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ACCT 425 Test 1 (UMUC)
1. The importance of international accounting is growing. Within financial innovations, risk management is a key area. List three concerns that are critical for effective risk management.
2. What country in the Americas has the world’s largest emerging equity market?
3. Eight factors that have had an influence on accounting have been presented in both Week 1 and again in Week 3. Select one factor and in 50 words or less present your understanding of the factor and give one example of its effect on accounting.
4. List the two major types of legal systems in the world.
5. What organization replaced the International Accounting Standards Committee?
6. What is the Norwalk Agreement?
7. TRUE or FALSE: US GAAP reconciliation is required in foreign issuer’s filings with the SEC.
8. List the types of differences between IFRS and US GAAP.
9. Although US public companies are not currently required to adopt IFRS, the IFRS affects US businesses in multiple ways. Companies will be affected at different times and to a different degree, depending on size, industry… geographic makeup, M&A activity and global expansion. There are four main challenges or impacts that merit companies’ attention. List two of those challenges/impacts.
10. TRUE or FALSE: IFRS does not allow the use of LIFO.
2. What country in the Americas has the world’s largest emerging equity market?
3. Eight factors that have had an influence on accounting have been presented in both Week 1 and again in Week 3. Select one factor and in 50 words or less present your understanding of the factor and give one example of its effect on accounting.
4. List the two major types of legal systems in the world.
5. What organization replaced the International Accounting Standards Committee?
6. What is the Norwalk Agreement?
7. TRUE or FALSE: US GAAP reconciliation is required in foreign issuer’s filings with the SEC.
8. List the types of differences between IFRS and US GAAP.
9. Although US public companies are not currently required to adopt IFRS, the IFRS affects US businesses in multiple ways. Companies will be affected at different times and to a different degree, depending on size, industry… geographic makeup, M&A activity and global expansion. There are four main challenges or impacts that merit companies’ attention. List two of those challenges/impacts.
10. TRUE or FALSE: IFRS does not allow the use of LIFO.
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