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Questions and Answers
Are the following statements true or false?
Are the following statements true or false?
- IAS were published between 1973 AND 2001 and are no longer in force since they have been replaced by new standards called IFRS
- All members of the IASB must be representative of the accountancy profession
- None of the IASB members is from the US
- all above (correct)
Is the following true or false? IFRS are principle based and the IFRS literature represents about 3000 pages whereas US GAAP is rule based and the US GAAP literature represents about 20 000 pages?
Is the following true or false? IFRS are principle based and the IFRS literature represents about 3000 pages whereas US GAAP is rule based and the US GAAP literature represents about 20 000 pages?
False (B)
Which of the following are UNDERLYING ASSUMPTIONS of financial statements?
Which of the following are UNDERLYING ASSUMPTIONS of financial statements?
- Relevance and reliability
- Financial capital maintenance and physical capital maintenance
- Accrual basis and going concern (correct)
- Prudence and conservatism
The French subsidiary of a company listed and traded abroad will have to prepare:
The French subsidiary of a company listed and traded abroad will have to prepare:
Which of the following statements is true?
Which of the following statements is true?
influence en NET income ? Inventories valuation method
influence en NET income ? Inventories valuation method
influence on net income ? depreciation and amortization
influence on net income ? depreciation and amortization
influence net income ? corporate income tax
influence net income ? corporate income tax
capital increase through cash contribution influence on net income ?
capital increase through cash contribution influence on net income ?
cash purchase of fixed assets influence on net income
cash purchase of fixed assets influence on net income
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