International Accounting Standards Board Be-313

113 Spørsmål | Total Attempts: 86

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    1.1. One of IASB’s responsibilities is to enforce the implementation of its standards to ensure that the objective of high quality financial reporting is achieved
    • A. 

      True

    • B. 

      False

  • 2. 
    1.3. The International Accounting Standards Board (IASB) replaced the International Accounting Standards Committee (IASC) in 2001.
    • A. 

      True

    • B. 

      False

  • 3. 
    1.2. Adoption of IFRS is concentrated almost entirely in Europe.
    • A. 

      True

    • B. 

      False

  • 4. 
    1.4. Which of these is an argument for convergence in accounting standards.
    • A. 

      Developing nations may not need as complex an accounting system

    • B. 

      Reduce financial reporting costs

    • C. 

      Different environments may call for different accounting systems

    • D. 

      Culture will still influence interpretation and selection of choices

  • 5. 
    1.5. The use of IFRS by American companies listed on the New York Stock Exchange is permitted but not required.
    • A. 

      True

    • B. 

      False

  • 6. 
    1.6. The IFRS Foundation decides which countries must use IFRS.
    • A. 

      True

    • B. 

      False

  • 7. 
    1.7. International Organization of Securities Commissions (IOSCO) is responsible for setting auditing standards.
    • A. 

      True

    • B. 

      False

  • 8. 
    1.8. The mission of the IASB is to develop, in the public interest, high quality accounting standards that countries can use as the basis for designing their own national standards.
    • A. 

      True

    • B. 

      False

  • 9. 
    1.9. Over 100 jurisdictions currently require IFRS for all or most domestic listed companies.
    • A. 

      True

    • B. 

      False

  • 10. 
    1.10. The IASB’s main office is in Brussels.
    • A. 

      True

    • B. 

      False

  • 11. 
    2.1. In Norway, accounting-related guidance can be found in Company Acts and Accounting Acts.
    • A. 

      True

    • B. 

      False

  • 12. 
    2.2. Select the pair of periods of accounting theoretical development based on a similar approach
    • A. 

      The general scientific and the positive periods

    • B. 

      The normative and positive periods

    • C. 

      The general scientific and the normative periods

    • D. 

      None of the above

  • 13. 
    2.3. The normative period of accounting theory ended because empirical testing proved the theories developed during this period to be false.
    • A. 

      True

    • B. 

      False

  • 14. 
    2.4. Which Company Act is referred to as "accounting revolution" in Norway?
    • A. 

      Company Act of 1910

    • B. 

      Company Act of 1957

    • C. 

      Company Act of 1976

    • D. 

      Company Act of 1992

  • 15. 
    2.5. Government agency that enforces IFRS in Norway is:
    • A. 

      FASB

    • B. 

      IASB

    • C. 

      Norsk Regnskapsstiftelse

    • D. 

      Finanstilsynet

  • 16. 
    2.6. No systemic theory of accounting was devised from the time of Pacioli in the 15th century until the opening of the 19th century.
    • A. 

      True

    • B. 

      False

  • 17. 
    2.7. Normative theorists focus on explaining and understanding current accounting practice.
    • A. 

      True

    • B. 

      False

  • 18. 
    2.8. All companies in Europe are required to use IFRS.
    • A. 

      True

    • B. 

      False

  • 19. 
    2.9. Which of these would be an example of normative research?
    • A. 

      Through observation, document the breeding cycle of a fly

    • B. 

      Use last month's share market prices to predict unemployment

    • C. 

      For consistency recommend that students take pre-test assessment

    • D. 

      Predict that auditors will work faster when drinking coffee

  • 20. 
    2.10. The statement that best defines the term 'empirical analysis' is:
    • A. 

      Reasoning from the general to specific statements

    • B. 

      Testing the truth of a proposition by observing a subset of real world observations or events

    • C. 

      Understanding practices, activities or behaviour based upon direct observations and/or experience

    • D. 

      Actions undertaken by interested parties to influence the actions or outcomes of decisions made by others

  • 21. 
    3.1. Under the regulatory capture theory of regulation, interest groups are assumed to try to gain control of the regulator to achieve their desired wealth distribution.
    • A. 

      True

    • B. 

      False

  • 22. 
    3.2. The worldwide trend in recent years has been towards more self-regulation for auditors.
    • A. 

      True

    • B. 

      False

  • 23. 
    3.3. Regulatory capture is said to occur in which of the following situations?
    • A. 

      When the regulated entities ensure non-performance by the regulating body

    • B. 

      When the regulated entities co-opt the regulators into a mutually shared perspective

    • C. 

      When the regulated entities control the regulations and the regulatory body

    • D. 

      All of the above

  • 24. 
    3.4. The SEC permits foreign registrants to file accounts that follow international accounting standards without reconciliation with US GAAP.
    • A. 

      True

    • B. 

      False

  • 25. 
    3.5. In the application of agency theory to accounting, investors are considered principals and managers are the agents.
    • A. 

      True

    • B. 

      False

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