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Assignment 1
Quiz by Nirujah
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20 questions
Q.International accounting can be defined in terms of which of the following levels?
1
120 sec
Q.What term is used to describe combining the financial statements of all subsidiaries, both foreign and domestic, into the financial statements of the parent?
2
120 sec
Q.What group is primarily responsible for the creation of International Financial Reporting Standards (IFRS)?
3
120 sec
Q.Which of the following is not a problem caused by accounting diversity?
4
120 sec
Q.Differences in legal systems used in various countries have been cited as one reason for diversity in accounting practice. What are the major types of legal systems?
5
120 sec
Q.What does “harmonization” mean in the context of international accounting?
6
120 sec
Q.International accounting diversity can be found in terms of:
7
120 sec
Q.Under Sri Lankan accounting standards, fixed assets are generally reported on the balance sheet at their:
8
120 sec
Q.The following are the factors influencing international accounting development except;
9
120 sec
Q.Considerable diversity exists across countries with respect to the following except;
10
120 sec
Q.The following are the reasons for accounting diversity except;
11
120 sec
Q.Which of the following statement is correct in relation to common law system?
12
120 sec
Q.Which of the following is not about harmonization?
13
120 sec
Q.One of the obstacles for harmonization of accounting standards is;
14
120 sec
Q.Harmonization of accounting standards can be measured by;
15
120 sec
Q.The following are the benefits of harmonization except;
16
120 sec
Q.The following organizations are encouraging accounting standards harmonization except;
17
120 sec
Q.which one of the following is not an arguments against Harmonization ?
18
120 sec
Q.The main objective of International Accounting Standards’ Board is to;
19
120 sec
Q.What term is used to refer to the decision about whether to report an item in the financial statements?
20
120 sec