- Under the current rate method of translating foreign currency financial statements, what is the amount of the balance sheet exposure（ ）。
- What group is primarily responsible for the creation of InternationalFinancial Reporting standards.（ ）。
- Under general purchasing power accounting, how is the gain or loss in purchasing power reported? （ ）
- Holding monetary assets during a period of inflation results in（ ）:
- Which of the following are reasons to report segmented accounting information for multinational enterprises? （ ）
- What term is used to describe combing the financial statements of all subsidiaries,both foreign and domestic,into the financial statement of the parent（ ）。
- How should U.S. companies record receivables and payables from international trade that are denominated in foreign currencies（ ）。
- What is meant by the “translation” of foreign currency financial statements? （ ）
- What is “asset exposure” to foreign exchange risk（ ）。
- Homeko, Inc. is located in the U.S., but it has subsidiaries in Germany.When the euro appreciates relative to the U.S. dollar, what is the direction of the translation adjustment to consolidate Homeko's financial statements（ ）。
- Under the current rate method of translating foreign currency financial statements, what exchange rate should be used for cost of goods sold（ ）.
- The factor used to convert from one country’s currency to another country’s currency is called the（ ）。
- Which items in the balance sheet are subject to accounting exposure（ ）。
- What exchange rate should be used to translate the common stock of Essco Ltd, a foreign subsidiary of Peako Corp., when consolidating the financial statements using the current rate method（ ）.
- What is another term for “balance sheet exposure（ ）。
- What is a foreign currency transaction?（ ）。
- The number of U.S.Dollar required today to buy one RMB Yuan today iscalled（ ）。
- Companies must choose between which exchange rates for consolidating foreign subsidiaries（ ）。
- A representative market basket of products cost $250 at the beginningof the year, and the same collection of products costs $280 at theend of the year. What is the annual rate of inflation（ ）。
- Under general purchasing power accounting, how is the gain or loss in purchasing power reported（ ）。
- What is exchange rate（ ）。
- The factor used to convert from one country’s currency to anothercountry’s currency is called the（ ）。
- The number of U.S.Dollar required today to buy one RMB Yuan today is called（ ）。
- What is a foreign currency transaction（ ）。
- The number of RMB Yuan today to buy one U.S.Dollar six months from now is called（ ）。
- Governance mechanisms are historically stronger in Germany and Japan than in the United Kingdom and United States.（ ）
- Which of the following are reasons to report segmented accounting information for multinational enterprises（ ）。
- Accounting is oriented toward fair presentation despite code law legal system in Mexico,General price-level accounting (inflation-adjusted financial statements) are a fundamental feature.（ ）
- Inventory must be valued at cost or the lower of cost or net realizable value in Japan. FIFO and average are all acceptable cost-flow methods, with average the most popular. （ ）
- LIFO, FIFO, and average cost methods are permissible and widely used for inventory pricing in U.S. LIFO is popular because it can be used for federal income tax purposes.However, if LIFO is used for tax purposes, it must also be used for financial reporting purposes. （ ）
- Accounting in the United States is regulated by a public-sector body (the Financial Accounting Standards Board, or FASB), but a private agency (the Securities and Exchange Commission, or SEC) underpins the authority of its standards.（ ）
- Inventory is stated at the lower of cost or market; FIFO and average are acceptable methods of determining cost in Germany. （ ）
- French and German individual company financial statements must be prepared using local accounting requirements because these statements are the basis for taxes and dividends.（ ）
- French companies must report the following:a. Balance sheet; b. Income statement ;c. Notes to financial statements;d. Directors’ report; e. Auditor’s report（ ）
- When historical cost is used for inventory in the Netherlands, it is generally stated at the lower of cost or net realizable value, with cost determined by FIFO or average methods.（ ）
- Accounting must respond to society’s ever-changing informational needs and reflect the cultural, economic, legal, social, and political conditions within which it operates.（ ）
- Financial and tax accounting are the same in Germany and Sweden.In other countries, such as the Netherlands, financial and tax accounting areseparate: Taxable profits are essentially financial accounting profits adjusted fordifferences with the tax laws.（ ）
- Collectivism, large power distance, and strong uncertainty avoidance tend to be correlated with and found in code law countries with legal compliance accounting. The profession is relatively weak - accounting is influenced by law, instead. Accounting is more conservative and prescriptive, and banks and governments are the principal sources of finance. （ ）
- Most of continental Europe and Japan have code law legal systems and rely on banks or the government for most of their finance. Thus, their accounting rules generally conform to tax laws.（ ）
- International Accounting can be defined in terms of which the followinglevels（ ）。
答案:It is equal to total assets minus total liabilities.
答案:International Accounting Standards Board
答案:as an element of income in the current year
答案:purchasing power losses.
答案:All of the above are reasons for segmented reporting.
答案:Consolidation
答案:
答案:converting financial statements of a foreign currency into a domestic currency
答案:The possibility that an asset denominated in a foreign currency will change in value because of a change in the foreign exchange rate.
答案:When there is net asset exposure, the translation adjustment will be positive.
答案:Average rate during the year.
答案:Exchange rate
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