All of the following are factors influencing the development of accounting except:

Question 9 options:

A)	Standard Setting Process

B)	Geographic location

C)	Political and legal systems

D)	Social and cultural values

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Question 10

The organization that takes a global approach to setting international accounting standards is the:

Question 10 options:

A)

GASB

B)

FASB

C)

IFRS

D)

IASB

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Question 11

The standards issued by the International Accounting Standards Board are known as:

Question 11 options:

A)

IASB

B)	General Accepted Accounting Principles

C)	Global Accounting Standards

D)	International Financial Reporting Standards

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Question 12

Primary focuses of the International Federation of Accountants includes all of the following except:

Question 12 options:

A)	Certifying international CPAs

B)	Developing the profession

C)	Promoting quality standards

D)	Harmonizing its standards worldwide

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Question 13

Convergence initiatives of the FASB includes all of the following except:

Question 13 options:

A)	FASB monitoring IASB projects

B)	Joint projects with the IASB

C)	Rewriting all of GAAP to align with IFRS

D)	IASB member in residence at the FASB

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Question 14

Company D, a domestic entity, purchases ?100,000 (Euros) in inventory from a French manufacturer on July 15^th payable in full in Euros on August 15^th. Company D prepares their financials monthly, and relevant spot rates are 7/15 ?1 = $0.85, 7/31 ?1 = $0.90, and 8/15 ?1 = $0.83. Based on this information, what will be the U.S. $ value of the inventory purchased on 8/15 assuming it?s all still on-hand at Company D?

Question 14 options:

A)

$83,000

B)

$90,000

C)

$85,000

D)

$100,000

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Question 15

Company D, a domestic entity, purchases ?100,000 (Euros) in inventory from a French manufacturer on July 15^th payable in full in Euros on August 15^th. Company D prepares their financials monthly, and relevant spot rates are 7/15 ?1 = $0.85, 7/31 ?1 = $0.90, and 8/15 ?1 = $0.83. Based on this information, what will be the U.S. $ value of the accounts payable on 7/31?

Question 15 options:

A)

$85,000

B)

$100,000

C)

$83,000

D)

$90,000

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Question 16

Company D, a domestic entity, purchases ?100,000 (Euros) in inventory from a French manufacturer on July 15^th payable in full in Euros on August 15^th. Company D prepares their financials monthly, and relevant spot rates are 7/15 ?1 = $0.85, 7/31 ?1 = $0.90, and 8/15 ?1 = $0.83. Based on this information, what will be the amount sent to the French company on 8/15?

Question 16 options:

A)

$85,000

B)

?83,000

C)

$90,000

D)

?100,000

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Question 17

Company D, a domestic entity, purchases ?100,000 (Euros) in inventory from a French manufacturer on July 15^th payable in full in Euros on August 15^th. Company D prepares their financials monthly, and relevant spot rates are 7/15 ?1 = $0.85, 7/31 ?1 = $0.90, and 8/15 ?1 = $0.83. Based on this information, what the total net amount of foreign currency gain or loss recognized by Company D for this transaction?

Question 17 options:

A)	$5,000 Loss

B)	$5,000 Gain

C)	$2,000 Gain

D)	$2,000 Loss

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Question 18

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, what was the amount booked to sales by Company D on 3/10?

Question 18 options:

A)

250,000

B)

$250,000

C)

$362,500

D)

$325,000

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Question 19

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, what was the amount booked to cost of goods sold by Company D on 3/10?

Question 19 options:

A)

$135,000

B)

$100,000

C)

$145,000

D)

$130,000

Save

Question 20

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, how much cash will be received by Company D on 4/10?

Question 20 options:

A)

$250,000

B)

$325,000

C)

$362,500

D)

$337,500

Save

Question 21

Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, how much would accounts receivable need to be revalued by on 4/10?

Question 21 options:

A)	$25,000 decrease

B)

$0

C)	$12,500 increase

D)	$25,000 increase

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Question 22

Company F is a foreign subsidiary of a domestic company and Company F?s functional currency is the Euro. On Company F?s financials at the end of the year 2014, they reported ?40,000 in inventory. If the spot rate on 1/1/14 was ?1 = $1.10, the spot rate on 12/31/14 was ?1 $1.20, and the weighted average rate for the full year 2014 was ?1 = $1.12, how much is the translated balance of inventory in U.S. $ at year-end?

Question 22 options:

A)

$48,000

B)

$44,000

C)

$40,000

D)

$44,800

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Question 23

Company F is a foreign subsidiary of a domestic company and Company F?s functional currency is the Euro. On Company F?s financials at the end of the year 2014, they reported ?300,000 in cost of goods sold. If the spot rate on 1/1/14 was ?1 = $1.10, the spot rate on 12/31/14 was ?1 $1.20, and the weighted average rate for the full year 2014 was ?1 = $1.12, how much is the translated balance of cost of goods sold in U.S. $ at year-end?

Question 23 options:

A)

$360,000

B)

$330,000

C)

$336,000

D)

$300,000

Save

Question 24

Company F is a foreign subsidiary of a domestic company and Company F?s functional currency is the Euro. On Company F?s financials at the end of the year 2014, they reported ?150,000 in net income. If the spot rate on 1/1/14 was ?1 = $1.10, the spot rate on 12/31/14 was ?1 $1.20, and the weighted average rate for the full year 2014 was ?1 = $1.12, how much will be added to translated retained earnings when the books are closed for the year?

