International Accounting
Textbook Exam Questions
Course Introduction
International Accounting explores the principles and practices of accounting within a global context, emphasizing differences and similarities among countries in financial reporting, auditing standards, and regulatory environments. The course examines the impact of international financial reporting standards (IFRS), comparative accounting systems, foreign currency transactions, and international taxation issues. Students analyze case studies to understand the challenges multinational corporations face in preparing consolidated financial statements, managing currency exchange risks, and complying with diverse regulatory requirements across global markets.
Recommended Textbook
Financial And Managerial Accounting Principles International Edition 9th Edition by Crosson
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29 Chapters
4463 Verified Questions
4463 Flashcards
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Chapter 1: Uses of Accounting Information and the Financial Statements
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170 Verified Questions
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Sample Questions
Q1) The Securities and Exchange Commission is an accounting information user with a direct financial interest.
A)True
B)False Answer: False
Q2) Obtaining funds from a bank is an example of an investing activity.
A)True
B)False Answer: False
Q3) The statement of retained earnings relates the income statement to the balance sheet by showing how the Retained Earnings account changed during the accounting period.
A)True
B)False Answer: True
Q4) If a corporation has suffered only net losses since its inception,the Retained Earnings account will have a negative balance.
A)True
B)False Answer: True
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Chapter 2: Analyzing Business Transactions
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Sample Questions
Q1) Which of the following statements is true about a journal entry?
A) The Post. Ref. column is filled in prior to posting.
B) All debits are listed before any credits.
C) The name of the month should be repeated for each entry.
D) An explanation must follow each debit and each credit.
Answer: B
Q2) The declaration and payment of a dividend will
A) decrease net income.
B) increase liabilities.
C) not affect total assets.
D) decrease stockholders' equity.
Answer: D
Q3) The primary purpose of the trial balance is to test the A) recording of transactions.
B) analysis of transactions.
C) equality of debit and credit balances in the ledger.
D) equality of debit and credit entries in the journal.
Answer: C
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4
Chapter 3: Measuring Business Income
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Sample Questions
Q1) When a net loss has been suffered,Retained Earnings will contain a negative balance.
A)True
B)False
Answer: False
Q2) The principal difference between depreciation expense and most other types of expenses is that depreciation
A) can be avoided if the asset is in as good condition as when it was purchased.
B) does not require an immediate cash outlay.
C) is not deductible if it will cause a net loss.
D) is subject to more precise measurement.
Answer: B
Q3) A depreciable asset's original cost can typically be obtained by referring to the balance sheet.
A)True
B)False
Answer: True
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Page 5
Chapter 3: Supplement - Closing Entries and the Work Sheet
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Sample Questions
Q1) Despite the many uses of microcomputers,they cannot be used to prepare work sheets.
A)True
B)False
Q2) In preparing closing entries,which of the following columns of the work sheet are the most helpful?
A) Adjustments columns
B) Income Statement columns
C) Adjusted Trial Balance columns
D) Balance Sheet columns
Q3) Which work sheet columns should contain "key letters"?
A) Adjustments
B) Adjusted Trial Balance
C) Trial Balance
D) Balance Sheet
Q4) Closing entries may be prepared by referring solely to the Income Statement columns of the work sheet.
A)True
B)False
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Chapter 4: Financial Reporting and Analysis
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Sample Questions
Q1) On the income statement of a merchandising company,net income is the amount by which net sales exceed operating expenses.
A)True
B)False
Q2) Gross margin equals the difference between net sales and A) net income.
B) cost of goods sold plus operating expenses.
C) operating expenses.
D) cost of goods sold.
Q3) Which type of account is gross margin?
A) An income account
B) An expense account
C) An asset account
D) None of the above
Q4) A company with a low debt to equity ratio is in a more vulnerable position during poor economic times than a company with a high debt to equity ratio.
A)True
B)False
Q5) State the definition of a current asset.
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Chapter 5: The Operating Cycle and Merchandising Operations
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Sample Questions
Q1) Which of the following companies would be most likely to use a computerized perpetual inventory system?
A) Fur dealer
B) Car dealership
C) Auto parts store
D) Boat dealership
Q2) The calculation of goods available for sale during the year is not affected by the previous year's ending merchandise inventory.
A)True
B)False
Q3) Sale and purchase of goods should be recorded at their list price,less any trade discount involved.
