1.

If most of a country's business financing comes from families, banks, and the government, what should we expect in terms of information disclosure to the public?

Multiple Choice

Relatively little disclosure because the public isn't a major factor

A great deal of disclosure because it will be the only way for interested parties to learn about the company

Complete openness of accounting records

No disclosure at all

2.

Which of the following is the primary role of an internal auditor?

Multiple Choice

To uncover errors, inefficiencies, and fraud

The prepare the financial budgets for the company

To ensure the adoption of IFRS by all foreign companies

To prepare the financial statements of the company

3.

Under IAS 38, which of the following items might qualify for capitalization as internally generated intangible assets?

Multiple Choice

Publishing titles

Brands

Customer lists

Market share

5.

Which of the following is a difference between the U.S. and other Anglo-Saxon countries in terms of accounting standards?

Multiple Choice

The U.S. standards are becoming more rigid than the U.K. standards.

The U.S. does not adhere to the "true and fair view" approach.

The U.S. is more private sector-oriented.

The U.S. always follows a conceptual framework when developing accounting standards.