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Chapter 04
International Financial Reporting Standards: Part I
Multiple Choice Questions
1. In an Ernst & Young 2005 survey of 130 companies' Forms 20-F filed with the SEC, what issue
required adjustments by the greatest number of companies?
A. Goodwill
B. Leases
C. Pensions
D. Wages
2. What types of differences can cause issues between International Financial Reporting Standards
and U.S. GAAP?
A. Measurement
B. Alternatives available
C. Disclosure
D. All of the above may be different between IFRS and U.S. GAAP.
3. Which of the following is generally true about the differences between U.S. GAAP and IFRS?
A. U.S. GAAP is more flexible than IFRS.

B. U.S. GAAP tends to be more rules-based and IFRS tend to be principles-based.
C. More professional judgment is required to apply U.S. GAAP than is required for implementing
IFRS.
D. In all cases, U.S. GAAP is more detailed than the IFRS.
4-1
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
4. Which of the following inventory valuation methods, commonly used under the U.S. GAAP, is
NOT allowed under IAS 2 (Inventories)?
A. LIFO
B. FIFO
C. Weighted average
D. Retail inventory method
The following inventory information was taken from the records of GlobeKom Ltd.:
5. Under IAS 2, what should the balance sheet report for Inventory?
A. $9,000
B. $8,500
C. $9,500
D. $10,000
6. Under U.S. GAAP, what should the balance sheet report for Inventory?
A. $9,000
B. $8,500
C. $9,500
D. $10,000
The following inventory information was taken from the records of Kleinfeld Inc.:
4-2
A. $7,000
B. $8,500
C. $7,600
D. $9,000
8. Assume that subsequent to your adjustment the expected selling price increases to $13,000. (All
the rest of the facts are the same.) What adjustment to inventory should be made under IAS 2
after this event?
A. Inventory should be increased (debited) by $3,500.

B. Inventory should be increased (debited) by $4,000.
C. No adjustment should be made to inventory once it is written down.
D. Inventory should be increased (debited) by $1,000.
A. $9,000
B. $8,500
C. $7,000
D. $10,000
10. The following inventory information was taken from the records of a foreign corporation whose
stock is listed on an exchange in the U.S.
How will income under the U.S. GAAP compare to income the company reported under IFRS
after reconciliation?
A. Income will not be affected by the reconciliation.

B. Income under U.S. GAAP will be lower by $1,700.
C. Income under U.S. GAAP will be lower by $2,500.
D. Income under U.S. GAAP will be equal to income under IFRS.
4-3
11. Under IAS 2, what adjustment needs to be made after an inventory write-down if the selling price
subsequently increases?
A. No adjustment is necessary. Once inventory is written down, it cannot be increased under

IASB standards.
B. It should be sold at the replacement cost.
C. The inventory write-down should be reversed to bring it in line with the new net realizable
value.
D. Recovery of inventory loss should be debited to reflect the increase in inventory value.
12. What should be the basis for choosing depreciation methods for fixed assets under IAS 16
(Property, Plant, and Equipment)?
A. Tax minimization
B. Profit maximization
C. Useful life of the fixed asset
D. Pattern of economic benefits to be derived from the asset
13. According to IAS 16 (Property, Plant and Equipment), what is the term used to indicate the
amount for which an asset could be exchanged between knowledgeable, willing parties in an
arm's length transaction?
A. Replacement cost
B. Net realizable value
C. Fair value
D. Historical cost
14. Which of the following items should be included in the cost of property, plant, and equipment
under IAS 16?
A. All costs directly attributable to getting the asset to the proper location
B. Import duties and taxes
C. Estimated costs of removing the asset
D. All of these should be considered part of the cost of the asset.
15. In what way does IAS 16 (Property, Plant, and Equipment) differ from U.S. GAAP concerning
fixed asset measurement subsequent to initial recognition?
A. IAS 16 allows for upward revaluation of the asset based on fair value.
B. IAS 16 does not allow accumulated depreciation to be shown on the balance sheet.
C. IAS 16 requires that fixed assets be carried at fair value less accumulated impairment losses.
D. IAS 16 allows both upward and downward revaluation of fixed assets, whereas U.S. GAAP
only allows upward revaluation.
4-4
16. If a company chooses the revaluation model permitted in IAS 16 for fixed asset measurement:
A. annual revaluations must be performed on each class of assets.

B. it must update the valuation so that the balance sheet represents fair value on the balance
sheet date.
C. appraisals must be performed by an official of the IASB.
D. the depreciated replacement cost must be used as the fair value of the fixed asset.
17. Chien Bleu Ltd. purchased a building in 2009 for €10,000,000 and as of December 31, 2015 had
recorded accumulated depreciation on the building of €3,000,000. On December 31, 2015, the
company conducted its first revaluation when the fair value was €12,000,000. According to IAS
16, what account should be credited for €5,000,000?
A. Loss on Revaluation—Building
B. Gain From Revaluation of Building
C. Revaluation Surplus—Building
D. Revaluation Revenue—Building
18. According to IAS 16, a decrease in the carrying amount of a fixed asset that is identified on an
asset's first revaluation should be recorded as:
A. an expense on the income statement.

B. a prior period adjustment to retained earnings.
C. a credit to Revaluation Surplus.
D. a debit to Revaluation Surplus.
19. Blanco Chemical Company spent €15,000,000 in development efforts to create a fertilizer for
which it was able to obtain a patent; however, the expected distribution costs make it infeasible to
market the chemical in the foreseeable future. According to IAS 38 (Intangible Assets), how
should Blanco Chemical Company record the €15,000,000?
A. As a "Deferred Development Cost" on the Balance Sheet

B. As "Fertilizer Revenue" on the Income Statement
C. As "Development Expense" on the Income Statement
D. It should only be reported in the notes to the financial statements.
20. As defined by IAS 38, how are intangible assets unlike other assets?
A. They must have arisen from past events.

B. Their value cannot be reasonably measured.
C. They must be controlled by enterprises.
D. They are nonmonetary and lack physical substance.
4-5
21. IAS 38 states that an intangible asset is deemed to have an indefinite life when there is no
foreseeable end to the expected cash flows the asset is likely to generate. What is the impact of
an indefinite life on amortization of the intangible asset's cost under IAS 38?
A. Management may choose any number of years over which to amortize the cost.
B. No amortization is taken as long as the life is considered indefinite.
C. The cost of the asset should be amortized over 20 years.
D. The cost of the asset should be expensed in the period the intangible asset is acquired.
22. When a patent or trademark is acquired in a business combination, what does IAS 38 say about
recording these intangibles?
A. If they had not been previously recorded as separate assets by the acquired company, they
should always be recorded as "Goodwill" on the balance sheet of the company acquiring them.
B. The cost of the intangibles should be expensed by the acquiring company on the merger date.
C. They should be recorded as separate intangible assets only if their useful life is indefinite.
D. They should be recorded as separate intangible assets if their fair value can be reliably
measured.
23. Through 50 years of high quality service, Domo Diagnostics Laboratory has created goodwill with
its clients that management estimates is worth at least $20,000,000. Under IAS 38, how should
this be recognized?
A. An intangible asset "Goodwill" should be debited for $20,000,000.

B. The $20,000,000 should be expensed over a period of 20 years.
C. The $20,000,000 should be expensed over a period of 50 years.
D. It should not be recognized in Domo's accounting records at all.
24. Under IAS 38, which of the following items is specifically EXCLUDED from being recognized as
an internally generated intangible asset?
A. Computer software costs

B. Copyrights
C. Customer lists
D. Motion picture films
25. How does IAS 38 (Intangible Assets) differ from U.S. GAAP with respect to development costs?
A. U.S. GAAP does not allow capitalization of development costs, whereas IAS 38 allows
capitalization of these costs.
B. U.S. GAAP requires capitalization of development costs, whereas IAS 38 makes capitalization
of these costs optional.
C. U.S. GAAP treats development costs as part of "Goodwill", whereas IAS 38 treats these costs
as an intangible asset.
D. U.S. GAAP requires expensing of all development costs, and IAS 38 requires capitalizing all
development costs.
4-6
26. Agro-World Technologies Inc. incurred $1,000,000 to construct a pilot plant to study the feasibility
of building agricultural machinery more inexpensively for emerging economies. How would this
cost be classified under IAS 38 (Intangible Assets)?
A. Research costs
B. Development costs
C. Neither research nor development
D. It could be either research or development, depending on management's wishes.
27. Rive Rouge Confections Company incurred €5,000,000 to determine if chocolate could be made
to resist melting by adding certain inert minerals to the mixture. According to IAS 38, how should
Rive Rouge record this cost?
A. It should be capitalized as a deferred development cost.

B. It should be treated as a cost of products it currently markets.
C. It should be expensed currently.
D. It should be amortized over 20 years.
28. How does the definition of asset impairment differ between IAS 36 and U.S. GAAP?
A. U.S. GAAP does not consider selling price in determining impairment, but IAS 36 does.
B. U.S. GAAP considers cash flows in assessing value of continued use, but does not discount
them, whereas IAS 36 requires discounting in assessing asset impairment.
C. Asset impairment is more likely to occur under IAS 36 than under U.S. GAAP.
D. All of the above are differences between IAS 36 and U.S. GAAP.
The following information was taken from the fixed asset records of Bosco Ltd. as of December
31, 2010:
29. Using IAS 36, what is the amount of impairment loss?
A. €18,000
B. €37,000
C. €15,000
D. €25,000
4-7
30. What is the amount of impairment loss under U.S. GAAP?
A. €37,000
B. €18,000
C. €15,000
D. €25,000
31. Using IAS 36, what is the recoverable amount?
A. €85,000
B. €82,000
C. €63,000
D. €75,000
32. Under U.S. GAAP, if the carrying value of a fixed asset was $50,000, the undiscounted expected
future cash flows was $55,000, the discounted expected future cash flows was $51,000, and the
selling price was $53,000, what is the amount of impairment loss?
A. $5,000
B. $3,000
C. $1,000
D. $0
33. A "bottom-up" test and "top-down" test must be applied under IASB standards to determine:
A. impairment of tangible fixed assets.

B. impairment of patents.
C. impairment of goodwill.
D. allocation of overhead costs.
34. How should the cost of borrowing funds to acquire or construct property, plant, and equipment be
accounted for under IASB rules, as revised in 2007?
A. It should be expensed in the period incurred.

B. It should be added to the other costs of acquiring fixed assets to determine the amount for the
balance sheet.
C. Both methods are acceptable.
D. Neither method is acceptable under IASB rules.
35. Under U.S. GAAP, interest on loans secured to acquire fixed assets must be:
A. expensed in the period they are incurred.

B. capitalized as part of the fixed asset cost.
C. either expensed currently or capitalized as part of the fixed asset cost.
D. charged against revenue in the year the asset is put into service.
4-8
36. Camerata Construction borrowed €19,000,000 for 10 years at 6% specifically to modernize its
operations with new equipment. The average rate of interest on Camerata's debt after
considering the most recent loan was 5.5%. What rate of interest should be used for capitalizing
the borrowing costs on the new equipment under IAS 23?
A. 5.5%
B. 6%
C. 5.75%
D. Some other amount
37. In what way does the IASB standard on leases (IAS 17) differ from U.S. GAAP?
A. It is less specific than U.S. GAAP in terms of defining what constitutes a finance lease.
B. U.S. GAAP requires more professional judgment in accounting for leases than does IAS 17.
C. IAS 17 is more specific than U.S. GAAP in defining an operating lease.
D. Operating leases are capitalized under IAS 17 but are not capitalized under U.S. GAAP.
38. In what way should operating leases be accounted for under IAS 17?
A. The lease payments should be capitalized and shown on the balance sheet as an asset.
B. The lease payments must be expensed by the lessee as they are incurred.
C. IAS 17 is flexible, allowing both capitalization and expensing of operating lease costs.
D. The lessee capitalizes the operating lease and the lessor expenses the lease.
39. Under IAS 17, in a sale-leaseback transaction, how must the initial owner treat any gain on a
finance lease?
A. Defer it and amortize it into income over the life of the lease.
B. Recognize it in income immediately.
C. Defer it until the end of the lease term, including extensions.
D. He/she can choose to either defer it or recognize it in income immediately.
40. Under IAS 40 (Investment Property), gains or losses from revaluation are:
A. recognized in revaluation surplus.

B. recognized in current income.
C. not permitted.
D. recognized either in current income or revaluation surplus at the option of management.
41. Under IAS 16 (Property, Plant, and Equipment), subsequent revaluation decreases are:
A. never recognized.
B. credited to a revaluation surplus account.
C. recognized as an expense on the income statement.
D. first recognized as a reduction in any related revaluation surplus.
4-9
42. How does the treatment of borrowing costs under U.S. GAAP differ from IFRS?
A. U.S. GAAP has no guidance for accounting treatment related to borrowing costs.
B. U.S. GAAP specifically includes foreign exchange gains and losses on foreign currency
borrowings.
C. The definition of borrowing costs under U.S. GAAP is broader in scope than the definition of
interest cost under IAS 23.
D. U.S. GAAP does not allow netting of interest income against interest cost.
43. Under what circumstance, both U.S. GAAP and IAS 2 will provide similar result with respect to
inventory valuation?
A. When historical cost is greater than the net realizable value

B. When replacement cost is lower than historical cost
C. When replacement cost is greater than the net realizable value
D. When normal profit margin is less than 15%
44. Under IAS 38, which of the following items might qualify for capitalization as internally generated
intangible assets?
A. Brands
B. Publishing titles
C. Market share
D. Customer lists
45. Synergy Ltd. purchased a building in 2008 for €20,000,000 and as of December 31, 2014 had
recorded accumulated depreciation on the building of €6,000,000. On December 31, 2014, the
company conducted its first revaluation when the fair value was €24,000,000. Under IAS 16, the
journal entry recorded on this date would include:
A. a credit to Revaluation Surplus—Building for €10,000,000.

B. a debit to Revaluation Surplus—Building for €14,000,000.
C. a debit to Loss on Revaluation—Building for €14,000,000.
D. a credit to Loss on Revaluation—Building for €10,000,000.
46. Under a joint exposure draft issued by the IASB and FASB in 2010, what is one of the most
significant proposals?
A. IFRS and U.S. GAAP would have identical quantifiable criteria for lease classification.
B. Leases would no longer be classified as finance or operating.
C. Lessors would recognize income immediately at the inception of the lease.
D. There would be no lease disclosure required in the notes to the financial statements.
4-10
47. Which of the following is true about the IASB standards on statement of cash flows?
A. Cash flow statements are not required under the IASB standards.
B. Operating cash flows must be determined using the "direct method only."
C. Operating cash flows may be combined with financing cash flows.
D. IAS 7 requires essentially the same information in the statement of cash flows as U.S. GAAP.
48. IASB standards address related party transactions. According to these standards, which of the
following is considered a "related party?"
A. Parent companies
B. Subsidiary companies
C. Key members of management
D. All of the above could be related parties.
49. What do IASB standards say about related party transactions?
A. They are illegal in most countries and must be avoided.

B. Related party transactions should be eliminated from the financial statements.
C. They must be disclosed in the notes to the financial statements.
D. None of the above
50. What is one major difference between IFRS and U.S. GAAP relative to discontinued operations?
A. U.S. GAAP requires that the after-tax gain or loss from operations and the after-tax gain or
loss on asset disposal be shown as a combined item.
B. U.S. GAAP requires both pre-tax and after-tax profit and loss on discontinued operations to be
reported on the income statement.
C. The definition of the type of operation that can be classified as discontinued is narrower under
U.S. GAAP.
D. IFRS requires no separate disclosure for discontinued operations.
51. What is one major difference between IFRS and U.S. GAAP relative to correction of errors?
A. U.S. GAAP is silent as to how to treat errors that have been discovered.
B. IFRS is silent as to how to treat errors that have been discovered.
C. Under U.S. GAAP, a prospective approach is taken.
D. Under IFRS, if it's impractical to restate financial statements, then no restatement is
necessary.
4-11
52. According to IFRS 8 (Segment Reporting), which is NOT one of the three criteria for defining an
operating segment?
A. An operating segment can't merely be a lessor.

B. An operating segment is a component of a business that generates revenues.
C. An operating segment is a component of a business whose operating results are regularly
reviewed by the chief operating officer.
D. An operating segment has separate financial information available.
53. Under IAS 10 (Events after the Reporting Period), adjusting events that occur after the balance
sheet date are:
A. recognized through adjustment of the financial statements.

B. disclosed in a footnote only.
C. treated as a prior period adjustment.
D. not disclosed, since they occurred after the fact.
54. How does IAS 34 (Interim Financial Reporting) differ from U.S. GAAP?
A. U.S. GAAP has no guidance for interim financial reporting.

B. U.S. GAAP treats interim periods are an integral part of the full year.
C. U.S. GAAP is the same as IAS 34.
D. U.S. GAAP requires that an interim period be projected pro rata for the entire year.
4-12
Chapter 04 International Financial Reporting Standards: Part I Answer
Key
Multiple Choice Questions
1. In an Ernst & Young 2005 survey of 130 companies' Forms 20-F filed with the SEC, what
issue required adjustments by the greatest number of companies?
A. Goodwill
B. Leases
C. Pensions
D. Wages
Learning Objective: 04-01 Discuss the types of differences that exist between International Financial Reporting Standards
(IFRS) and U.S. generally accepted accounting principles (GAAP).
Level of Difficulty: 2 Medium
2. What types of differences can cause issues between International Financial Reporting
Standards and U.S. GAAP?
A. Measurement
B. Alternatives available
C. Disclosure
D. All of the above may be different between IFRS and U.S. GAAP.
3. Which of the following is generally true about the differences between U.S. GAAP and IFRS?
A. U.S. GAAP is more flexible than IFRS.

B. U.S. GAAP tends to be more rules-based and IFRS tend to be principles-based.
C. More professional judgment is required to apply U.S. GAAP than is required for
implementing IFRS.
D. In all cases, U.S. GAAP is more detailed than the IFRS.
4-13
4. Which of the following inventory valuation methods, commonly used under the U.S. GAAP, is
NOT allowed under IAS 2 (Inventories)?
A. LIFO
B. FIFO
C. Weighted average
D. Retail inventory method
Learning Objective: 04-02 Describe IFRS requirements related to the recognition and measurement of assets; specifically
inventories; property; plant; and equipment; intangibles; and leased assets.
Learning Objective: 04-03 Explain major differences between IFRS and U.S. GAAP on the recognition and measurement of
assets.
The following inventory information was taken from the records of GlobeKom Ltd.:
A. $9,000
B. $8,500
C. $9,500
D. $10,000
A. $9,000
B. $8,500
C. $9,500
D. $10,000
assets.
4-14
The following inventory information was taken from the records of Kleinfeld Inc.:
A. $7,000
B. $8,500
C. $7,600
D. $9,000
8. Assume that subsequent to your adjustment the expected selling price increases to $13,000.
(All the rest of the facts are the same.) What adjustment to inventory should be made under
IAS 2 after this event?
A. Inventory should be increased (debited) by $3,500.

B. Inventory should be increased (debited) by $4,000.
C. No adjustment should be made to inventory once it is written down.
D. Inventory should be increased (debited) by $1,000.
A. $9,000
B. $8,500
C. $7,000
D. $10,000
assets.
4-15
Another random document with
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THE WINNETUXET.
I’ve rowed the Juniata,

I’ve trailed the Kennebec,
I’ve drifted down Algerian shores
Stretched on the upper deck.
I’ve seen the Golden Gate swing wide

To let the sunset through
On wings of flowing opal,
With tangerine and blue.
I’ve idled down the Congo

And dallied up the tide
That girdles the Bahamas,
I’ve floated down the Clyde,
But let me hear the music,

And smell the briar rose,
Of summer’s listless noontide where
The Winnetuxet flows.
Singlehurst,
Plympton, Mass.
HYMN ANCESTRAL.
O, the glory of the Autumn

On the old New England hills,
When the summer-leaf is dying in its pride;
O, the song of wine and wonder
Where the wild grape’s udder fills;
O, the hymn of homage where the gentians hide.
O, the dream enchanted woodlands;

O, the spell that’s on the seas,
And the cricket’s lovesick murmur of repose;
O, the gossamer and damask
Spreading underneath the trees;
O, the silken tassels where the tangle grows.
Let me slumber ’neath the shadow