A)True
B)False
Q4) Which of the following documents would be sent to the treasurer?
A) Invoice
B) Purchase order
C) Check authorization
D) Bank statement
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Chapter 6: Inventories
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Sample Questions
Q1) Emil Hinkel owns and operates a large antique shop.He uses the specific identification method to account for transactions that affect inventory.Hinkel recently completed a physical inventory of the merchandise in his shop as part of his year-end work.Today,his accountant called to inform him that it would be necessary to adjust the inventory figure shown on the balance sheet,which will increase Hinkel's tax liability.Hinkel argued that the inventory had to be correct,because he counted it twice and matched every item to an invoice.Cite reasons why the accountant would find it necessary to adjust the inventory even if Hinkel's count is accurate.
Q2) Goods in transit shipped FOB shipping point should be included in the seller's ending inventory.
A)True B)False
Q3) Why are the amounts determined for ending inventory and cost of goods sold the same under both the periodic and perpetual inventory systems when FIFO is used but not when LIFO is used?
Q4) How is the matching rule applied when accounting for merchandise inventory?
Q5) Days' inventory on hand equals the inventory turnover divided by 365. A)True B)False
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Chapter 7: Cash and Receivables
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Sample Questions
Q1) Which of the following would not be a valid reason to keep some currency on hand at a place of business?
A) To pay small, unforeseen expenses
B) To make up for any imbalance in the books
C) To advance money to sales reps for travel expenses
D) To provide money for cash registers
Q2) The holder of a note adjusts for accrued interest by debiting Interest Receivable and crediting Interest Income.
A)True
B)False
Q3) Which of the following statements is not true when FLK Company discounts a note receivable to the bank?
A) FLK may ultimately have to pay the bank when the note is due.
B) If the maker of the note pays the bank on time, no liability will result to FLK.
C) FLK will receive the maturity value from the bank.
D) A contingent liability arises for FLK.
Q4) Why do businesses need to keep some currency on hand?
Q5) On a balance sheet,what items normally are included in Cash?
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Page 10
Chapter 8: Current Liabilities and Fair Value Accounting
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Sample Questions
Q1) Accrued liabilities often arise as a result of the passage of time.
A)True
B)False
Q2) A company wishes to make deposits at the end of each of the next four years to accumulate a fund of $60,000.The annual contributions equal $60,000 multiplied by the appropriate present value of an ordinary annuity factor.
A)True
B)False
Q3) There is no limit to the amount of income subject to the FUTA tax.
A)True
B)False
Q4) Future value refers to an amount received or paid now at a given rate of interest that is equivalent to another amount received or paid sometime in the future.
A)True
B)False
Q5) The theoretical value of an asset is the present value of the expected benefits.
A)True
B)False
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Chapter 9: Long Term Assets
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Sample Questions
Q1) The cost of assets acquired for a lump sum should be allocated equally among the acquired assets.
A)True
B)False
Q2) A graph depicting yearly depreciation expense under an accelerated depreciation method will contain a line that goes
A) horizontally across.
B) down as one goes from left to right.
C) down and then up as one goes from left to right.
D) up as one goes from left to right.
Q3) On November 1,2008,Rob's Auto Repair purchased diagnostic equipment for $18,000.The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1,2010.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a. The entry to update depreciation to May 1, 2010
b. The entry to record the sale for $15,000
c. The entry to record the sale instead for $11,000
d. The entry to record the sale instead for $13,500
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Page 12
Chapter 10: Long-Term Liabilities
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Sample Questions
Q1) Under a defined contribution pension plan,retirement benefits are based entirely on the annual contribution to the fund plus earnings thereon.
A)True
B)False
Q2) Discounts or premiums are contra-accounts that are subtracted from or added to bonds payable on the balance sheet.
A)True
B)False
Q3) The cash received on bonds issued at face value and between interest dates is less than the bonds' face value.
A)True
B)False
Q4) The debt to equity ratio is expressed in terms of dollars.
A)True
B)False
Q5) The debt to equity ratio is a measure of financial leverage.
A)True B)False
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Chapter 11: Contributed Capital
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Sample Questions
Q1) Dividends in arrears are dividends on
A) noncumulative preferred stock that have not been declared for some specified period of time.
B) common stock that may never be declared.
