Accounting in common law countries is characterized as legalistic in orientation, opaque with low disclosure, and an alignment between financial and tax accounting.Question 2 Answera.Trueb.False
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- Question 7 Which of the following arguments is not in favour of entities being required to comply with accounting standards? They reduce variations in methods used to produce accounts They oblige companies to disclose their accounting policies They are a less rigid alternative to legislation They may tend towards rigidity in applying the rules A C DIn what ways does revenue recognition differ from other financial accounting practices?With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?
- Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes No3. 0 7. talre 4. U 8 False PAS1 143 in which Presentation of Financial Statements in a sing je income, PROBLEMS 1. The application of PFRSS, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation. PROBLEM 1: TRUE OR FALSE statemen 2. According to PAS 1, an entity shall make an explicit and unreserved statement of compliance with the PFRSS in the notes only if the entity complies with all the requirements of PFRSS. P 3. PAS 1 encourages, but does not require, the presentation of the preceding year's financial statements as comparative information to the current year's financial statements. a 4. According to PAS 1, assets and liabilities or income and expenses are offset, unless separate presentation is required or permitted by a PFRS. PG 5. According to PAS 1, PFRSS apply to financial statements as well as to other information presented in an annual report, a regulatory filing, or another document. 6. According to PAS 1,…True and fair override is Unusual feature of British accounting Select one: O True O False
- subject accounting :- QUESTION 1 With reference to statutory provisions and decided cases, define "consideration" and explain THREE (3) types of consideration. QUESTION 2 An agreement is voidable if there is misrepresentation or fraud which induces the innocent party to enter into the agreement. With reference to statutory provisions and decided cases, explain the above statement.Which of the following is not about harmonization? Select one: a. Harmonization is a process of increasing the compatibility of accounting practices. b. Harmonization simply implies uniformity. A c. Harmonization is tailored towards breaking the barriers of national differences. d. Harmonization is a process of preparing financial statements.4. Management accounting is primarily concerned with?a) Providing statutory information for external useb) Providing internal information for use by managementc) Providing tax advice for internal used) Providing financial information only for use by management
- What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAASWhich of the following is not an advantage of accounting standards? Select one: a. All of the given answers are correct. b. It reduces the reliability of financial statements. c. It helps to attain uniformity in accounting. d. It provides guidance on the content and presentation of financial statements.Question 13 Match the following external users of financial accounting information with the type of decision that user will make with the information 1. Creditor 2. Investor 3. Regulatory Agency 4. Federal Tax Authority Is the company operating within prescribed guidelines? Is the company able to pay its debts? Is the company a good investment? Is the company complying with tax laws? A. 1 B. 3 C.2 D.4
