Why is it a challenge for a fund manager to review financial statements from other countries?...
Why is it a challenge for a fund manager to review financial statements from other countries?
a- Because the U.S. Financial Accounting Standard Board does not work with the International Accounting Standards Board on mitigating differences in reporting standards
b- Because the U.S. Generally Accepted Accounting Principles and the International Financial Reporting Standards vary
c- Because the U.S. Financial Accounting Standard Board and the International Accounting Standards Board Abandoned the project to coverage Financial reporting rules
d- Because the U.S. Financial Accounting Standards Board is in the beginning stages of working with the International Accounting Standards Board on converging reporting standards
Homework Answers
Ans: B
Because the U.S. Generally Accepted Accounting Principles and the International Financial Reporting Standards vary.
Since it is vary from U.S.GAAP and the international financial reporting standards thats why it is challenging fund manager to review financial statements from other countries
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Why is it a challenge for a fund manager to review
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Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Standard Setting Evidence shows that in some countries there is a preference for rules-based accounting standards...
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The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as...
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QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States?...
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о в. us. Generaly Accepted Accounting Principles are used by many countries around the world. O...
о в. us. Generaly Accepted Accounting Principles are used by many countries around the world. O C. The most commonly used accounting the same O D. For many years, U.S. Generally Accepted Accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and Intemational Financial Reporting Standards Principles were considered to be the strongest single set of accounting standards in the world.
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted...
Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted standard for public financial reporting in over 130 countries b. IFRS is an accepted standard for foreign companies filing with the U. S. Securities and Exchange Commission c. IFRS is an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission d. IFRS are principles-based while U.S. GAAP includes more detailed rules
True or False publicly traded U.S. companies are able to supplement GAAP figures with additional non-GAAP...
True or False publicly traded U.S. companies are able to supplement GAAP figures with additional non-GAAP figures they deem necessary. An accrual always occurs when revenue and expenses are recognized and cash is received. Generally accepted accounting principles (GAAP) require related revenues and expenses to be recognized when cash is exchanged. The Financial Accounting Standard Board (FASB) establishes the rules for General Accepted Account Principles (GAAP). Generally Accepted Accounting Principles (GAAP) are a set of accounting rules, standards and financial...
*Choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting...
*Choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). *Fully explain the selected difference. *In addition, discuss how that difference impacts financial reporting. *Lastly, discuss which standard you think is more appropriate to apply to financial accounting and why.
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public...
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public company are most likely to follow. Multiple Choice rences Ο O Generally accepted accounting principles Ο International Standards of Auditing Ο Public Company Accounting Oversight Board Principles Ο Quality control standards Prev 1 of 36 !!! Next >
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States? A. GAAP OB. SEC OC. FASB O DIASB QUESTION 27 Generally accepted accounting principles A. are sound in theory but rarely used in real life. OB. are accounting rules formulated by the Internal Revenue Service. C. have eliminated all errors in accounting, D. are accounting rules that are recognized as a general guide for financial reporting. QUESTION 28 The agency of the United States...
о в. us. Generaly Accepted Accounting Principles are used by many countries around the world. O C. The most commonly used accounting the same O D. For many years, U.S. Generally Accepted Accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and Intemational Financial Reporting Standards Principles were considered to be the strongest single set of accounting standards in the world.
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public company are most likely to follow. Multiple Choice rences Ο O Generally accepted accounting principles Ο International Standards of Auditing Ο Public Company Accounting Oversight Board Principles Ο Quality control standards Prev 1 of 36 !!! Next >
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