C) cumulative preferred stock that have been declared but not yet paid.
D) cumulative preferred stock that have not been declared for some specified period of time.
Q2) An advantage of the corporate form is the ability of the board to hire professional managers to attend to the corporation's affairs.
A)True
B)False
Q3) When common stock is issued by a corporation for a cash price above par value,the excess of the cash proceeds over the par value should be reported in the financial statements as a component of
A) retained earnings on the balance sheet.
B) total liabilities on the balance sheet.
C) operating income on the income statement.
D) total contributed capital on the balance sheet.
Q4) Define outstanding stock.
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Chapter 12: Investments
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Sample Questions
Q1) Minority interest is reported as a(n)
A) current liability on the consolidated balance sheet.
B) asset on the consolidated balance sheet.
C) revenue item on the consolidated income statement.
D) separate item between liabilities and stockholders' equity on the consolidated balance sheet.
Q2) Eliminations are important because they avoid double counting when consolidated financial statements are prepared.
A)True
B)False
Q3) For available-for-sale equity securities,the Unrealized Loss on Long-Term Investments account should be reported as a(n)
A) "other loss" item on the income statement.
B) prior period adjustment.
C) separate item in the stockholders' equity section of the balance sheet.
D) extraordinary item on the income statement.
Q4) Briefly explain,what are the consolidated financial statements,and how is the consolidation accomplished?
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Chapter 13: The Corporate Income Statement and the Statement of Stockholders Equity
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Sample Questions
Q1) Retained earnings represent cash readily available for dividends.
A)True
B)False
Q2) Income taxes expense represents the amount of income taxes
A) computed in accordance with the income tax code.
B) applicable to the amount of taxable income for the period.
C) applicable to the amount of income from continuing operations for the period.
D) actually payable to the IRS for the period.
Q3) Discontinued operations and extraordinary items should be reported in the financial statements "net of tax."
A)True
B)False
Q4) The results of discontinued operations are excluded from operating income on the income statement.
A)True
B)False
Q5) Diluted earnings per share should be a more conservative (lower)figure than basic earnings per share.
A)True
B)False
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Chapter 14: The Statement of Cash Flows
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Sample Questions
Q1) The direct method of preparing a statement of cash flows
A) is the overwhelming choice of most companies.
B) begins with net income in the operating activities section.
C) is more difficult to understand than the indirect method for the average reader.
D) will produce the same net figure as the indirect method.
Q2) The purchase of trading securities with cash is considered an investing activity.
A)True
B)False
Q3) If net cash flows from operating activities were $316,000,net income were $200,000,and sales were $2,000,000,cash flows to sales would equal (Round amounts to one decimal place)
A) 10.0 percent.
B) $116,000.
C) 15.8 percent.
D) 0.6 times.
Q4) Cash flows to assets is measured in "times."
A)True
B)False
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17
Chapter 15: The Changing Business Environment - a Managers Perspective
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Sample Questions
Q1) TQM can be used in
A) merchandising firms.
B) service firms.
C) manufacturing firms.
D) all of these.
Q2) Performance measures are used only in the evaluation stage of the management process.
A)True
B)False
Q3) The analyses and flow of accounting data inside a company need not depend on the double-entry format.
A)True
B)False
Q4) Identify three uses of the costs of quality information.
Q5) Which of the following is not a result of adopting a just-in-time operating environment?
A) Reduced materials waste
B) Reduced production time
C) Reduced total labor hours
D) Reduced production costs
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Chapter 16: Cost Concepts and Cost Allocation
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Sample Questions
Q1) A predetermined overhead rate times the amount of activity basis equals the overhead cost assigned to the product.
A)True
B)False
Q2) The two types of cost behavior are value-adding and nonvalue-adding.
A)True
B)False
Q3) Which of the following documents initiates the purchasing of materials?
A) Job order cost sheet
B) Receiving report
C) Purchase requisition
D) Purchase order
Q4) The changes in Work in Process Inventory and total manufacturing costs for a period are used to compute cost of goods manufactured.
A)True
B)False
Q5) Period cost and product cost are synonymous terms.
A)True
B)False
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Chapter 17: Costing Systems- Job Order Costing
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Sample Questions
Q1) When the amount of overhead applied differs from actual,the dollar amount it is usually written off to
A) Cost of Goods Sold.
B) Work in Process Inventory.
