6- The international equivalent of the American FASB is: A- IOSCO B- IASB C- IFAC D- None of the above answers is correct answer 7- Forecasting a firms prospects based on an assessment of a firms business strategy, accounting policy, and its financial analysis, and arriving at an estimate of the firms value, is: A- Prospective Analysis B- Strategy Analysis C- Both a and b D- None of the above answers is correct answer 8- Getting to know a company and its competition in relation to its economic environment', is: A- Prospective Analysis B- Strategy Analysis C- Both a and b D- None of the above answers is correct answer 9- The exchange rate that is prevailing at the date of preparing the financial statements, is: A- Historical exchange rate B- Current exchange rate C- Both a and b D- None of the above answers is correct answer 10-Recording and journalizing foreign-currency-contracted economic events is referred to as: A- Transaction translation B- Functional currency translation C- Financial statements translation D- Financial statements consolidation 11-Unifying the currency of the financial statements items for all of the subsidiaries within the group is referred to as: A-Transaction translation B- Functional currency translation C- Financial statements translation D-Financial statements consolidation 12- Translating the individual financial statements of each subsidiary into unified functional currency for the purpose of preparing consolidated financial statements is referred to as: A- Financial statements translation B- Transaction translation C- Functional currency translation D- Financial statements consolidation 13- On 1/6/2014 (when the exchange rate was: 1 sterling pound= 2 US$) a British company purchased and imported goods from American exporter for 1,500,000 US$, to be paid in 1/6/2015. In 31/12/2014 (the exchange rate was: 1 sterling pound= 2.5 US$). The journal entry in the books of the American company on 31/12/20104 is: A- Debit: Inventories1000,000SP, Credit: Accounts Payable1000,000SP B- No entry C- Debit: Inventories500,000SP, Credit: Accounts Payable500,000SP D- Debit: Accounts Receivable1000,000$, Credit: Sales1000,000$ 14- On 1/6/2014 (when the exchange rate was: 1 Sterling Pound= 2 US$) a British company purchased and imported goods from American exporter for 1,000,000 US$, to be paid in 1/6/2015. In 31/12/2014 (the exchange rate was: 1 sterling pound= 2.5 US$). In 2014, The British company should recognize exchange rate gain or loss with the amount of: A- Gain 100,000SP. B-Loss 200,000$, C -Zero, D- Gain 150,000$.. E- None of the above 15- The accounting disclosure that includes forecasts of revenues, income, cash flows, capital expenditures and prospective information about future economic performance or position is: A- Segment disclosures. B- Social responsibility reporting. C- Special disclosures for non-domestic financial statement users. D- Disclosures of forward-looking information. E- Corporate governance disclosures. 16- The measurement and communication of information about a companys effects on employee welfare, the local community, and the environment is A-Disclosures of forward-looking information. B- Segment disclosures. C- Social responsibility reporting. D- Special disclosures for non-domestic financial statement users. E- Corporate governance disclosures. 17- The reporting that Integrates economic, social, and environmental performance is A- Sustainability reporting. B- Disclosures of forward-looking information. C- Segment disclosures. D- Special disclosures for non-domestic financial statement users. E-Corporate governance disclosures.