Which of the following pair of countries has similar accounting systems? (Points : 4)

United States and Australia Japan and Switzerland Sweden and Italy United Kingdom and Germany

Question 2. 2. Which of the following accurately reflects French accounting? (Points : 4)

Due to their strong Latin cultural tradition, the French tend to be more judgmental than legalistic. According to the authority and enforcement scales in Gray's model, the French would lean to flexibility and professionalism. According to the measurement and disclosure scales in Gray's model, the French would lean to secrecy and conservatism. The true and fair view of the 4th Directive was already a part of French tradition.

Question 3. 3. Which of the following accurately reflects German accounting? (Points : 4)

There is a tradition of involvement of the accounting profession in the standard setting process There are no significant legal requirements due to the adherence to a flexible approach to accounting. Due to the heavy social welfare influence in Sweden, taxes are collected aggressively and tax breaks are not allowed. Tax rules tend to dominate decisions on accounting issues.

Question 4. 4. Which of the following accurately reflects Japanese accounting? (Points : 4)

On the authority and enforcement measures, the Japanese are professional and flexible. The Japanese lean to statutory control and professionalism. The Japanese have been heavily influenced by the Germans but not the Americans. The Ministry of Justice enforces the Companies Act and the Ministry of Finance enforces the Securities and Exchange Act.

Question 5. 5. The British accounting system (Points : 4)

Does not follow a company law regime Has its rules created by government agency Is not going to adopt the IFRS because of the British pound Has its rules created by a self-regulatory organization

Question 6. 6. Mexicos current standard setting (Points : 4)

Ignores social accounting reporting. Was originally based upon the IFRS law system Follows tax law. Is influenced by US GAAP because of NAFTA.

Question 7. 7. Which of the following is a significant impact on Czech Republic accounting? (Points : 4)

The accession to the EU. A business economics approach to accounting in the Czech Republic has resulted in widespread use of inflation-adjusted accounting. The effect of tax law is minimal, because tax and book accounting are not allowed to be the same. The Nordic legal tradition has had a strong impact on accounting standards and practices.

Question 8. 8. Which of the following accurately reflects Brazilian accounting? (Points : 4)

There is a significant involvement of the stock market in the standard setting process. There are no significant legal requirements due to the adherence to a flexible approach to accounting. There is a preference to information needs of creditors and tax authorites. There is little tax and legal influence.

Question 9. 9. Which of the following accurately reflects Chinese accounting? (Points : 4)

The accounting equation has replaced the communist fund accounting approach in the standard setting process. There are no significant legal requirements due to the adherence to a flexible approach to accounting. The only purpose of accounting is national macroeconomic control. Due to previous state control, there is an abundance of accountants.

Question 10. 10. The Malaysian accounting system (Points : 4)

Has similar tax and book accounts Aims to provide for the information needs of investors Is based on a macro-economic justification Takes a flexible approach