soal akuntansi internasional

8/19/2019 Soal Akuntansi Internasional

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1. What are the two key criteria for an item of property, plant & equipment to be “recognised” as an asset? (I! "#$

A. When it can be reliably measured

B. When it is controlled by the entity

C.When it is probable that economic benefits will flow to the entity from the asset

D. When it has a residual value

2. What does I! "# state about how we should depreciate an asset?

A.All assets having a known useful life should be depreciated

B.Assets should be recognised in the balance sheet at their carrying amount

C.Assets should be depreciated by systematically allocating their depreciable amount over their useful life

D

.

The carrying amount of an asset is the value recognised in the accounts after deducting depreciation and

impairment losses

3. %ow should an entity choose which depreciation method to use?

A.Always use 25% diminishing balance unless there is a good reason not to

B.The method which best reflects way we use up the value of the asset over its expected useful life

C.If the residual value is negligible you can ignore it when calculating the depreciable amount

D.Useful life and and residual value should be reviewed annually and any changes reported according to IAS 8

E.When determining useful life, expected usage and expected physical wear and tear must be considered

4. What are the key elements used to decide whether an intangible fi'ed asset should be recognised in theaccounts?

A. Control, marketability, materiality

B. Completion of development, control, identifiability

C. Control, identifiability, economic benefits

D.Intention to complete development, economic benefits, identifiability

5. esearch costs ) What does I!*, Intangible ssets, state is the accounting treatment for research costs?

A.All research costs should be written off at the time they are incurred in line with the Prudence Concept.

B

.

Revenue costs are treated as expenses on the Income Statement whereas Capital costs are treated as Non-current

Assets

6. +eelopment e'penditure ) What does I!*, Intangible ssets, state is the accounting treatment fordeelopment e'penditure?

A

.

The balance sheet must not be overstated. All development costs relate to something which may never happen so

they are written off.

B

.

If the entity can demonstrate all of 6 key criteria then it can can show the cost as an Intangible fixed asset on the

balance sheet

7. Which -W. of the following options show // # of the criteria an entity needs to demonstrate in order torecognise deelopment e'penditure as a capital cost?

A

.Sufficient resources to enable completion, cost can be reliably measured, how economic benefits will be achieved


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B. Identifiability, cost can be reliably measured, control

C.Intention to complete, technically feasible, usefulness or marketability

D. Control, technically feasible, usefulness

8. I! # Impairment of fi'ed assets ) The present value of future net cash inflows to the entity from a Cash

Generating Unit is the definition of which value?

A. Value in use

B. Recoverable amount

C. Carrying amount

9. What does the following definition describe? “the higher of the fair value, less costs to sell, and the value in use ofan asset or cash generating unit” (I! "#$

A. Carrying amount

B. Recoverable amount

C. Market value in an arm's length transaction

10. Why would we need to consider a 0ash generating unit (group of assets$ rather than an indiidual non)currentasset when determining recoerable amount? (I!#$

A.It is not economically viable to work out the future cash inflows from an individual asset

B. Materiality

C.Because individual assets often don't create cash inflows on their own

11. If the carrying amount (net book alue$ of an asset is below the recoerable amount, what is the name we gieto the difference between the two alues? (I! #$

A. Revaluation loss

B. Impairment loss

C. Notional loss on sale

12. I! 12, Inestment property What types of property are considered to be inestment property?

A. Land held for capital appreciation

B. Vacant land

C. Empty warehouse

D. Property to let

13. I!"3 ) /easesWhich type of lease is normally long term and transfers all the risks and rewards of ownership?

A. Finance lease

B. Operating lease

14. I!"3 allows us to capitalise an asset on a finance lease, this increases our 4et ssetsWhich of the followingcriteria in our contract would indicate that we should 4.- capitalise the leased asset? (I! "3$

A. Term of the lease is major part of the asset's useful life

B.At inception, PV of minimum lease payments is substantially all of the FV of the asset

C. Lessor is responsible for repairs

D. Ownership transferred at end of lease


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E.Lessee has option to purchase at end of lease at price so much lower than Fair Value it is almost certain they will

exercise the option

15. I! 5 requires stock to be alued at “lower of cost and 46” 7y recognising that stock is worth less than what itcost the entity, we hae recognised the loss in the accounts before it has occurred ie before we hae sold thestock8 -his is in line with the 9999999 concept8

A. Matching

B. Business Entity

C. Reliability

D. Prudence

E. Historical Cost

1. %ow are the :! ;< and I=! treat &+?

A. R&D costs must be expensed.

A.

B. Allows capitalization of R&D costs.

B.

2. What standard proide ery specific and industry guidance about constitutes reenue, how reenueshould be measured, and the effect of timing on recognition?

A

.US GAAP

B.IFRS

3. Which of the following accounting practices is not permitted by theI!?

A

.Capitalization of development expenditure

B.The LIFO method of inventory valuation

C

.

