Accounting Quiz6

13 Questions  I  By Baybayev on April 24, 2012

  

Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  A U.S. company has many foreign subsidiaries and wants to convert its consolidated financial statements from U.S. GAAP to IFRS. Which of the following items is not one of the likely accounting issues to resolve for the opening IFRS balance sheet?
A.
B.
C.
D.
E.
2.  Foreign companies whose stock is listed on a U.S. stock exchange and using foreign GAAP other than IFRS must file their annual report with the SEC on:
A.
B.
C.
D.
E.
3.  What international organization currently promulgates IFRS?
A.
B.
C.
D.
E.
4.  The IASB and FASB are working on several joint projects. Which of the following is not a topic of the Revenue Recognition Project?
A.
B.
C.
D.
E.
5.  The IASB and FASB are working on several joint projects. What is the purpose of the Financial Statement Presentation Project?
A.
B.
C.
D.
E.
6.  The IASB and FASB are working on several joint projects. What is the purpose of the Revenue Recognition Project?
A.
B.
C.
D.
E.
7.  A company acquired a new piece of equipment on January 1, 2009 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2011, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. At what amount should the equipment be reported on the December 31, 2011 balance sheet under U.S. GAAP?
A.
B.
C.
D.
E.
8.  A company acquired a new piece of equipment on January 1, 2009 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2011, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. At what amount should the equipment be reported on the December 31, 2011 balance sheet under the IFRS cost model?
A.
B.
C.
D.
E.
9.  A company acquired a new piece of equipment on January 1, 2009 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2011, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. At what amount should the equipment be reported on the December 31, 2011 balance sheet under the IFRS revaluation model?
A.
B.
C.
D.
E.
10.  A company incurs research and development costs of $200,000 in 2011 of which $50,000 of these costs relate to development activities because of certain criteria have been met which suggest that an intangible asset has been created. What amount should be recognized as research and development expense in 2011 using U.S. GAAP?
A.
B.
C.
D.
E.
11.  A company incurs research and development costs of $200,000 in 2011 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. What amount should be recognized as research and development expense in 2011 using IFRS?
A.
B.
C.
D.
E.
12.  A company incurs research and development costs of $200,000 in 2011 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. As a result of research and development costs, what is the difference in income between reporting using U.S. GAAP and IFRS in 2011?
A.
B.
C.
D.
E.
13.  Convergence of accounting standards would not occur by:
A.
B.
C.
D.
E.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz