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    Chapter 06 - Comparative Accounting: Multiple Choice Questions

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    Loretta Suryadi
    The document contains 10 multiple choice questions about accounting practices in different countries. It asks about the economic system in China (socialist market), the history and users of accounting in China, the principle of conservatism in German accounting, why corporate tax is based on financial accounting in Germany, the business structure of keiretsu in Japan reflecting collectivism, recent reporting requirements for large Japanese corporations, the free market economic system in Mexico, standards not considered GAAP in Mexico, and the professional association whose members may not sign audit reports in the UK.

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    Chapter 06 - Comparative Accounting: Multiple Choice Questions

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    Loretta Suryadi
    27 views11 pages
    The document contains 10 multiple choice questions about accounting practices in different countries. It asks about the economic system in China (socialist market), the history and users of accounting in China, the principle of conservatism in German accounting, why corporate tax is based on financial accounting in Germany, the business structure of keiretsu in Japan reflecting collectivism, recent reporting requirements for large Japanese corporations, the free market economic system in Mexico, standards not considered GAAP in Mexico, and the professional association whose members may not sign audit reports in the UK.

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    Chapter 06 - Comparative Accounting

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    The document contains 10 multiple choice questions about accounting practices in different countries. It asks about the economic system in China (socialist market), the history and users of accounting in China, the principle of conservatism in German accounting, why corporate tax is based on financial accounting in Germany, the business structure of keiretsu in Japan reflecting collectivism, recent reporting requirements for large Japanese corporations, the free market economic system in Mexico, standards not considered GAAP in Mexico, and the professional association whose members may not sign audit reports in the UK.

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    27 views11 pages

    Chapter 06 - Comparative Accounting: Multiple Choice Questions

    Uploaded by

    Loretta Suryadi
    The document contains 10 multiple choice questions about accounting practices in different countries. It asks about the economic system in China (socialist market), the history and users of accounting in China, the principle of conservatism in German accounting, why corporate tax is based on financial accounting in Germany, the business structure of keiretsu in Japan reflecting collectivism, recent reporting requirements for large Japanese corporations, the free market economic system in Mexico, standards not considered GAAP in Mexico, and the professional association whose members may not sign audit reports in the UK.

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    of 11

    Chapter 06 –

    Comparative
    Accounting
    Multiple Choice Questions
    1.
    What term should be used to describe the current economic system in
    the People's Republic of China?
    a. Communist
    b. Socialist market
    c. Totalitarian
    d. Free enterprise
    2.
    Which of the following statements is true about accounting in China?
    a. Accounting has a long history, dating back thousands of years.
    b. The first professional accounting body in the People's Republic of
    China was established in 1988.
    c. The philosopher Confucius taught about accounting.
    d. All of the statements above are true.
    3.
    Who is the main user of accounting information in China?
    a. listed companies
    b. banks
    c. investors
    d. the government
    4.
    In Germany, prudence is an accounting principle established in
    commercial law. What does “prudence” mean in an accounting
    context?
    a. Reliability
    b. Comparability
    c. Conservatism
    d. Relevance
    5.
    Why is corporate income tax in Germany based on financial accounting
    income?
    a. Germany had rules for financial accounting before it had a
    corporate income tax.
    b. The German Accounting Standards Board has more authority than
    the Bundestag.
    c. German financial accounting standards reflect true economic
    income.
    d. Germany was following the practice set by the United Kingdom
    6.
    Keiretsu control about one-fourth (1/4) of the assets in Japan. What
    cultural value is reflected in this business structure?
    a. professionalism
    b. optimism
    c. collectivism
    d. conservatism
    7.
    What must large Japanese corporations report for years ending after
    2004 due to recent amendments to the Japanese commercial code?
    a. Statement of Changes in Financial Position
    b. Consolidated Financial Statements
    c. Retained Earnings Statement
    d. Cash Flow Statement
    8.
    What type of economic system presently exists in Mexico?
    a. socialist market
    b. Communist
    c. free market
    d. planned economy
    9.
    Which of the following is NOT considered GAAP in Mexico?
    a. MIPA Bulletins
    b. MIPA Interpretations
    c. International Financial Reporting Standards
    d. NBSC Statements on Accounting Practice
    10.
    Of the following British professional accounting associations, whose
    members MAY NOT sign an audit report?
    a. ICAEW
    b. ACCA
    c. CIPFA
    d. ICAS

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