1-Which statement is correct as it relates to diverse accounting practices across countries?

a-Gaining access to foreign capital markets is relatively easy and inexpensive once the financial statements are converted to the local currency of the country where the financing is desired.

b-U.S. GAAP is acceptable worldwide wherever IFRS has not been adopted.

c-To have stock listed on a U.S. stock exchange, all financial statements submitted to the SEC must be prepared either using U.S. GAAP or using IFRS.

d-Stock analysts specializing in industry coverage can compare financial statements regardless of various national or international accounting standards used by companies being compared.

e-Translating financial statements of various currencies into one common currency for consolidation purposes does not resolve the problem of diversity of accounting practices across countries.

2-The FASB-IASB convergence project on leases resulted in the following:

a-Lease accounting will be the same under IFRS and under U.S. GAAP in that lessors and lessees will capitalize all leases as finance leases and treat them as such in the measurement of income. b-Lessor and lessee accounting will be the same under IFRS and under U.S. GAAP in that lessors will capitalize all leases and lessees will capitalize some leases as finance leases but treat others as operating leases. c-Lease accounting will differ in that under IFRS lessees will capitalize some leases as finance leases and others as operating leases, while under U.S. GAAP lessees will capitalize all leases as finance leases but treat them as traditional operating leases in the measurement of net income. d-Lease accounting will be similar under IFRS and U.S. GAAP for lessees but will differ for lessors in their treatment of the measurement of net income. e-Lease accounting will differ for lessees in that, under IFRS, all leases will be treated as finance leases both on the balance sheet and in the measurement of net income, and under U.S. GAAP lessees will capitalize operating leases on the balance sheet similar to finance leases but will treat them as traditional operating leases in the measurement of income.

3-Which method of translating a foreign subsidiary's financial statements is correct if it is assumed that the parents net investment is exposed to foreign exchange risk?

a-Historical rate method. b-Working capital method. c-Current rate method. d-Remeasurement. e-Temporal method.

4- Which statement is correct as it relates to diverse accounting practices across countries?

a-Gaining access to foreign capital markets is relatively easy and inexpensive once the financial statements are converted to the local currency of the country where the financing is desired. b-U.S. GAAP is acceptable worldwide wherever IFRS has not been adopted. c-To have stock listed on a U.S. stock exchange, all financial statements submitted to the SEC must be prepared either using U.S. GAAP or using IFRS. d-Stock analysts specializing in industry coverage can compare financial statements regardless of various national or international accounting standards used by companies being compared. e-Translating financial statements of various currencies into one common currency for consolidation purposes does not resolve the problem of diversity of accounting practices across countries.