Question 24 options:

A)

$150,000

B)

$180,000

C)

$168,000

D)	None of the above. Not enough information to answer the question

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Question 25

Company F is a foreign subsidiary of a domestic company and Company F?s functional currency is the Euro. The total U.S. $ Translated balances of total assets per the trial balance at year-end but prior to closing entries is $1,100,000, liabilities is $400,000, equity is $300,000, and net income adds up to $175,000. The amount to be entered into Accumulated Translation Adjustment will be:

Question 25 options:

A)	$400,000 credit

B)	$575,000 credit

C)	$1,025,000 debit

D)	$225,000 credit

All of the following are factors influencing the development of accounting except: Question 9 options: A) Standard Setting Process B) Geographic location C) Political and legal systems D) Social and cultural values Save Question 10 The organization that takes a global approach to setting international accounting standards is the: Question 10 options: A) GASB B) FASB C) IFRS D) IASB Save Question 11 The standards issued by the International Accounting Standards Board are known as: Question 11 options: A) IASB B) General Accepted Accounting Principles C) Global Accounting Standards D) International Financial Reporting Standards Save Question 12 Primary focuses of the International Federation of Accountants includes all of the following except: Question 12 options: A) Certifying international CPAs B) Developing the profession C) Promoting quality standards D) Harmonizing its standards worldwide Save Question 13 Convergence initiatives of the FASB includes all of the following except: Question 13 options: A) FASB monitoring IASB projects B) Joint projects with the IASB C) Rewriting all of GAAP to align with IFRS D) IASB member in residence at the FASB Save Question 14 Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.85, 7/31 1 = $0.90, and 8/15 1 = $0.83. Based on this information, what will be the U.S. $ value of the inventory purchased on 8/15 assuming it's all still on-hand at Company D? Question 14 options: A) $83,000 B) $90,000 C) $85,000 D) $100,000 Save Question 15 Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.85, 7/31 1 = $0.90, and 8/15 1 = $0.83. Based on this information, what will be the U.S. $ value of the accounts payable on 7/31? Question 15 options: A) $85,000 B) $100,000 C) $83,000 D) $90,000 Save Question 16 Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.85, 7/31 1 = $0.90, and 8/15 1 = $0.83. Based on this information, what will be the amount sent to the French company on 8/15? Question 16 options: A) $85,000 B) 83,000 C) $90,000 D) 100,000 Save Question 17 Company D, a domestic entity, purchases 100,000 (Euros) in inventory from a French manufacturer on July 15th payable in full in Euros on August 15th. Company D prepares their financials monthly, and relevant spot rates are 7/15 1 = $0.85, 7/31 1 = $0.90, and 8/15 1 = $0.83. Based on this information, what the total net amount of foreign currency gain or loss recognized by Company D for this transaction? Question 17 options: A) $5,000 Loss B) $5,000 Gain C) $2,000 Gain D) $2,000 Loss Save Question 18 Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, what was the amount booked to sales by Company D on 3/10? Question 18 options: A) 250,000 B) $250,000 C) $362,500 D) $325,000 Save Question 19 Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, what was the amount booked to cost of goods sold by Company D on 3/10? Question 19 options: A) $135,000 B) $100,000 C) $145,000 D) $130,000 Save Question 20 Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, how much cash will be received by Company D on 4/10? Question 20 options: A) $250,000 B) $325,000 C) $362,500 D) $337,500 Save Question 21 Company D, a domestic entity, sold goods to a British company on 3/10 with the transaction denominated in Pounds. The sales price of the goods was 250,000, and the cost of the goods was $100,000. The receivable is payable in full on 4/10, and Company D prepares their financials monthly. Relevant exchanges rates are 3/10 1 = $1.30, 3/31 1 = $1.35, and 4/10 1 = $1.45. Based on this information, how much would accounts receivable need to be revalued by on 4/10? Question 21 options: A) $25,000 decrease B) $0 C) $12,500 increase D) $25,000 increase Save Question 22 Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. On Company F's financials at the end of the year 2014, they reported 40,000 in inventory. If the spot rate on 1/1/14 was 1 = $1.10, the spot rate on 12/31/14 was 1 $1.20, and the weighted average rate for the full year 2014 was 1 = $1.12, how much is the translated balance of inventory in U.S. $ at year-end? Question 22 options: A) $48,000 B) $44,000 C) $40,000 D) $44,800 Save Question 23 Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. On Company F's financials at the end of the year 2014, they reported 300,000 in cost of goods sold. If the spot rate on 1/1/14 was 1 = $1.10, the spot rate on 12/31/14 was 1 $1.20, and the weighted average rate for the full year 2014 was 1 = $1.12, how much is the translated balance of cost of goods sold in U.S. $ at year-end? Question 23 options: A) $360,000 B) $330,000 C) $336,000 D) $300,000 Save Question 24 Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. On Company F's financials at the end of the year 2014, they reported 150,000 in net income. If the spot rate on 1/1/14 was 1 = $1.10, the spot rate on 12/31/14 was 1 $1.20, and the weighted average rate for the full year 2014 was 1 = $1.12, how much will be added to translated retained earnings when the books are closed for the year? Question 24 options: A) $150,000 B) $180,000 C) $168,000 D) None of the above. Not enough information to answer the question Save Question 25 Company F is a foreign subsidiary of a domestic company and Company F's functional currency is the Euro. The total U.S. $ Translated balances of total assets per the trial balance at year-end but prior to closing entries is $1,100,000, liabilities is $400,000, equity is $300,000, and net income adds up to $175,000. The amount to be entered into Accumulated Translation Adjustment will be: Question 25 options: A) $400,000 credit B) $575,000 credit C) $1,025,000 debit D) $225,000 credit