1.

International accounting standards are promulgated by the International

FALSE
Organization of Securities Commissioners.
2. U.S. accounting standards currently do not comply with international
T
accounting standards in all areas.
3. In general, international accounting standards are more demanding than
FALSE
U.S. accounting standards.
4. In general, U.S. accounting standards are more stringent than
T
international accounting standards.
5. It is major effort to bring a U.S. company's financial statements into
FALSE
compliance with international accounting standards.
6. The process of actually changing one currency into another currency is
FALSE
called translation.
7. The number of units of the foreign currency needed to acquire one unit
of the domestic currency (the Philippine peso) is referred to as the T
indirect quotation of the exchange rate.
8. The number of units of the domestic currency (the Philippoine peso)
needed to acquire one unit of the foreign currency is referred to as the FALSE
indirect quotation of the exchange rate.
9. To determine the Philippine peso eqüivalent of an amount stated
in a foreign currency, multiply the foreign currency by the direct T
exchange rate.
10. To determine the Philippine peso equivalent of an amount stated in a
foreign currency, multiply the foreign currency by the indirect FALSE
exchange rate.
11. A foreign currency is strengthening; as a result, the indirect exchange
T
rate will decrease.
12. A foreign currency is weakening; as a result, the indirect exchange rate
. FALSE
will decrease.
13. The Philippine peso is weakening; as a result, the direct exchange rate
T
will increase.
14. The Philippine peso is strengthening; as a result, the direct
FALSE
exchange rate will increase.
15. Floating rates and forward rates mean different things. T