chap011 - Multiple Choice Questions 1 The U.S Securities...

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Multiple Choice Questions 1. The U.S. Securities and Exchange Commission (SEC) requires foreign companies that wish to have stocks traded on U.S. stock exchanges to A) present financial statements which comply with international accounting standards. B) conform with U.S. GAAP or to present a reconciliation to U.S. GAAP. C) have a demonstrated need for capital to be used for operations in the U.S. D) use the U.S. dollar as their reporting currency. E) become licensed to do business in the U.S. Answer: B Difficulty: Medium 2. In countries which follow the British-American model of accounting, 3. Under the Continental model of accounting, 4. Under the South American model of accounting,
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5. In Japan, basic accounting principles are set primarily by A) the government. B) an organization similar to the FASB. C) the Japanese stock market. D) large Japanese banks. E) an organization of large accounting firms. Answer: A Difficulty: Medium 6. Accounting in Japan is most consistent with the 7. The standard-setting organization in the United Kingdom today is the
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