ACC325_EX4_PT1

ACC325_EX4_PT1 - ACCOUNTING 325 - EXAM IV - PART I - FALL...

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ACCOUNTING 325 - EXAM IV - PART I - FALL 2010 Name: _______________________________________________ 1. Authoritative standards for iGAAP include: A) International Financial Reporting Standards only. B) International Financial Reporting Standards and International Accounting Standards only.** C) International Financial Reporting Standards, International Accounting Standards and U.S. GAAP only. D) International Financial Reporting Standards, International Accounting Standards and any GAAP standard recognized by an organized stock exchange. 2. Which of these statements regarding the iGAAP and U.S. GAAP is correct? A) U.S. GAAP is considered to be "principles-based" and more detailed than iGAAP. B) U.S. GAAP is considered to be "rules-based" and less detailed than iGAAP. C) iGAAP is considered to be "principles-based" and less detailed than U.S. GAAP** D) Both U.S. GAAP and iGAAP are considered to be "rules-based", but U.S. GAAP tends to be more complex. 3. Which of the following statements about iGAAP and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct? A) The presentation formats required by iGAAP and U.S. GAAP for the balance sheet are similar. B) One difference between the reporting requirements under iGAAP and those of U.S. GAAP balance sheet is that an iGAAP balance sheet may list long-term assets first. C) Both iGAAP and U.S. GAAP require that property, plant and equipment be reported at historical cost on the balance sheet. D) Both iGAAP and U.S. GAAP require that comparative information be reported. 4. Key similarities between U.S. GAAP and iGAAP include all of the following except A) the definition used for cash equivalents. B) accounting and reporting issues related to recognition and measurement of receivables, such as the use of allowance accounts. C) working toward implementing fair value measurement for all financial instruments. D) the same criteria is used to derecognize a receivable. Page 1
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ACCOUNTING 325 - EXAM IV - PART I - FALL 2010 5. Which of the following best describes the iGAAP requirement for applying the same cost formula to all inventories? A) When they are purchased from different suppliers. B) When they are purchased from the same geographic region. C) When they are similar in nature or use. D) When they sell for the same price. 6. Both U.S. GAAP and iGAAP exclude which of the following from the cost of inventory? A) Selling costs B) General administrative costs C) Most storage costs D) All of these are excluded by U.S. GAAP and iGAAP. 7. All of the following are key differences between U.S. GAAP and iGAAP with respect to accounting for inventories except the A) definition of the lower-of-cost-or-market test for inventory valuation differs between U.S. GAAP and iGAAP. B)
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ACC325_EX4_PT1 - ACCOUNTING 325 - EXAM IV - PART I - FALL...

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