Modern Advanced Accounting In Canada, 7th Edition Test Bank

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11.Which of the following would NOT be a reason to obtain a greater understanding of accountingpractices 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 thisimpacts the preparation of financial statements.C.Income-smoothing may have affected a foreign subsidiary's results; such smoothing practicesare not permitted in North America.D.Departures from the historical costprinciple may be possible in other nations.2.Which of the following is LEAST likely to influence a country's accounting standards?A.Taxation Policies.B.Different Legal Systems.C.The currency used.D.Ties between countries.3.If a country's accounting income does not differ significantly from its taxable income, one wouldreasonably expect:A.extreme conservatism on the part of accountants.B.a significant amount of deferred taxes on the balance sheet.C.that the use of LIFO would be more prevalent.D.extreme conservatism on the part of accountants as well as increased use of LIFO.

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4.Income-smoothing has been applied to a German subsidiary of Company Inc, as it had anabnormally high operating income last year. Which of the following would the accountantsworking for the subsidiary likely have done?A.Debited an expense account and credited an equity account.B.Credited an expense account and debited an equity account.C.Credited anexpense account and debited a provision account appearing under the liabilitiessection.D.Debited an expense account and credited a provision account appearing under the liabilitiessection.5.Which decision has Canada made with respect tofinancial reporting for small and medium sizedenterprise?A.To adopt the IFRS standards for small and medium sized enterprises.B.To retain the current standards.C.To look to US GAAP for standards.D.To develop and maintain its ownstandards for private enterprises.

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6.What monumental decision to change the requirements for foreign registrants and their reportingin the U.S. under certain circumstances did the SEC make in 2007?A.Foreign registrants could use IFRSs inpreparing their financial statements without providing areconciliation to US GAAP.B.Foreign registrants must report under U.S. GAAP.C.Foreign registrants may report under IFRS as long as they provide a reconciliation to U.S.GAAP.D.The SEChas no jurisdiction over foreign registrants.7.In which of the following countries has income tax law had the greatest effect on its accountingpolicies?A.CanadaB.The United KingdomC.JapanD.The United States8.IMVAR INCis a U.S.-based Company with subsidiaries in both the United States and in Canada.The Company's Consolidated Financial Statements show a significantly higher net income whenprepared under Canadian GAAP than under U.S. GAAP. What is the likely reason for thisdifference?A.Different corporate tax rates in each country.B.Timing differences which will reverse out in the future.C.Differing reporting requirements in each country.D.Currency fluctuations.

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9.Which of the followingbodies is responsible for the harmonization of international accountingstandards?A.The European Union (EU).B.The Federal Accounting Standards Board (FASB).C.The International Accounting Standards Board (IASB).D.The Canadian Instituteof Chartered Accountants (CICA).10.Which of the following would be most affected by financial Statements being prepared underdifferent accounting principles?A.Reduced comparability.B.Reduced reliability.C.Increased complexity.D.Inaccurate asset valuations.11.The degree of accounting disclosure required tends to be greater in countries with well-developedcapital markets. Why is this?A.Countries with well-developed capital markets also have well developed legal systems.B.The disclosure requirements were designed to prevent fraud.C.These markets tend to have more sophisticated investors who demand more information.D.Companies in these countries are required to comply with GAAP.

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12.Which of thefollowing nations is NOT governed by code (statute) law?A.GermanyB.JapanC.FranceD.Canada13.Accounting policies created in countries governed by code law tend toA.has greater disclosure requirements on FinancialStatements.B.offer more favourable tax incentives to foreign countries.C.offer greater protection to creditors and suppliers.D.favour illicit activity.14.Countries are most likely to have similar accounting policies when:A.theyhave greater political and economic ties.B.they share a common language.C.they are close to each other geographically.D.their economies are of a similar size.

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15.Starting in 2011, what is the definition of a private enterprise (PE)under Canadian GAAP?A.A corporation that has no public shareholders.B.A corporation that has less than 500 shareholders and is not listed on a stock exchange.C.A corporation which is not profit oriented.D.A profit oriented enterprisethat has none of its issued and outstanding financial instrumentstraded in a public market and does not hold assets in a fiduciary capacity for a broad group ofoutsiders as one of its primary businesses.16.Which of the following is true with respect to the implementation of IASB standards for theEuropean Union?A.These standards have been in place since 1985.B.Beginning in 2005, all European companies whose shares trade on stock exchanges wererequired to prepare their consolidatedfinancial statements in accordance with IFRSs.C.All members of the European Union are required to comply with these standards with theexception of the United Kingdom.D.Compliance with these standards by European public companies is strictly optional.17.Which of the following is a factor that can influence a country's accounting standards?A.The level of development of capital markets.B.Political policy.C.Market practice.D.Educational standards set for professionalaccountants.

