30 Free Test Bank for Advanced Financial Accounting 7th Edition by Beechy

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Which of the following is true about the standards for publicly accountable enterprises in the CICA Handbook, Part I?

•  A) The standards are similar to U.S. GAAP.
•  B) The standards are adaptations of IFRS that have been tailored to Canadian circumstances.
•  C) The standards are similar to ASPE.
•  D) The standards are identical, word for word, to IFRS.

Which of the following statements is true about common-law countries?

•  A) Common-law countries must completely adopt IFRS.
•  B) Amendments to IFRS by common-law countries must be done legislatively.
•  C) Amendments to IFRS by common-law countries must be done by government regulation.
•  D) In common-law countries, the local non-government standard setting authority can decide which international standards to adopt.

Which GAAP approach for private companies would smaller countries that do not have well-established standard-setting processes be most likely to use?

•  A) IFRS for SMEs
•  B) Full IFRS
•  C) Disclosed basis of accounting
•  D) Code law requirement

What accounting standards should government NFP organizations follow?

•  A) CICA Handbook, Part III only
•  B) CICA Public Sector Accounting Handbook only
•  C) Choice of CICA Handbook, Part III or CICA Public Sector Accounting Handbook
•  D) Choice of CICA Handbook, Part III; CICA Public Sector Accounting Handbook; or IFRS

Why might a large private company choose to use full IFRS?

•  A) Its assets exceed $10,000,000.
•  B) It only uses debt financing.
•  C) It only uses equity financing.
•  D) It competes with public companies for financing.

A Hong Kong—based company is listed on the Toronto Stock Exchange, but not on the Hong Kong Stock Exchange. If there are any issues about the company's reporting, the primary enforcement rests ________.

•  A) in Hong Kong
•  B) with the OSC
•  C) with the SEC
•  D) with an international tribunal

A private company that is closely held and internally financed is most likely to report under ________.

•  A) IFRS
•  B) ASPE
•  C) NFP
•  D) PSAB recommendations

Which of the following private companies is required to use IFRS?

•  A) Investment companies
•  B) Import/export companies
•  C) Manufacturing companies
•  D) Accounting firms

Assume that a nation has fully adopted IFRS. Which of the following statements is true?

•  A) Since the nation has fully adopted IFRS, all standards will be applied in the same way as other nations that have fully adopted IFRS.
•  B) Since the nation has fully adopted IFRS, IFRS must be applied to all business enterprises in the nation.
•  C) Although the nation has fully adopted IFRS, standards may be applied in different ways to suit the local environment.
•  D) Although the nation has fully adopted IFRS, business enterprises can choose to opt out as long as they have government approval to do so.

Which of the following is true about Canadian governmental reporting standards?

•  A) PSAB standards are recommendations only.
•  B) PSAB standards are rules that must be followed.
•  C) PSAB standards must be applied to all provincial public utilities.
•  D) PSAB standards were developed by the OSC.

What accounting standards are contained in the CICA Handbook, Part III?

•  A) IFRS
•  B) ASPE
•  C) NFP
•  D) Government

Which of the following statements about the adoption of IFRS is true?

•  A) Code-law countries that adopt IFRS must adopt it completely, but common-law countries can choose to partially adopt IFRS.
•  B) Common-law countries that adopt IFRS must adopt it completely, but code-law countries can choose to partially adopt IFRS.
•  C) Both code-law and common-law countries can choose to partially adopt IFRS.
•  D) Both code-law and common-law countries that choose to adopt IFRS must adopt it in its entirety.

What accounting standards are private banks and investment funds required to follow for their consolidated, general-purpose, publicly issued financial statements?

•  A) IFRS
•  B) ASPE
•  C) NFP accounting standards
•  D) PSAB recommendations

In Canada, who developed the accounting standards for private enterprises?

•  A) International Accounting Standards Board
•  B) Accounting Standards Board
•  C) Financial Accounting Standards Board
•  D) Ontario Securities Commission

Which of the following Canadian accounting standards are not included in the CICA Handbook?

•  A) Publicly accountable enterprises
•  B) Private enterprises
•  C) Not-for-profit organizations
•  D) Government

NFP organizations can choose among reporting approaches contained within the framework provided by the CICA Handbook. Which of the following is not a consideration in choosing the approach?

•  A) Nature of the NFP's operations
•  B) Sources of the NFP's funding
•  C) The NFP's reporting objectives
•  D) Whether or not the NFP uses the restricted fund method of accounting

Both Canada and Japan have adopted IFRS even though the two countries differ in many ways. What is one area in which the two countries differ?

•  A) Corporate structure
•  B) Issuance of consolidated financial statements
•  C) Use of common law
•  D) Ability to select accounting policies

Why has the reputation of U.S. accounting standards decreased in recent years?

•  A) The U.S. deficit is at a record high.
•  B) Many U.S. businesses have declared bankruptcy.
•  C) There have been some notable American accounting scandals, such as Enron.
•  D) Lengthy prison sentences have been given to unethical American executives, such as Bernie Madoff.

Which of the following statements about the adoption of IFRS is true?

•  A) Many European countries adopted IFRS prior to 2011.
•  B) Canada adopted IFRS in 2012.
•  C) All European and North American countries adopted IFRS in 2011.
•  D) All European, Asian, and African countries adopted IFRS in 2011.

If a country uses a disclosed basis of accounting for private companies, which of the following statements is true?

•  A) Private companies can create their own GAAP as long as it is disclosed and the spirit of the country's GAAP standards has been followed.
•  B) Private companies can pick and choose which aspects of GAAP to follow.
•  C) Private companies must report using fair value.
•  D) Private companies must report using both historical and fair value.

What is the effect of a nation's high inflation on its business enterprises?

•  A) There would not be any impact on the long-term earnings of companies.
•  B) It could cause a revaluation of assets.
•  C) It could decrease companies' reliance on net monetary liabilities.
•  D) It could lead companies to hold more monetary investments.

When the International Accounting Standards Board amends a standard, what must a code-law country do to adopt the amendment?

•  A) The country's securities regulators must approve the amendment.
•  B) The country's professional accounting body must approve the amendment.
•  C) The country must pass new legislation to adopt the amendment.
•  D) The country's financial institution regulators must approve the amendment.

Which nation does not require a cash flow statement in its financial reporting?

•  A) United States
•  B) United Kingdom
•  C) Australia
•  D) Japan

For international standards to be applied effectively, a country does not require ________.

•  A) professional financial preparers
•  B) quality auditors
•  C) an independent enforcement agency
•  D) companies with ethical managers

Which of the following statements is not true about private companies?

•  A) Private companies usually have easily identifiable user groups.
•  B) User groups of a private company are not permitted to request additional information, outside of the issued financial statements, from the company.
•  C) Private companies are not required to issue "general-purpose" financial statements.
•  D) Private companies often report to specific user groups for specific purposes.

What do business enterprises have that NFPs do not have?

•  A) Specified products or services
•  B) Identifiable customers or clients
•  C) Employees
•  D) Boards of directors