition by Hilton Murray, Herauf Darrell A+
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Modern Advanced Accounting In Canada, 10th Edition Solution Manual By Darrell Herauf, Chima Mbagwu, Verified Chapters 1 - 12, Complete Newest Version
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Modern Advanced Accounting In Canada, 10th Edition Solution Manual By Darrell Herauf, Chima Mbagwu, Verified Chapters 1 - 12, Complete Newest Version
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Test Bank - Modern Advanced Accounting In Canada 9th Edition, Hilton Murray
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Created By: A SolutionTEST 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.
Accessibility: Keyboard Navigation Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe and apply the conceptual framework for financial reporting.
Topic: 01-01 The Conceptual Framework for Financial Reporting
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2. Which of the following would be most affected by financial statements being prepared
under different accounting principles?
A. Reduced comparability.
B. Reduced reliability.
C. Increased complexity.
D. Inaccurate asset valuations.
Accessibility: Keyboard Navigation Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe and apply the conceptual framework for financial reporting.
Topic: 01-01 The Conceptual Framework for Financial Reporting
3. The CPA Canada Handbook - Accounting is the handbook of Canadian accounting
standards. Why do companies in Canada ensure that their financial reporting is consistent with
Canadian GAAP?
A. Their bank requires them to do so.
B. Their auditors require them to do so.
C. Reporting under the CPA Canada Handbook - Accounting is required by public
companies' boards of directors.
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D. Compliance with the CPA Canada Handbook - Accounting pronouncements is usually
required by many legal statutes.
Accessibility: Keyboard Navigation Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Describe and apply the conceptual framework for financial reporting.
Topic: 01-01 The Conceptual Framework for Financial Reporting
4. Which decision has Canada made with respect to financial reporting for private
enterprises?
A. To adopt the IFRS standards for small and medium-sized enterprises.
B. To retain the current standards.
C. To look to US GAAP for standards.
D. To develop and maintain its own standards for private enterprises.
Accessibility: Keyboard Navigation Blooms: Remember
Difficulty: Easy
Learning Objective: 01-02 Describe how accounting standards in Canada are tailored to different
types of organizations. Topic: 01-05 GAAP for Private Enterprises
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5. Starting in 2011, what is the definition of a private enterprise (PE) under Canadian
GAAP?
A. A corporation that has no public shareholders.
B. A corporation that has less than 500 shareholders and is not listed on a stock exchange.
C. A corporation which is not profit oriented.
D. A profit oriented enterprise that has none of its issued and outstanding financial
instruments traded in a public market and does not hold assets in a fiduciary capacity for a broad
group of outsiders as one of its primary businesses.
Accessibility: Keyboard Navigation Blooms: Remember
Difficulty: Easy
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.
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