C) Finished Goods Inventory.
D) Miscellaneous Expense.
Q2) In a job order costing system,product costs are traced to work cells.
A)True
B)False
Q3) In a job order costing system,the transfer of overhead costs to the Work in Process Inventory account must take place before product unit costs can be computed.
A)True
B)False
Q4) The production process determines the product costing system needed.
A)True
B)False
Q5) In cost-plus contracts,the "plus" is the sales price.
A)True
B)False
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Chapter 18: Costing Systems- Process Costing
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Sample Questions
Q1) Regardless of the cost approach used,in a process costing system,costs attached to units in beginning inventory are included in the computation of costs per equivalent unit.
A)True
B)False
Q2) In a process costing system,percentage-of-completion factors normally are obtained from
A) accounting records.
B) job order cost cards.
C) supervisors in the production departments.
D) time cards.
Q3) In a process costing system,unit cost is computed
A) on the basis of productive output for a period of time.
B) for each job worked on.
C) for direct materials costs only.
D) only for the last production process.
Q4) Conversion costs per equivalent unit will be same under both FIFO and average costing methods.
A)True
B)False
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Chapter 19: Value-Based Systems- Abm and Lean
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Sample Questions
Q1) President/CEO to her Controller:
"On the golf course yesterday I overheard John Jeffers,the CEO for Octal,say that the problem with many manufacturing companies today is their antiquated manufacturing cost accounting systems.It appears to me that our cost accounting system has served us well as our company has grown and should continue to serve us well as we move into JIT production with our new flexible manufacturing system." As the Controller,respond to the President/CEO.
Q2) The repair of machines is an example of a nonvalue-adding activity.
A)True
B)False
Q3) In a just-in-time setting,the time spent reworking defective units is called __________ time.
A) storage
B) inspection
C) queue
D) throughput
Q4) Distinguish between push-through and pull-through production methods.How does pull-through production meet the requirements of a just-in-time operating environment?
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Chapter 20: Cost Behavior Analysis
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Sample Questions
Q1) Martin,Inc.,has two products: a pocket metronome (unit sales price,$25; unit variable cost,$15)and a pocket tuner (unit sales price,$14; unit variable cost,$9).The company's sales mix of the pocket metronome to the pocket tuner is 4:1 and fixed costs are $32,850.
a. Determine the weighted-average contribution margin.
b. Calculate the weighted-average breakeven point.
c. Compute the breakeven point for each product.
Q2) Excerpts from a cost-volume-profit analysis indicate fixed costs of $49,000,a contribution margin per unit of $35,a selling price of $90,and a sales level of 4,000 units.What must be the targeted level of profit?
A) $81,000
B) $106,000
C) $140,000
D) $91,000
Q3) The weighted-average breakeven point is the breakeven point for the entire company.
A)True
B)False
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Page 23
Chapter 21: The Budgeting Process
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Sample Questions
Q1) Budgets identify,gather,summarize,and communicate
A) financial data only.
B) financial and nonfinancial data.
C) nonfinancial data only.
D) none of these.
Q2) Only the lowest levels of management can be evaluated by the use of a budget.
A)True
B)False
Q3) Describe three benefits budgeting provides to an organization's success.
Q4) The direct labor budget is needed to prepare the production budget.
A)True
B)False
Q5) A company seeks to have as much cash as possible on hand.Cash budgeting helps to accomplish this.
A)True
B)False
Q6) Managers do not need to know why a budget is being prepared.
A)True
B)False
Page 24
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Chapter 22: Performance Management and Evaluation
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Sample Questions
Q1) How is the contribution margin calculated when utilizing variable costing?
A) Sales less variable cost of goods sold
B) Sales less variable cost of goods sold, less variable selling and administrative expenses
C) Sales less cost of goods sold
D) Sales less variable cost of goods sold, less variable selling and administrative expenses, less fixed cost of goods sold, less fixed selling and administrative expenses
Q2) A responsibility center whose manager is held accountable for both revenues and costs and for the resulting operating income is called a profit center.
A)True
B)False
Q3) Managers at all levels are evaluated in terms of their ability to manage their areas of responsibility in keeping with organizational goals.
A)True
B)False
Q4) ROI is a performance measure mainly connected with a company's income statement.
