This quiz works best with JavaScript enabled. Home > Accounting > International Accounting > International Accounting – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Accounting Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Budgetary slack in cost (expense) budgets can best be described as A) The elimination of certain expenses to enhance budgeted income. B) The planned overestimation of budgeted expenses. C) The planned underestimation of budgeted expenses. D) An inflation factor used to bring historic costs to current levels. E) Acutal cost minus budgeted cost. Show Answer Correct Answer: B) The planned overestimation of budgeted expenses. 2. Which of the following countries tends to have a relatively high degree of transparency in their companies' financial statements? A) Germany. B) Switzerland. C) United Kingdom. D) Saudi Arabia. Show Answer Correct Answer: C) United Kingdom. 3. Optimism is a value of accounting standards that would most likely be found in which country? A) Japan. B) Australia. C) Mexico. D) Brazil. Show Answer Correct Answer: B) Australia. 4. It is estimated that a particular manufacturing job is subject to an 60 percent learning curve. The first unit required 50 labor hours to complete. What is the cumulative average time per unit after eight units completed? A) 25, 6 hours. B) 18, 0 hours. C) 10, 8 hours. D) 6, 5 hours. Show Answer Correct Answer: C) 10, 8 hours. 5. Which of the following is NOT one of Football club in Malaysia A) . B) . C) . D) . Show Answer Correct Answer: A) . 6. International accounting diversity can be found in terms of: A) Terminology used in the financial statements. B) The amount of information disclosed in the financial statements. C) The order of items in the financial statements. D) All of the above are evidence of accounting diversity. Show Answer Correct Answer: D) All of the above are evidence of accounting diversity. 7. How many ways to comply with IFRS A) 1. B) 4. C) 6. D) 2. Show Answer Correct Answer: D) 2. 8. In their 1993 paper, Doupnik and Salter found that countries tended to cluster in terms of the similarities or differences of their accounting systems. These researchers attribute the large cluster around Great Britain to: A) The superiority of the Anglo accounting model. B) The predominant influence of Great Britain in the world economy. C) The colonial influence of Great Britain on accounting development. D) The fact that more of the world's people speak English than any other language. Show Answer Correct Answer: C) The colonial influence of Great Britain on accounting development. 9. At the end of a year, underallocated factory overhead (material amount) should be A) Allocated among cost of goods manufactured, finished goods inventory and cost of goods sold. B) Charged to cost of goods sold account. C) Allocated among work in process, finished goods inventory and cost of goods sold. D) Recorded as a deferred charge. E) Recorded as extraordinary loss. Show Answer Correct Answer: C) Allocated among work in process, finished goods inventory and cost of goods sold. 10. What are the reasons for development of International accounting? A) Trade expansion. B) Increase in MNCs. C) Increase in flow of capital. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. When accounting rules are left up to professional associations rather than being legislated by governmental bodies, what is the likely result? A) Very general accounting rules are created, as in code law countries. B) Very detailed rules for practice are created, as in common law countries. C) Very general accounting rules are created, as in common law countries. D) Very detailed rules for practice are created, as in code law countries. Show Answer Correct Answer: B) Very detailed rules for practice are created, as in common law countries. 12. Generally, in traditional cost accounting systems, which of the following is more likely to be true?High volume products/Low volume Products A) Accurately costed/overcosted. B) Overcosted/undercosted. C) Accurately costed/undercosted. D) Undercosted/overcosted. E) Accurately costed/accurately costed. Show Answer Correct Answer: B) Overcosted/undercosted. 13. It is estimated that a particular manufacturing job is subject to an 80 percent learning curve. The first unit required 50 labor hours to complete. What is the cumulative average time per unit after eight units are completed? A) 50, 0 hours. B) 40, 0 hours. C) 32, 0 hours. D) 30, 0 hours. E) 25, 6 hours. Show Answer Correct Answer: E) 25, 6 hours. 14. On December 31, 20x1, Evans Inc. reported an available-for-sale passive equity investment at a fair value of $ 96, 450 and an unrealized loss of 19, 800 in Accumulated Other Comprehensive Income (AOCI). What was the historical cost (i.e. purchase price) of the equity investment? A) $ 63, 595. B) $ 76, 650. C) $ 96, 450. D) $ 116, 250. Show Answer Correct Answer: D) $ 116, 250. 15. If a manufacturing company uses responsibility accounting, which one of the following items is LEAST likely to appear in a performance report for a manager of an assembly line? A) Direct materials. B) Repairs. C) Direct labor. D) Depreciation on equipment. E) Maintenance. Show Answer Correct Answer: D) Depreciation on equipment. 16. When only relevant (differential) manufacturing costs are taken into account for special order pricing, an essential assumption is that A) All manufacturing costs are discretionary costs. B) Manufacturing fixed and variable costs are linear. C) Acceptance of order will not affect regular sales. D) Acceptance of order will cause administrative variable costs to increase. E) Selling and administrative fixed and variable costs are linear. Show Answer Correct Answer: C) Acceptance of order will not affect regular sales. 17. Which of the following are NOT one of Faculty at MSU A) FBMP. B) Plugs. C) FHLS. D) FSKM . Show Answer Correct Answer: D) FSKM . 18. The LIFO (last in first out) method is allowed under US-GAAP but not under IFRS. Correct? A) Yes. B) No. Show Answer Correct Answer: A) Yes. 19. Who is NOT a prime Minister of Malaysia A) Khairy Jamaluddin. B) Anwar Ibrahim. C) Mahathir Mohamad. D) Tunku Abdul Rahman Putra Al-Haj. Show Answer Correct Answer: A) Khairy Jamaluddin. 20. Which of the following statements is NOT universally included in annual reports worldwide? A) Balance Sheet. B) Cash Flow Statement. C) Income Statement. D) All of the above statements are included in annual reports worldwide. Show Answer Correct Answer: B) Cash Flow Statement. ← PreviousNext →Related QuizzesAccounting QuizzesInternational Accounting Quiz 1International Accounting Quiz 2International Accounting Quiz 3International Accounting Quiz 4International Accounting Quiz 5International Accounting Quiz 7International Accounting Quiz 8International Accounting Quiz 9International Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books