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18.What agreement was signed between the IASB and FASB in September 2002?A.An agreement to set educational standards for accounting professionals in the United States.B.An agreement to review US accounting standards todetermine their appropriateness.C.An agreement to develop international accounting standards based on U.S. GAAP.D.An agreement to acknowledge their commitment to the development of high quality,compatible accounting standards for use in domesticand cross-border financial reporting.19.Which of the following statement is correct?A.IFRS rules are broader based than U.S. or Canadian GAAP.B.Canadian accounting rules will be closer to those of the FASB in the next few years than toIFRS.C.FASB standards are clearly superior to IFRS.D.IFRS expressly prohibits the use of fair values and optional accounting treatments.20.Which of the following statements is correct with respect to FASB and IFRSs' standards ofaccountingdisclosure?A.In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely moreon professional judgement.B.In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely moreon professionaljudgement.C.In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely lesson professional judgement.D.In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely lesson professional judgement.

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21.What are Canadian companies whose shares trade on U.S. stock exchanges required to do?A.Provide two sets of Financial Statements-- one under Canadian GAAP and one under U.S.GAAP.B.Present reconciliations from Canadian GAAP toU.S. GAAP in the footnotes to their financialstatements.C.File reports using either IFRS or US GAAP.D.Revalue their assets using the lower-of -cost-and-market principle.22.The European Union has attempted to harmonize accountingprinciples amongst its membernations by issuing:A.statutes.B.standards.C.bylaws.D.directives.23.The predecessor to the International Accounting Standards Board (IASB) was:A.the Federal Accounting Standards Board (FASB).B.the Canadian Institute of Chartered Accountants (CICA).C.the European Economic Community (EEC).D.the International Accounting Standards Committee (IASC).

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24.Which of the following is a major restructuring objective of the IASB?A.To ensure compliance to a single set of accounting standards.B.To progressively phase out divergent accounting practices.C.To promote a greater understanding of the accounting practices of different nations.D.To cooperate with variousnational accounting standard-setters in order to achieveconvergence in accounting standards around the world.25.Canada and the U.S. both experimented with price level accounting in the 1970s. This practicewas quickly abandoned largely becauseA.inflation rates declined after the 1970s.B.the cost of providing this information was quite high.C.it was a clear violation of the Historical Cost Principle.D.it provided disclosure figure which were not verifiable.26.Which of thefollowing accounting standards have been revised by the FASB to be fully consistentwith IFRS?A.Liabilities and equity.B.Leases.C.Research and development costs.D.Consolidations.

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27.Which enterprises must report under IFRSs inCanada?A.All corporations, government agencies and private companies.B.Public companies and private companies whose shareholders' equity is in excess of$500,000,000 at any particular year end.C.Public companies, private companies andnot-for-profit organizations.D.Publicly accountable enterprises.28.What approach did Canada first decide to take with respect to convergence with IFRSs?A.Harmonization of Canadian GAAP with IFRS.B.Substituting IFRS's for CanadianGAAP when approved by the IASB.C.Adopting some but not necessarily all IFRSs by reviewing them on a case by case basis.D.Reviewing them with all publically accountable entities to see which ones would be acceptable.29.Asset revaluations,unlike in Canada, have been acceptable in many countries for accountingpurposes. Which of the following adjustments have been allowed?A.Price level adjusted historical costs.B.Periodic adjustment of asset valuations to current replacement cost.C.Immediate write off of purchased goodwill to equity.D.All of the above.

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30.Prior to adoption of IFRS in 2011, Canada's accounting policies most resembled those of whichnation?A.The United Kingdom.B.The United States.C.The European Union (EU)D.Australia31.TheCICA Handbook -- Accounting is the handbook of Canadian accounting standards. Why docompanies in Canada ensure that their financial reporting is consistent with Canadian GAAP?A.Their bankrequires them to do so.B.Their auditors require them to do so.C.Reporting under theCICA Handbook -- Accounting is required by public companies' boards ofdirectors.D.Compliance with theCICA Handbook -- Accounting pronouncements is usually required byincorporation statutes and stock exchanges.32.What choice(s) do private enterprises have in their financial reporting in Canada?A.They have no choice at all; they will need to report under IFRS.B.They may elect to continue with differential reporting.C.They may adopt accounting principles that are appropriate to the circumstances.D.They may elect to report under either IFRS or ASPE.

