Chapter 12 Test Bank - 11e.docx - Chapter 12 Multinational...

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Chapter 12 - Multinational Accounting: Issues in Financial Reporting and Translation of Foreign Entity Statements Chapter 12 Multinational Accounting: Issues in Financial Reporting and Translation of Foreign Entity Statements Multiple Choice Questions 1. All of the following are benefits the U.S. will gain from the adoption of globally consistent accounting standards except for: A. Reduction in reporting costs as the need for multiple sets of financial statements decreases. B. Increased quality of information available to investors. C. Continued expansion of capital markets across national borders, facilitating more efficient use of global capital. D. Nearly seamless transition with minimal expenses related to corporate governance considerations. Answer: D Learning Objective: 12-01 Topic: IFRS vs. GAAP Blooms: Remember AACSB: Reflective Thinking AICPA: BB Global Difficulty: 1 Easy 2. Which of the following statements is true regarding the SEC’s timeline for convergence?
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3. All of the following describe the International Accounting Standard Board (IASB) except for: 4. Mazeppa, Inc. is a multinational entity with its head office located in Toronto, Canada. Its main foreign subsidiary is in Paris, France, but the primary economic environment in which the foreign subsidiary generates and expends cash is in the United States. Based on this information, which of the following statements is most likely true for Mazeppa, Inc.?
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