Of the old New England hills,
Weave my raiment of the starlight when I die;
May the storms caress my temple,
May the winds caress my throne,
In the Pilgrims’ hallowed sands O let me lie.
FEEL OF THE WANDER-LURE.
My sandals are of starlight,

My soul has a flame,
And all the spheres along the sky
Are trumpeting my name.
My spirit, warm and eager,

And longing to be free,
Tired of a Shadow-house of Dreams,
Lured by immensity,
Will answer when the wild winds call
My name, on some dark night,
And I, a lone adventurer,
Will take the Road of Light.
OVERHEARD AT THE MONEY
CHANGERS OF
NINEVEH.
Our Pilgrim sires—brief the story—
They planted and we reaped the glory;
Their simple thrift and noble deeds
We swapped for affluence and creeds;
Our bank account the trickster rifles,
Their Sabbath Day we sold for trifles;
They, wisdom-governed, graced creation,
Ill-timed and aimless, now a nation
Has bartered Freedom at its forum,
Where statesmen wait to find a quorum.
THE INNERMOST.
I would not like to think my song will die into the arching night;
I would not like to think my soul will lose itself in morning light;
But I would have my song increase and star some little world with
peace;
My soul, with beauty stretching far should be the spirit of that star.
THE AUTUMN RAIN.
Mother of Darkness, Mother of Pain,
White on the rim of the autumn rain,
Pressing the cold of your cheek to my face,
Roving the infinite hills of space,
Wandering, wandering everywhere,
Wearing a leaf that is dead in your hair,
Mother of Darkness, Mother of Pain,
White on the rim of the autumn rain.
CRY OF THE WOUNDED LOON.
A dirge was on the waters,

Each wave a muffled bell;
Against the west a hunter strolled,
Nor heeded he the knell.
I heard a cripple calling,
In one unwonted cry of pain,
And down the sorrow of the wind,
The darkness and the river-rain,
The cry went wandering, alone,
Through gloomings of abysmal space,
Till, midst a weary waste of marsh
We met as lovers, face to face.
A dirge hung on the waters,
As from a convent bell,
Against the west a hunter strolled,
Nor wist he of the knell,
But sobbing, sobbing down the years,
Through all my joys and all my tears,
Along the silence comes to me
That Ave Mary of the sea.
Written at Cut River, 1920.

THE OLD BUSH PASTURE.
Give me the old bush-path again

Which wandered past my Uncle Tim’s,
The dusky dells, the musky smells,
That filtered through the sunset glims;
The goblins crouching ’neath the trees,
The bats and witches by the mill,
The foolish talk of all the leaves;
And let me hear the whip-poor-will
Above the pines, the old new moon
Hung high and dry, up there alone,
And golden-clear and far and near,
A-chanting in an undertone
Of something half a-kin to fear,
Which only whip-poor-wills can hear.
Give me the old bush-path again,

The barefoot days, the old-time ways,
The old-time ties, the dragon-flies,
And childish joys unfit for men.
Plympton, Mass.,
September 17, 1920.
A GARLAND.
In one aspiring carillon
God’s Sabbath-bells a-rhyme,
From country-side to country-side
Have set the world a-chime.
Like jewels dropped from heaven,
Ere time or death were known,
The arbutus is blooming,
Where never dust is blown,
For her—the Pilgrim Mother,—
Steadfast and halo-spanned,
Where, still, like constellations burn,
Her footsteps in the sand.
THE UMPAME MUSKETEERS.
The musketeers went marching by,

Went marching, marching, marching by;
On, on with sword and bandoleer,
I saw men come and disappear;
And no one knew the reason why
Went marching, marching by.
But forward swept the caravan,

And step by step and man to man,
In gold and martial hue and sway,
I saw the column march away,
And breast to breast, and none knew why
Went marching, marching by.
Would that my pen could write in time

To glorify this simple rhyme!
But why the dead that ever bleed?
And why was Standish in the lead?
But onward! on! with fife and drum,
With clank and rattle, still they come.
Who knoweth but the winds in flight,
A battle never won a fight?
And still the musketeers go by,
Go marching, marching by.
O Son of Heaven, answer, why

