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
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b.
c.
d.

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8. IMVAR INC is US-based Company with Subsidiaries in both the United States and in
Canada. The Company’s Consolidated Financial Statements show a significantly higher net-income amount when prepared under Canadian GAAP than under U.S. GAAP. This difference can be largely explained by different corporate tax rates in each country. timing differences which will reverse out in the future. differing reporting requirements in each country. currency fluctuations.

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Ans: B
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 2

a.
b.
c.
d.

d

9. Which of the following bodies is responsible for the harmonization of international accounting standards?
The European Union. (EU)
The Federal Accounting Standards Board (FASB)
The International Accounting Standards Board (IASB)
The Canadian Institute of Chartered Accountants (CICA).

Ans: C
Difficulty: Easy
Level of Learning: Knowledge
Topic: LO 3
10. Financial Statements prepared under different accounting principles would adversely affected by which of the following?
Chapter 1 Test Bank – Page 3
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Hilton & Herauf – Modern Advanced Accounting in Canada – 6th Edition
Chapter 1 – A Survey of International Accounting

a.
b.
c.
d.

Reduced

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