A)True B)False
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Chapter 23: Standard Costing and Variance Analysis
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Sample Questions
Q1) A direct labor rate variance would occur in which of the following situations?
A) When a production employee takes an unplanned break
B) When a production employee spends more time producing one product than was expected
C) When a low-paid production employee performs a task higher than his or her assigned level
D) When a production employee incurs overtime hours at the same hourly rate as regular pay
Q2) Standard costs are realistically predetermined costs of direct materials,direct labor,and overhead that usually are expressed as a cost per unit.
A)True
B)False
Q3) A(n)________ cost is synonymous with the product cost calculated in a conventional standard cost accounting system.
A) fixed
B) direct
C) joint
D) expected
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Chapter 24: Short Run Decision Analysis
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Sample Questions
Q1) A special order should be accepted only if it maximizes operating income.
A)True
B)False
Q2) During 2010,America,Inc.,produced,among other products,9,300 cameras,incurring the following unit costs: $5 in direct materials,$3 in direct labor,$2 in variable overhead,$4 in fixed overhead,$0.50 in variable selling and administrative expenses,and $1 in fixed selling and administrative expenses.An outsider had offered to produce the cameras for $12 each.Assuming that the factory space would have been idle otherwise,acceptance of the outside offer would have
A) lost the company $9,300.
B) saved the company $33,950.
C) saved the company $18,950.
D) lost the company $13,950.
Q3) There are products or services that can be either sold in a basic form or be processed further.
A)True
B)False
Q4) Competition,social issues,and timeliness are examples of qualitative factors.
A)True
B)False
Page 27
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Chapter 25: Capital Investment Analysis
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Sample Questions
Q1) Memphis Co.is going to purchase a machine for $83,200 that will increase cash flows by $40,000 in the first year,$30,000 the second year,and $25,000 the third year.The machine will have no residual value.The minimum rate of return is 10 percent.The present value factors for the three years are 0.909,0.826,and 0.751,respectively. The machine's net present value is
A) $21,800.
B) ($3,285).
C) $79,915.
D) ($4,286).
Q2) When two or more capital investment proposals are being evaluated using the accounting rate-of-return method,the proposal that yields the highest ratio of net income to average cost of investment is selected.
A)True
B)False
Q3) The accounting rate-of-return method implements the effects of the time value of money.
A)True
B)False
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Chapter 26: Pricing Decisions, incltarget Costing and Transfer Pricing
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Sample Questions
Q1) A negotiated transfer price is one that is bargained for between the managers of the buying and selling divisions of a company.
A)True
B)False
Q2) A company's pricing policy objectives may include maintaining a minimum return on investment.
A)True
B)False
Q3) A negotiated transfer price
A) is one that is bargained for between the managers of the buying and selling divisions.
B) would not be based on a product market price that has been reduced through bargaining by division managers.
C) could never be used in an agreement based on standard costs and a profit margin. D) is usually developed by lawyers following defined legal procedures.
Q4) Computing the target cost for a product is the first step in target costing.
A)True
B)False
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Chapter 27: Quality Management and Measurement
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Sample Questions
Q1) Managers' concerns about the quality of a product or service include customer defections.
A)True
B)False
Q2) Maxine Lavon is the controller for Prater Industries.She has been asked to develop a plan for installing a management information system in her company.She will need to do all of the following to help managers except A) evaluate.
B) perform.
C) repeat.
D) plan.
Q3) Benchmarking and process mapping are two methods to measure quality.
A)True
B)False
Q4) Which of the following is not an example of a conformance cost?
A) Prevention cost
B) Appraisal cost
C) Quality engineering cost
D) External failure cost
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Chapter 28: Financial Analysis of Performance
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Sample Questions
Q1) Investors,creditors,and customers are considered external users of financial statements.
A)True
B)False
Q2) The length of the operating cycle equals the days' sales uncollected plus the A) days' payable..
B) days' inventory on hand.
C) receivable turnover
D) payables turnover.
Q3) The interest coverage ratio and the debt to equity ratio are short-term measures of liquidity.
A)True
B)False
Q4) Eva Gomez is considering investing money in the common stock of Casa Corporation.She has obtained the annual report of the company and calculated the ratios presented in your text.Eva knows that her calculations are accurate,but does not know if the ratios indicate favorable or unfavorable things about the company.What three standards of comparison are available to Eva? What would each of the standards tell her about her ratios?
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