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33.Which of the following is NOT a reason why aCanadian private company would elect to reportunder IFRS?A.The company is planning to go public in the near future.B.The company seeks comparability with public companies of a similar size.C.It is likely to be less expensive than reporting under ASPE.D.The company is a subsidiary of a Canadian public company.34.For which of the following types of organizations does theCICA Handbook - Accounting notprovide specific accounting standards?A.Publicly accountableenterprises.B.Private enterprises.C.Not-for-profit organizations.D.Proprietorships.35.Briefly list the two types of legal systems in existence today and discuss how they would affectthe accounting standards of a nation.

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36.One of the underlying assumptions of the Historical Cost Principle is that a stable unit of measure(currency) should be used for Financial Reporting. Is this always the case? How have somecountries attempted to adjust for any limitationsassociated with the Historical Cost Principle?37.Many large corporations have operation in numerous countries around the world. As a result, theyneed to raise debt and equity in order to finance their operations in many different countries. Hasthe movement towards converging global reporting standards made it easier for corporations toraise capital in many different capital markets around the world?

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38.X Inc. and Y Inc. are virtually identical companies with identicalcost structures and very similarbusiness practices operating in the same lines of business. X Inc. is based in Canada while Y Inc.is based in Japan. The following were the condensed Income Statements for both companies forthe year last year before both adopted IFRS. For the sake of simplicity, Y Inc.'s results have beentranslated into Canadian Dollars.Required:Given the information provided, what are some possible causes for the differing results of thesecompanies?

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39.Brieflydiscuss the anticipated changes to accounting standards in Canada over the next fewyears.40.List 5 factors that can influence a country's accounting standards.41.What disclosure requirements must be met when a Canadiancompany adopts IFRS for the firsttime?

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1 Key1.(p.1-2)Which of the following would NOT be a reason to obtain a greater understanding of accountingpractices 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 thisimpacts the preparation of financial statements.C.Income-smoothing may have affected a foreign subsidiary's results; such smoothingpractices are not permitted in North America.D.Departures from the historical cost principle may be possible in other nations.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #1Learning Objective: 01-01 Describe the conceptual framework for financial reporting.2.(p.8-9)Which of the following is LEAST likely to influence a country's accounting standards?A.Taxation Policies.B.Different Legal Systems.C.The currency used.D.Ties between countries.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #2Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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3.(p.8)If a country's accounting income does not differ significantly from its taxableincome, onewould reasonably expect:A.extreme conservatism on the part of accountants.B.a significant amount of deferred taxes on the balance sheet.C.that the use of LIFO would be more prevalent.D.extreme conservatism on the part of accountants as well as increased use of LIFO.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #3Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.4.(p.5)Income-smoothing has been applied to a German subsidiary of Company Inc, as it had anabnormally high operating income last year. Which of the following would the accountantsworking for the subsidiary likely have done?A.Debited an expense account and credited an equity account.B.Credited an expense account and debited an equity account.C.Credited an expense account and debited a provision account appearing under theliabilities section.D.Debited an expense account and credited a provision account appearing under theliabilities section.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #4Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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5.(p.24)Which decision has Canada made with respect to financialreporting for small and mediumsized enterprise?A.To adopt the IFRS standards for small and medium sized enterprises.B.To retain the current standards.C.To look to US GAAP for standards.D.To develop and maintain its own standards for private enterprises.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #5Learning Objective: 01-05 Describe how accounting standards in Canada are tailored to different types of organizations.6.(p.14)What monumental decision tochange the requirements for foreign registrants and theirreporting in the U.S. under certain circumstances did the SEC make in 2007?A.Foreign registrants could use IFRSs in preparing their financial statements withoutproviding a reconciliation to US GAAP.B.Foreign registrants must report under U.S. GAAP.C.Foreign registrants may report under IFRS as long as they provide a reconciliation to U.S.GAAP.D.The SEC has no jurisdiction over foreign registrants.Blooms Level: RememberDifficulty: ModerateHilton - Chapter 01 #6Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.

