1.When valuing non-financial assets which use for the asset should be considered Select one: a. The asset's highest and best use b. The asset's current use c. The asset's expected use d. None of the above 2.Manipulation of reported earnings: Select one: a. Affects wealth transfers between the company and others. b. Can be both legal and illegal. c. Includes income smoothing. d. All of the above. 3.The work of Hofstede has been very important to the study of international accounting, which of the following was NOT one of his cultural characteristics used to describe cultures around the world? Select one: a. Masculinity versus Femininity b. Organised versus laid-back c. Individualism versus Collectivism d. None of the above, i.e. they are all cultural characteristics 4.With regards to inventory which of the following would be classed as conservative accounting? Select one: a. Being slow to write down slow-moving inventory b. Still recording obsolete inventory as an asset c. Consistently and quickly applying the lower of cost and net realisable value rule d. Overstating inventory by including non-existent inventory in accounts.