Test Bank Hilton Herauf Modern Ad
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Hilton & Herauf – Modern Advanced Accounting in Canada – 6th Edition
Chapter 1 – A Survey of International Accounting
PART 1: MULTIPLE CHOICE
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.
Ans: A
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
hz
2. Which of the following is/are LEAST likely to influence a country’s accounting standards? Taxation Policies.
Differing Legal Systems.
The currency used.
Ties between countries.
zle
a.
b.
c.
d.
Ans: C
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
d
3. If a country’s accounting income does not differ significantly from its taxable income, one would reasonably expect:
a.
b.
c.
d.
extreme conservatism on the part of accountants. a significant amount of Deferred Taxes on the Balance Sheet. that the use of LIFO would be more prevalent. extreme conservatism on the part of accountants as well as increased use of LIFO.
Ans: A
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
Chapter 1 Test Bank – Page 1
Copyright © 2010 McGraw-Hill Ryerson Limited
For more Ebook's - Test Bank - Solution Manual Please visit our website : http://www.needbook1.com/ or contact us at Ebooksmtb@hotmail.com Also you can contact us on Skype: Ebooksmtb
Hilton & Herauf – Modern Advanced Accounting in Canada – 6th Edition
Chapter 1 – A Survey of
Hilton & Herauf – Modern Advanced Accounting in Canada – 6th Edition
Chapter 1 – A Survey of International Accounting
PART 1: MULTIPLE CHOICE
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.
Ans: A
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
hz
2. Which of the following is/are LEAST likely to influence a country’s accounting standards? Taxation Policies.
Differing Legal Systems.
The currency used.
Ties between countries.
zle
a.
b.
c.
d.
Ans: C
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
d
3. If a country’s accounting income does not differ significantly from its taxable income, one would reasonably expect:
a.
b.
c.
d.
extreme conservatism on the part of accountants. a significant amount of Deferred Taxes on the Balance Sheet. that the use of LIFO would be more prevalent. extreme conservatism on the part of accountants as well as increased use of LIFO.
Ans: A
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 1
Chapter 1 Test Bank – Page 1
Copyright © 2010 McGraw-Hill Ryerson Limited
For more Ebook's - Test Bank - Solution Manual Please visit our website : http://www.needbook1.com/ or contact us at Ebooksmtb@hotmail.com Also you can contact us on Skype: Ebooksmtb
Hilton & Herauf – Modern Advanced Accounting in Canada – 6th Edition
Chapter 1 – A Survey of