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7.(p.8)In which of the following countries has income tax law had the greatest effect on itsaccountingpolicies?A.CanadaB.The United KingdomC.JapanD.The United StatesBlooms Level: RememberDifficulty: EasyHilton - Chapter 01 #7Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.8.(p.8)IMVAR INC is a U.S.-based Company with subsidiaries in both the United States and inCanada. The Company's Consolidated Financial Statements show a significantly higher netincome when prepared under Canadian GAAP than under U.S. GAAP. What is the likelyreason for this difference?A.Different corporate tax rates in each country.B.Timing differences which will reverse out in the future.C.Differing reporting requirements in each country.D.Currency fluctuations.Blooms Level: RememberDifficulty: ModerateHilton - Chapter 01 #8Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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9.(p.10)Which of the following bodies is responsible for the harmonization ofinternational accountingstandards?A.The European Union (EU).B.The Federal Accounting Standards Board (FASB).C.The International Accounting Standards Board (IASB).D.The Canadian Institute of Chartered Accountants (CICA).Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #9Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.10.(p.2)Which of the following would be most affected by financial Statements being prepared underdifferent accounting principles?A.Reduced comparability.B.Reduced reliability.C.Increased complexity.D.Inaccurate asset valuations.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #10Learning Objective: 01-01 Describe the conceptual framework for financial reporting.

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11.(p.8)The degree of accounting disclosure required tends to be greater in countries with well-developed capital markets. Why is this?A.Countries with well-developed capital markets also have well developed legal systems.B.The disclosure requirements were designed to prevent fraud.C.These markets tend to have more sophisticated investors who demand more information.D.Companies in these countries are required to comply with GAAP.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #11Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.12.(p.9)Which of the following nations is NOT governed by code (statute)law?A.GermanyB.JapanC.FranceD.CanadaBlooms Level: RememberDifficulty: EasyHilton - Chapter 01 #12Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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13.(p.9)Accountingpolicies created in countries governed by code law tend toA.has greater disclosure requirements on Financial Statements.B.offer more favourable tax incentives to foreign countries.C.offer greater protection to creditors and suppliers.D.favour illicit activity.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #13Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.14.(p.9)Countries are most likely to have similaraccounting policies when:A.they have greater political and economic ties.B.they share a common language.C.they are close to each other geographically.D.their economies are of a similar size.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #14Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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15.(p.24)Starting in 2011, what is the definition of a private enterprise (PE) under Canadian GAAP?A.A corporation that has no public shareholders.B.A corporation that has less than 500 shareholders and is not listed on a stock exchange.C.A corporation which is not profit oriented.D.A profit oriented enterprise that has none of its issued and outstanding financial instrumentstraded in a public market and does not hold assets in a fiduciary capacity for a broad groupof outsiders as one of its primary businesses.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #15Learning Objective: 01-05 Describe how accounting standards in Canada are tailored to different types of organizations.16.(p.12)Which of the following is true with respect to the implementation of IASB standards for theEuropean Union?A.These standards have been in place since 1985.B.Beginning in 2005, all European companies whose shares trade on stock exchanges wererequired to prepare their consolidated financial statements in accordance with IFRSs.C.All members of the European Union are required tocomply with these standards with theexception of the United Kingdom.D.Compliance with these standards by European public companies is strictly optional.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #16Learning Objective: 01-03 Identify the role that the IASB intends to play in the establishment of uniform worldwide accounting standards.

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17.(p.8)Which of the following is a factor that can influence a country's accounting standards?A.The level of development of capital markets.B.Political policy.C.Market practice.D.Educational standards set for professional accountants.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #17Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.18.(p.13)What agreement was signed between the IASB and FASB in September 2002?A.An agreement to set educational standards for accounting professionals in the UnitedStates.B.An agreement to review US accounting standards to determine their appropriateness.C.An agreement to develop international accounting standards based on U.S. GAAP.D.An agreement to acknowledge their commitment to the development of high quality,compatible accounting standards for use in domestic and cross-border financial reporting.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #18Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.

