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ACC 401Week 8 Quiz

ACC 401Week 8 Quiz

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Published by: EML on Dec 03, 2012
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02/18/2014

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Question 12 out of 2 pointsBenefits of the FASB Accounting Standards Codification (ASC) include all of the following exceptAnswerSelected Answer:increases the independence of the FASB.Correct Answer:increases the independence of the FASB.Question 22 out of 2 pointsThe major difference between IFRS and US GAAP in accounting for inventories is thatAnswerSelected Answer:US GAAP allows the use of the LIFO cost flow assumption.Correct Answer:US GAAP allows the use of the LIFO cost flow assumption.Question 32 out of 2 pointsAll of the following are options for non-US companies who wish to list securities on a USexchange exceptAnswerSelectedAnswer:If a company uses their local GAAP they must reconcile net income and
 
shareholders’ equity and fully disclose all financial information required of US
companiesCorrectAnswer:If a company uses their local GAAP they must reconcile net income and
shareholders’ equity and fully disclose all financial information required of US
companiesQuestion 42 out of 2 pointsThe goals of the International Accounting Standards Committee include all of the followingexceptAnswerSelectedAnswer:To formulate a single set of auditing standards to be applied in allcountries.Correct Answer:To formulate a single set of auditing standards to be applied in allcountries.Question 52 out of 2 points
On January 1, 2010, AirFrance purchases an airplane for €14,400,000.
The components of theairplane and their useful lives are as follows:Component Cost Useful lifeFrame
€7,200,000
24 yearsEngine 4,800,000 20 yearsOther 2,400,000 10 years
 
 AirFrance uses the straight-line method of depreciation. The asset is assumed to have nosalvage value.Under IFRS, the entry to record depreciation expense on the asset at December 31, 2011 willinclude a credit to accumulated depreciation of AnswerSelected Answer:
€800,000.
 Correct Answer:
€800,000.
 Question 62 out of 2 pointsOne difference between IFRS and GAAP in valuing inventories is thatAnswerSelectedAnswer:IFRS, but not GAAP, allows reversals so that inventories written down underlower-of-cost-or-market can be written back up to the original cost.CorrectAnswer:IFRS, but not GAAP, allows reversals so that inventories written down underlower-of-cost-or-market can be written back up to the original cost.Question 72 out of 2 pointsProperty, plant and equipment are valued atAnswer

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