Capitalization of certain types of

leases

D.Capitalization of goodwill

4. +ebt coenant (agreement$ iolations must be cured by fiscal yearend8

A

.IFRS

B.US GAAP

5. What does I! * stand for? (check all thataplies$

:! ;<

I=!


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A

.Intangible Asset.

B.R&D.

C.Impairment

D.Property, Plant & Equipment.

6. Why inest internationally? (check all thataplies$

A

.Portfolio diversification internationally

B.Growth industries

C.Market move similarly but not with perfect correlation

7. What are the 7arriers to International %armonisation? (check all thataplies$

A

.Actual implementation of full Standards or all Standards may not occur.

B.Culture

C.USA

D.Initial costs of implementation (management,...)

E.Difficult to chose the enforcer of international standards

F.Global investors

G.Job mobility

8. %ae a look at facts about /ondon !tock >'change (check all thataplies$

A

.Accept all EU accounting under "mutual(relative) recognition"

B.Doǹt accept Japanese accounting

C

.Accepts US GAAP and IASs(International Accounting Standards)

D.Strong element of foreign listing in London.

9. Which standards are non specific about the timing and measurement of recognition@ lacks industry)specificguidance?

A

.

IFRS

B.US GAAP

10. What does I! 5 (Inentories$ stand for?

A

.Lower of cost and net realizable value

B

.Costs include purchase cost, conversion cost and other costs to bring to present condition and location


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C.FIFO or average cost

D.LIFO is permitted

11. What does I! # stand for?

A

.Property, Plant & Equipment

B.Inventories

C.Impairment

D.Intangible Assets

12. :! ;< permits /I=.?

A

.True

B.False

13. What factors e'plain choice of listing? (check all that aplies$

A

.Size of company in domestic market.

B.Importance of foreign

sales.

C.Importance of investment in foreign countries.

D

.Importance of foreign employees for the company.

E.Language of the country.

14. :!8 !>0 ) -he !ecurities and >'change 0ommission is

A

.A government agency - underpins FASB̀s authority

B.A non government agency - underpins FASB̀s authority

15. Aeaning of BtransparencyB that users are fully informed on (check all thataplies$

A

.Process of preparing information

B.Procedures, e.g. data collection

C.Assumptions

D.Assurance/audit

16. 0hina implemented I=! (for all listed companies$in

A

.

January

2007

B.January

2008


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C.January

2009

17. !>0 (-he !ecurities & >'change 0ommission$ regulates not all of listing on :! e'changes?(check allthat aplies$

A

.True

B.False

18. What does I! * stand for?

A

.Intangible Asset

B.Impairment

C.Inventories

19. .peration of I!7 (check all that aplies$?

A

.Head office in London

B.14 members, technical expertise

C

.Issues Standards (IFRS)and interpretations

D

.IFRICs (International Financial Reporting Interpretation Committee)

E.Standard Advisory Council - wide geographical representation

20. %ow many steps :! ;< implement in asset impairment?

A

.Single-step impairment

B.Two-step impairment

C.Tree-step impairment

21. :! does not permit upward realuation?

A

.True

B.False

22. What does I!0 (formed in "C3$ standfor?

A

.International Accounting Standards Committee

B.International Accounting Standards Commission

23. What is =le'ebility stand s for?

A

.Relationship between company law and tax law.


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B.Formats of financial statement.

24. 0ommunist accounting was basedon

A

.Needs of economic and production planning

B

.Making specified profits as a monopoly producer

C.Returning profits to the state as an investor

D

.The requirements as laid down by the Chartered Russian Accounting Professionals

25. What are I!7 (International ccounting !tandards 7oard$ obDecties? (check all that aplies$

A

.Highly quality, understandable and enforceable standards.

B.Promote use and rigorous(strict)application.

C

.Convergence of national accounting standards and IAS to high-quality solutions.

26. What are the 0osts of foreign listening? (check all that aplies$

A

.Underwriting (insurance)of new offers

B.Registration and regulation

C.Initial disclosure requirements

D.Control & oversight systems

E.Clearance & settlements of share deals

F.Local stock market too small or lacks liquidity

27. >aluation of transparency8 !tandard &


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29. What does I=I0 stand for?

A

.International Financial Reporting Issues Committee

B.International Financial Recommendation and Interpretations committee

C.International Financial Reporting Interpretation Committee

D.International Financial Reporting Issues Council

30. What does emuneration report consist? (check all thataplies$

A

.What are the senior managers/directors earning from the company?

B.Does their performance justify the remuneration?

C.Disclosure of policy for payment

D.Disclosure of amounts received by each

31. What does I! * (&+$ stands for (check all that aplies$?

A

.Research is an expense.

B

.Development cost must be capitalized under specified condition.

C.Some reversals allowed but not goodwill.