Do musketeers go marching by
With trumpet-blare, in fringe and gold,
And flags that flutter, fold on fold;
And rush and rattle, surge and swing,
And left to right, all glittering
In lordly plumes, that flash and glow,
And guns and stretchers, row on row!
There’s no one knows the reason why
The musketeers go marching by,
Go marching, marching, marching by.
A MEMORY.
Long buried, that Elysian noon

When first I saw the wildering waste of sea,
And felt the call of rainbow wings a-flutter in my little soul—
That elfin music only childhood hears.
O barefoot days, the bickering rains have deluged all the years,
But still the wide blue wonder calls to me,
And some day I shall answer where the waves run wild,
Once more a happy child.
36 Woodland Street,
Hartford, Ct.,
January 17, 1921.
NEW ENGLAND.
New England—Daughter of the Sun—
A laurel on your brow,
The thrill of springtime in your heart,
Yea, we are lovers now,
And we shall wind a lover’s horn
High on the hills of space,
To echo far beyond the stars;
I shall behold your face,
With laughing eyes, when time is not;
Your lifting vistas then,
As now, will haunt and wake in me
A chording great amen.
HILLS O’ MY HEART.
The bloom of night lay on the hills,
Lay on the hills o’ my heart,
When a white star came as on wings of light,
And my soul grew warm,
And my soul grew bright,
With a wild-sweet wonder of yesterday,
Mid a valley green, but it would not stay,
For the bloom of night lay on the hills,
Lay on the hills o’ my heart.
MASCOTTE.
Plymouth wears a dimple,

Kingston wears a rose,
Plympton wears a feather,
Everybody knows.
Search the groves of Arcady,

’Neath the azure sky,
Carver, like a cherished dream,
With a flag goes by.
Like an old doxology,

Glittering, a bugle-mouth,
“Keep to the right, and go ahead!”
Trumpets from the South.
YE OLDEN TIME.
A TRIBUTE.
Written for Carver’s Old Home Day Celebration.
A song to the brave of ye olden time,

Who rest where the night hangs low,
Where never a breeze of the morning stirs,
And only the death-lamps glow.
Where ever and ever, a-side by side,

The prince and the pauper dwell,
While the summer blooms and the autumn fades
And the winter weaves its spell
Through the leafless boughs, and the snow descends,

And wraps them all as one,
And the stars adore, and the still moon waits,
While the hurrying world moves on.
A song to the man of a courtly mien,

With his buckles, and wig, and frill,
And a song to the man with a horny palm,
And the grip of an iron will,
Who planted these fields with their living green,

With the plough, and the hoe and pick;
Who lighted his way by the Psalmist’s lay,
And the glow of a tallowed wick.
A song to the maid of the minuet,

With a blush as of autumn fruit,
Whose wheel was rife with such magic strains
As the strings of a lover’s lute;
Who caught with her shuttle the firelight glim,

As she worked at her cloth of gold,
And took up her task at the early dawn
With the skillet and candle mould.
A song to the dame with her green calash,

Her curls and her pensive grace,
Who gladdened the days with her homespun ways,
And the charm of her tranquil face.
A song to the woman who made the Home,

Who hovered about the nest
With the sheltering wings of a mother’s prayers,
And the warmth of a mother’s breast.
To her be the chaplet of stars we bring!

To her be our gifts of myrrh!
For heaven is heaven and God is God,
For the goodness we found in her.
Swing out ye bells from your signal towers!

Swing out with your tongues of gold!
And mingle your strain, O ye fields of grain,
With a tenderness yet untold,
Till it reach the throngs on those peaks of light

Where the hosts of the holy stand,
And their voices wake for the old love’s sake—
For the loves of life’s yester-land.
SUNDOWN ON THE MARSHES.
The tide is ebbing out to sea;

