Choose the correct. Under current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.

Choose the correct. Under current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 44P

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Under current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.
Choose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.
Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements.c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.
Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and IFRS require specific information be presented in the financial statements for U.S. and international companies. GAAP and IFRS require specific terminology be used in the financial statements. GAAP and IFRS determine the financial reporting requirements for specialized companies in a limited number of industries. GAAP and IFRS are not similar in their reporting requirements.
Many corporations struggles, to align the financial statements prepared by foreign branches with that of the parent company’s statement’s due to differences in rules followed by accounting standards such as IFRS and gaap.Explain few comparison examples on companies which adhere to those standards
What are the acceptable methods of accounting for business operations in a foreign country? Choose a publicly-traded company that operates internationally and identify the impact that the foreign operations have on the financial statements. Explain.
Which of the following is not a reason for establishing international accounting standards? Choose the correct.a. Some countries do not have the resources to develop accounting standards on their own.b. Comparability of financial reporting is needed between companies operating in different areas of the world.c. It would simplify the preparation of consolidated financial statements by multinational corporations.d. Demand in the United States is heavy for an alternative to U.S. generally accepted accounting principles.
Choose the correct. What information about revenues by geographic area should a company present?a. Disclose separately the amount of sales to unaffiliated customers and the amount of intra-entity sales between geographic areas.b. Disclose as a combined amount sales to unaffiliated customers and intra-entity sales between geographic areas.c. Disclose separately the amount of sales to unaffiliated customers but not the amount of intra-entity sales between geographic areas.d. No disclosure of revenues from foreign operations need be reported.
Which of the following is not a reason for establishing international accounting standards?a. Some countries do not have the resources to develop accounting standards on their own.b. Comparability of financial reporting is needed between companies operating in different areas of the world.c. It would simplify the preparation of consolidated financial statements by multinational corporations.d. Demand in the United States is heavy for an alternative to U.S. generally accepted accounting principles.
Many non-U.S. companies make annual reports available on their corporate website. Access the financial statements from the most recent annual report for a foreign company with which you are familiar to complete this assignment. Requireda. Determine the set of accounting rules (GAAP) the company uses to prepare its financial statements. b. Determine whether the company provides a set of financial statements comparable to the set of financial statements provided by U.S. companies. c. List differences between the company's income statement and the income statement of a typical U.S corporation. d. List differences between the company's balance sheet and the balance sheet of a typical U.S corporation.e. Determine whether the scope and content of the information provided in the notes to the financial statements are comparable to the information provided in the notes to the financial statements by a typical U.S. corporation.f. Evaluate the overall presentation of financial statements and…
Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.
Which of the following is not a potential problem caused by differences in financial reporting practices across countries? Choose the correct.a. Consolidation of financial statements by firms with foreign operations is more difficult.b. Firms incur additional costs when attempting to obtain financing in foreign countries.c. Firms face double taxation on income earned by foreign operations.d. Comparisons of financial ratios across firms in different countries may not be meaningful.