32. Which of the following are cultural alues deeloped by %ofstede?

A

.Professionalism

B.Statutory control

C.Power distance

D.Conservatis

m

33. Is it true that I! * recogniFe internally generated goodwill, brands, titles, customer listrtc8?

A

.True

B.False

34. What is the barrier to International harmonisation?

A

.USA

B.Comparability

C.Easier/Cheaper investment

D.Lower Audit cost


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35. What year I=! (International =inancial eporting !tandards$ was formedin?

A

.2002

B.2003

C.2001

D.2004

36. What is I! "# (rrors$ stands for? (check all thataplies$

A

.

Importance of

consistency(logicality).

B.Change accounting policy if required by standard or give more relevant and reliable information.

C

.Restate prior period to adjust changes in policies and errors.

D.Changes in estimates in current year̀s income.

E.If revalued must be regular.

F.Impairment test

38. Aain purpose of I=! (I!0 before 5225$?

A

.UNIFORMITY in Accounting Principles Internationally

B.Objectivity in Accounting Principles Internationally

C.Matching principle in Accounting Principles Internationally

39. What does 4arratie reporting in thr :! consit of?

A

.Management discussion and analysis.

B.Market risk disclosure.


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C.Pro-forma (non-GAAP)financial statements

D.Internal control

E.Assumptions

F.Process of preparing information.

40. -he :G8 What does -4!40H cosist of?

A

.Notes to accounts

B.Segmental

reporting

C.Narrative Reporting

D.Directors̀ remuneration details

E.Stricter rules on provision

F.Change to amortization of

goodwill

41. :! ) =inancial ccounting !tandards 7oard (=!7$ is

A

.Public-sector organization that determines accounting standards

B

.Private-sector organization that determines accounting standards

42. In what year >urope has adopted I=! first time (International =inancial eportin!tandards$?

A

.Year ended 31 December 2006

B.Year ended 31 December 2007

43. What are the 7enefits of foregn listing?


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45. What authority does regulate all listings on :! e'changes?

A

.SEC (Securities and Exchange Commission)

B

.ADR (American Depository Receipt)

C.US GAAP

46. 0hina8 What year +eng iaoping allowed marked)basedapproach?

A

.1984

B.1992

C.2000

D.1980

47. ccording to ;rayJs ("C**$ theory, conseratism is most closely associated with

A

.High individualism and low uncertainty avoidance

B.Strong collectivism and strong uncertainty avoidance

C.Low power distance and high individualism

D

.High power distance and low uncertainty avoidance

48. In what year !>0 allows foreign priate issuers to report using I=!, dropping the ;< reconciliationrequirement?

A

.2005

B.2007

C.2009

49. Inestment strategies for diersity8 Inest in an inde')based portfolio, innore company information8 Whatinestment strategy is it?

A

.Active

B.Passive

C.Mixed

50. Is it true that + is 0ertificate of ownership of shares in 0o based ouside :!?

A

.True

B.False

1. 999999999999 accounting was created to account for changes in the general price leel and makes adDustmentsto the historical costs of non)monetary assets to update for changes in the purchasing power of the currency8


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A.General purchasing power

B. Current replacement cost

C. Price level

D. Current cost

2. 99999999999999999 accounting was created to account for specific price changes by updating the alues of non)monetary assets from historical cost to the current cost to replace those assets8

A. General purchasing power

B. Price level

C. Current replacement cost

D. Specific price

3. ;eneral purchasing power accounting includes purchasing power gains and losses in net income8

A. True

B.False

4. ;eneral purchasing power accounting requires all assets to be restated based on the general price inde' (;


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B.

8. I! 53 requires a parent to consolidate all subsidiaries unless,

A

.

The subsidiary was acquired with the intention to be disposed of within 12 months and management is activelyseeking a buyer

B.The subsidiary is dormant and its operations are insignificant to the company as a whole

C. Management is actively seeking a buyer

D. A or b

9. :! ;< allows a subsidiary to be e'luded from consolidation if it is being held for sale

A. True

B. False

10. I=! uses the 99999999999 method to account for business compbinations that are fully consolidated8

A. Pooling

B. Historical cost

C. Purchase

D. Fair value

11. -he purchase methods requires assets and liabilities of the subsidiary to be restated at their 9999999999 as ofthe date of acquisition8

A. Historical costs

B. Fair value

C. Replacement value

12. I=! allows the determination of the initial amount to measure subsidiaries assets and liabilities that areacquired at under "22 percent through either the parent company concept or the economic unit aka the entityconcept8

A. True

B. False

13. -he parent company concepts alues subsidiaryKs assets and liabilities at book alue plus the parentKsownsership percentage of the difference between fair alue and book alue at the date of acquisition8

A. True

B. False

14. -he economic unit or entity concept alues subsidiaryKs assets and liabilites at "22 percent of their fair alue atthe date of acquisition8

A. True

B. False

15. I=! and :! ;< require goodwill to be tested for impairment annually8

A. True

!elect a Aatch


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B. False

16. -he pooling of interest method is permitted in :! ;<

A. True

B. False

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