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ACC 410 QUIZ 6

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ACC 410 QUIZ 6 One difference between IFRS and GAAP in valuing inventories is that Which statement below concerning the accountability and funding of the IASC Foundation is correct? The goals of the International Accounting Standards Committee include all of the following except: SFAS No.162, the Accounting Standards Codification, is directed to Under IFRS, the criteria to determine whether a lease should be capitalized include The amount of a long-lived asset impairment loss is generally determined by comparing In accounting for research and development costs. All of the following are true regarding American Depository Receipts (ADRs) except: Accounting terminology that differs between IFRS and US GAAP include all of the following except: Accounting under IFRS and US GAAP is similar for all of the following topics except: Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except: In accounting for liabilities, IFRS interprets “probable” as Property, plant and equipment are valued at New terminology introduced under the joint IFRS- US GAAP Customer Consideration (Allocation) Model includes all of the following except: All of the following are options for non-US companies who wish to list securities on a US exchange except: An indirect exchange rate quotation is one in which the exchange rate is quoted: A transaction gain or loss at the settlement date is: Montana Corporation a U.S. company, contracted to purchase foreign goods. Payment in foreign currency was due one month after delivery. Between the delivery date and the time of payment, the exchange rate changed in Montana’s favor. The resulting gain should be reported in the financial statements as a(n): A transaction gain is recorded when there is an: With respect to disclosure requirements for fair value measurements, which of the following is not be consistent with indicating negatives – I suggest bold and not underlining one of the three levels in the hierarchy of classifying fair value measurements? On September 1, 2014, Mudd Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows: A transaction loss would result from: A transaction gain or loss is reported currently in the determination of income if the purpose of the forward contract is to: The exchange rate quoted for future delivery of foreign currency is the definition of a(n): The forward exchange rate quoted for the remaining term of a forward contract is used to account for the contract when the forward contract: A discount or premium on a forward contract is deferred and included in the measurement of the related foreign currency transaction if the contract is classified as a: Madison Paving Company purchased equipment for 350,000 British pounds from a supplier in London on July 7, 2014. Payment in British pounds is due on Sept. 7, 2014. The exchange rates to purchase one pound is as follows: The discount or premium on a forward contract entered into as a hedge of an exposed asset or liability position should be: On September 1, 2014, Mudd Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows: On April 1, 2014, Manatee Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days. The relevant exchange rates are as follows:

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