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19.(p.13)Which of the following statement is correct?A.IFRS rules are broader based than U.S. or Canadian GAAP.B.Canadian accounting rules will be closer to those of the FASB in the next few years than toIFRS.C.FASB standards are clearly superiorto IFRS.D.IFRS expressly prohibits the use of fair values and optional accounting treatments.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #19Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.20.(p.13)Which of the following statements is correct with respect to FASB and IFRSs' standards ofaccounting disclosure?A.In general, pronouncements of FASB are more detailed, while those in IFRSs tend to relymore on professional judgement.B.In general, pronouncements of FASB are less detailed, while those in IFRSs tend to relymore on professional judgement.C.In general, pronouncements of FASB are more detailed, while those in IFRSs tend to relyless onprofessional judgement.D.In general, pronouncements of FASB are less detailed, while those in IFRSs tend to relyless on professional judgement.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #20Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.

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21.(p.14)What are Canadian companies whose shares trade on U.S. stock exchanges required to do?A.Provide two sets of Financial Statements -- one under Canadian GAAP and one under U.S.GAAP.B.Present reconciliations from Canadian GAAP to U.S. GAAP in the footnotes to theirfinancial statements.C.File reports using either IFRS or US GAAP.D.Revalue their assets using the lower-of -cost-and-market principle.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #21Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.Learning Objective: 01-05 Describe how accounting standards in Canada are tailored to different types of organizations.22.(p.10)The European Union has attempted to harmonize accounting principles amongst its membernations by issuing:A.statutes.B.standards.C.bylaws.D.directives.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #22Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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23.(p.10)The predecessor to the International Accounting Standards Board (IASB) was:A.the Federal Accounting Standards Board (FASB).B.the Canadian Institute of Chartered Accountants (CICA).C.the European Economic Community (EEC).D.the International Accounting Standards Committee (IASC).Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #23Learning Objective: 01-03 Identify the role that the IASB intends to play in the establishment of uniform worldwide accounting standards.24.(p.11)Which of the following is a major restructuring objective of the IASB?A.To ensure compliance to a single set of accounting standards.B.To progressively phase out divergent accounting practices.C.To promote a greater understanding of the accounting practices of different nations.D.To cooperate with various national accounting standard-setters in order to achieveconvergence in accounting standards around the world.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #24Learning Objective: 01-03 Identify the role that the IASB intends to play in the establishment of uniform worldwide accounting standards.

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25.(p.9)Canada and the U.S. both experimented with price level accounting in the 1970s. This practicewas quickly abandoned largely becauseA.inflation rates declined after the 1970s.B.the cost of providing this information was quite high.C.it was a clear violation of the Historical Cost Principle.D.it provided disclosure figure which were not verifiable.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #25Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.26.(p.16)Which of the following accounting standards have been revised by the FASB to be fullyconsistent with IFRS?A.Liabilities and equity.B.Leases.C.Research and development costs.D.Consolidations.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #26Learning Objective: 01-04 Identify the direction that the FASB intends to follow for public companies.

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27.(p.20)Which enterprises must report under IFRSs in Canada?A.All corporations, government agencies and private companies.B.Public companies and private companies whose shareholders' equity is in excess of$500,000,000 at any particular year end.C.Public companies, private companies and not-for-profit organizations.D.Publicly accountable enterprises.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #27Learning Objective: 01-05 Describe how accounting standards in Canada are tailored to different types of organizations.28.(p.20)What approach did Canada first decide to take with respect to convergence with IFRSs?A.Harmonization of Canadian GAAP with IFRS.B.Substituting IFRS's for Canadian GAAP when approved by the IASB.C.Adopting some but not necessarily all IFRSs by reviewing them on a case by case basis.D.Reviewing them with all publically accountable entities to see which ones would beacceptable.Blooms Level: RememberDifficulty: EasyHilton - Chapter 01 #28Learning Objective: 01-05 Describe how accounting standards in Canada are tailored to different types of organizations.

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29.(p.5-6)Asset revaluations, unlike in Canada, have been acceptable in many countries for accountingpurposes. Which of the following adjustments have been allowed?A.Price level adjusted historical costs.B.Periodic adjustment of asset valuations to current replacement cost.C.Immediate write off of purchased goodwill to equity.D.All of the above.Blooms Level: RememberBlooms Level: UnderstandDifficulty: EasyHilton - Chapter 01 #29Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.30.(p.9)Prior to adoption of IFRS in 2011,Canada's accounting policies most resembled those ofwhich nation?A.The United Kingdom.B.The United States.C.The European Union (EU)D.AustraliaBlooms Level: RememberDifficulty: EasyHilton - Chapter 01 #30Learning Objective: 01-02 Identify factors that can influence a countrys accounting standards.

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