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International Accounting Quiz 3 (30 MCQs)

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1. Where is the world's largest Equity market
2. The performance measure(s) that induce a desirable expansion of an organisation unit as long as it earns a rate of return in excess of Weighted Average Costs of Capital (WACC) include:I:Return on Investment (ROI)II:Residual Income (RI)III:Return on Sales (ROS)
3. MicroBrew Northwest is a successful brewery engaged in the development and production of specialty micro brews. It uses an activity-based costing system. During the past year, it has incurred $ 1, 250, 000 of product development (design) costs, $ 850, 000 of materials handling costs, $ 2, 500, 000 of production line labor costs, $ 700, 000 for production set up costs and $ 1, 500, 000 for manufacturing facility management. The ABC cost hierarchy is as follows:output unit-level costs, batch level costs, product-sustaining costs and facility-sustaining costs.In an ABC cost hierarchy,
4. Management Control systems help to keep companies focused in the proper direction. These control systems consist of the following basic components:
5. To reduce differences (diversities) is called
6. Generally, in a highly decentralized organisation the best option for measuring the performance of divisions (business units) is the establishment of
7. What does "harmonization" mean in the context of international accounting?
8. Which of the following is found in a Mexican income statement in the "Comprehensive Financing Result" section?
9. The expected value of perfect information is:
10. Which of them are not Locally brand car
11. Normal spoilage and abnormal spoilage should be classified as
12. What is the term used to refer to creating one set of financial accounting standards throughout the world?
13. In which year are Indian Accounting Standards in line with IFRS?
14. In situations when management must decide on accepting or rejecting one-time-only special orders, where there is sufficient idle capacity, which one of the following is NOT relevant to the decision?
15. The starting point (foundation) of a Master Budget is the
16. As used in international accounting, a "hedge" is:
17. It is generally believed that the 1997 financial crisis in East Asia was partly due to accounting factors in that part of the world. Which of the following accounting values was lacking in that part of the world, and thereby contributed to the crisis?
18. The Hersh Company uses a performance reporting system that reflects the company's decentralization of decision making. The departmental performance report shows one line of data for each subordinate who reports to the group vice-president. The data presented show the actual costs incurred during the period, the budgeted costs and all variances from budget for that subordinate's department. The Hersch Company is using a type of system called
19. Under a job order product costing system, the dollar amount of the journal entry involved in the transfer of inventory from Work in Process to Finished Goods is the sum of the costs charged to all jobs
20. Individualism, power distance, uncertainty avoidance, and masculinity are examples of:
21. Why do we need International Accounting?
22. In the United States, conformity between financial statement presentation and tax treatment is required only for:
23. Determination of net present value involves:
24. Committed costs are costs that
25. Which of the following countries tends to show a relatively high preference for conservative accounting standards?
26. According to the research of Christopher Nobes, what is the primary determinant of the accounting systems in developing countries?
27. The extent to which hierarchy and unequal authority distribution in institutions and organizations are accepted within a culture is referred to as:
28. Countries such as the U.S. tend to value self-regulation of accounting. What term is used to define this subculture?
29. The conversion costs consist of
30. In an Activity Based Costing system, cost reduction is accomplished by identifying and eliminating:
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