International Accountancy Quiz Question from Test Bank Traditional bank

Traditional bank

* Question 1 2 . 5 away of 2. a few points | | | The following products on hand information above was obtained from the data of BlobeKom Ltd.

: Traditional Cost$12, 000Replacement Cost$ on the lookout for, 000Expected providing price$10, 000Expected providing cost$500Normal income margin10% of providing priceUnder U. S. GAPP, what if the Balance Sheet survey for Inventory? Answer| | | | | Selected Answer: | $9, 000| | | | | * Issue 2 2 . 5 out of 2. five points | | | How should the cost of funding funds to get or create property, plant, and products be made up under IASB rules, because revised in 2007?

Answer| | | | | Selected Response: | It should be included with the other costs of acquiring fixed assets to look for the amount to get the balance bed sheet. | | | | | 5. Question three or more 2 . a few out of 2. 5 items | | | This inventory information above was taken from the records of BlobeKom Ltd.: Historical Cost$12, 000Replacement Costdollar 9, 000Expected selling price$10, 000Expected selling cost$500Normal profit margin10% of selling priceUnder IAS a couple of, what should the Balance Sheet record for Products on hand?

Answer| | | | | Picked Answer: | $9, 500| | | | | * Problem 4 installment payments on your 5 out of 2. a few points | | | Under IAS 16 (Property, Plant, and Equipment), following revaluation reduces are: Answer| | | | | Selected Answer: | first recognized as a reduction in any related revaluation surplus| | | | | * Question 5 2 . 5 out of 2. 5 points | | | Which from the following is generally true regarding the differences between U. S i9000. GAAP and IASB standards? Answer| | | | | Selected Answer: | U. H. GAAP tends to be more rule-based, and the IASB standards are likely to be principles-based. | | | | * Query 6 installment payments on your 5 out of 2. 5 points | | | The “Seventh Directive issued by the Western Commission is known as a statement to the European Union (EU) members concerning: Answer| | | | | Chosen Answer: | Consolidated financial statements| | | | | 2. Question six 2 . your five out of two. 5 factors | | | What basis does the International Accounting Standards Board use in making its IFRS? Answer| | | | | Selected Answer: | A framework of accounting principles| | | | | * Question almost eight 2 . your five out of two. 5 items | | | That which was the “Norwalk Agreement? Answer| | | | | Selected Solution: | A pledge between the Financial Accounting Standards Table in the U. S. as well as the IASB to create their reporting standards compatible| | | | | * Query 9 installment payments on your 5 out of 2. your five points | | | How does IAS 34 (Interim Financial Reporting) differ from U. S. GAAP? Answer| | | | | Picked Answer: | U. T. GAAP takes the position that interim periods are an crucial part of the full year. | | | | | * Query 10 2 . 5 out of 2. your five points | | | Which from the following statements is true regarding accounting harmonizaiton?

Answer| | | | | Chosen Answer: | All from the above will be true regarding accounting harmonization| | | | | * Query 11 installment payments on your 5 out of 2. a few points | | | From an affordable standpoint, what is the goal of accounting standards harmonization? Answer| | | | | Chosen Answer: | Reducing the conflict between national accounting standards| | | | | 5. Question 12 2 . your five out of 2. 5 factors | | | Which will of the pursuing inventory value methods commonly used in the U. S. is definitely NOT allowed beneath IAS 2 (Inventories)? Answer| | | | | Selected Answer: | LIFO| | | | | * Query 13. a few out of 2. 5 items | | | How come the IASB believe that a principles-based way of standard placing is superior to a rules-based perspective? Answer| | | | | Selected Answer: | Detailed prescriptions or perhaps rules encourage accountants to look for ways to prevent the rules instead of trying to provide useful data. | | | | | 5. Question 14 2 . five out of two. 5 points | | | Through which of the following countries is definitely the use of IFRS not allowed pertaining to domestic businesses listed about its inventory exchanges? Answer| | | | | Selected Solution: | United States| | | | * Question 15 installment payments on your 5 out of 2. a few points | | | What types of concerns cause variations between International Financial Revealing Standards and U. H. GAAP? Answer| | | | | Selected Solution: | All of the over may be diverse between IFRS and U. S. GAAP| | | | | * Query 16 2 . 5 out of 2. 5 points | | | According to the Structure for Preparation and Presentation of Financial Claims of the IASB, what is the meaning of INCOME? Answer| | | | | Selected Answer: | Increase in equity (other than by contributions by owners)| | | | * Problem 17 2 . 5 away of 2. your five points | | | In 1990, the European Commission ceased issuing assignments related to accounting. Why? Answer| | | | | Selected Solution: | The EU was leaving the formulation of accounting criteria up to the IASC. | | | | | 5. Question 18 2 . five out of 2. 5 details | | | If the company decides the revaluation model authorized in IAS 16 for fixed advantage measurement: Answer| | | | | Selected Answer: | it must bring up to date the value so that the balance sheet represents reasonable value for the balance sheet time. | | | | * Problem 19 installment payments on your 5 out of 2. your five points | | | Which from the following things is considered to be the most significant impediment to accounting harmonization? Answer| | | | | Selected Answer: | Nationalism| | | | | 2. Question twenty 2 . 5 out of 2. 5 items | | | In respect to IAS 16 (Property, Plant & Equipment), precisely what is the term utilized to indicate the total amount for which an asset could be sold between proficient, willing get-togethers in an arm’s length transaction? Answer| | | | | Chosen Answer: | Fair market value| | | | |

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