Much as an old-time tapestry,
Bayeux or Gobelin, it might be,
The wizard weavers weave for me,
In strangely picturesque design,
Of colors rare that intertwine
Like those of Botticelli’s “Spring,”
Or tints that blend a wood-drake’s wing,
With rose-tipped grasses, amethyst,
And blazing jewels, Shylock missed;
While here and there, as if ’twere worn
By splash of spray, the threads are torn,
Or, as ’twere some old water-witch,
Grown weary eyed, had dropped a stitch,
Appears a patch of faded stuff,
Of fretted, dingy-brown, or buff,
With nets of fisher-folk, in spots,
Entangled with the lobster-pots.
But see! a bit of old brocade,
A water-kelpie must have made;
And there’s a garb of quaintest kind
Some Pilgrim farer left behind.
Out where the shallows turn to blood,
Lost in the trailing weeds and mud,
A crimson crescent blinks at me—
A vagabond who loves the sea—
While mythic muse with ancient loom,
Who knows where Clytie’s flowers bloom,
Has wrought of weeds and tinsel string,
A garment suited to a king.
And look! some oracle of time—
Some sorcerer of ooze and slime—
Has left a panoply most rare
For lazy-footed night to wear,
With girdle of a sombre dye,
And hung it on a rock to dry,
Where, flushed with slumber, drones a stream
To charm some lonely mermaid’s dream.
And this my heritage, more fair

Than mosque that ever called to prayer
A Moslem, bids me kneel and pray;
These simple words are all I say—
“I’ve been with God an hour or two”—
A shadow tiptoes down the blue;
And like a mother wraps the sea
In stillness of eternity.
Marshfield, August 16, 1920.

NEIGHBORS.
I love to think o’ days what’s been
’th all the neighbors droppin’ in
To spend the day, or arternoon,
’n in the evenin’ have a tune
Like Mear or some such ainshunt air,
’th cider, ’n’ doughnuts; I declare
It seems jest like they’s settin’ there
A-bindin’ shoes, or knittin’ lace,
Eround that old big fireplace,
Afore some blazin’ apple bough.
There’s too much cultivation now!
I love to think o’ days what’s been—
“Good night—good night, run in agin’.”

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Test Bank for International Accounting 4th Edition

Doupnik Perera 0077862201 9780077862206

Test bank: https://testbankpack.com/p/test-bank-for-international-

International Financial Reporting Standards: Part I

Multiple Choice Questions

A. U.S. GAAP is more flexible than IFRS.

A. Inventory should be increased (debited) by $3,500.

A. Income will not be affected by the reconciliation.

A. No adjustment is necessary. Once inventory is written down, it cannot be increased under

A. annual revaluations must be performed on each class of assets.

A. an expense on the income statement.

A. As a "Deferred Development Cost" on the Balance Sheet

A. They must have arisen from past events.

A. An intangible asset "Goodwill" should be debited for $20,000,000.

A. Computer software costs

A. It should be capitalized as a deferred development cost.

29. Using IAS 36, what is the amount of impairment loss?

31. Using IAS 36, what is the recoverable amount?

A. impairment of tangible fixed assets.

A. It should be expensed in the period incurred.

A. expensed in the period they are incurred.

A. recognized in revaluation surplus.

A. When historical cost is greater than the net realizable value

A. a credit to Revaluation Surplus—Building for €10,000,000.

49. What do IASB standards say about related party transactions?

A. They are illegal in most countries and must be avoided.

A. An operating segment can't merely be a lessor.

A. recognized through adjustment of the financial statements.

A. U.S. GAAP has no guidance for interim financial reporting.

Multiple Choice Questions

A. U.S. GAAP is more flexible than IFRS.

A. Inventory should be increased (debited) by $3,500.

I’ve rowed the Juniata,

I’ve seen the Golden Gate swing wide

I’ve idled down the Congo

But let me hear the music,

O, the glory of the Autumn

O, the dream enchanted woodlands;

Let me slumber ’neath the shadow

My sandals are of starlight,

My spirit, warm and eager,

A dirge was on the waters,

Written at Cut River, 1920.

Give me the old bush-path again

Give me the old bush-path again,

The musketeers went marching by,

But forward swept the caravan,

Would that my pen could write in time

O Son of Heaven, answer, why

Long buried, that Elysian noon

Plymouth wears a dimple,

Search the groves of Arcady,

Like an old doxology,

Written for Carver’s Old Home Day Celebration.

A song to the brave of ye olden time,

Where ever and ever, a-side by side,

Through the leafless boughs, and the snow descends,

A song to the man of a courtly mien,

Who planted these fields with their living green,

A song to the maid of the minuet,

Who caught with her shuttle the firelight glim,

A song to the dame with her green calash,