Quizalize logo
placeholder image to represent content

Assignment 1

Quiz by Nirujah

Feel free to use or edit a copy

includes Teacher and Student dashboards

Measure skills
from any curriculum

Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.

With a free account, teachers can
  • edit the questions
  • save a copy for later
  • start a class game
  • automatically assign follow-up activities based on students’ scores
  • assign as homework
  • share a link with colleagues
  • print as a bubble sheet

Our brand new solo games combine with your quiz, on the same screen

Correct quiz answers unlock more play!

New Quizalize solo game modes
20 questions
Show answers
  • Q1
    International accounting can be defined in terms of which of the following levels?
    Company
    Supranational organizations
    All of the above
    Country
    120s
  • Q2
    What term is used to describe combining the financial statements of all subsidiaries, both foreign and domestic, into the financial statements of the parent?
    Convergence
    Consolidation
    Hedging
    Incorporation
    120s
  • Q3
    What group is primarily responsible for the creation of International Financial Reporting Standards (IFRS)?
    International Forum on Accountancy Development (IFAD)
    International Federation of Accountants (IFA)
    Financial Accounting Standards Board (FASB)
    International Accounting Standards Board (IASB)
    120s
  • Q4
    Which of the following is not a problem caused by accounting diversity?
    Comparability of financial statements
    Access to foreign capital markets
    Preparation of consolidated financial statements
    Lack of qualified international auditors
    120s
  • Q5
    Differences in legal systems used in various countries have been cited as one reason for diversity in accounting practice. What are the major types of legal systems?
    Commercial law and accounting law
    Written law and unwritten law
    Rules and regulations
    Common law and code law
    120s
  • Q6
    What does “harmonization” mean in the context of international accounting?
    The process of combining the financial statements of foreign subsidiaries into the parent company's financial statements.
    Disclosing the accounting methods used in preparing the financial statements
    Reducing the diversity of accounting standards
    Assessing the exposure resulting from inadequate internal controls
    120s
  • Q7
    International accounting diversity can be found in terms of:
    terminology used in the financial statements.
    the amount of information disclosed in the financial statements.
    all of the above are evidence of accounting diversity.
    the order of items in the financial statements.
    120s
  • Q8
    Under Sri Lankan accounting standards, fixed assets are generally reported on the balance sheet at their:
    fair value.
    historical cost.
    net realizable value.
    market value.
    120s
  • Q9
    The following are the factors influencing international accounting development except;
    organization types
    political and Economic ties with other Countries
    external Finance
    legal System
    120s
  • Q10
    Considerable diversity exists across countries with respect to the following except;
    the magnitude and nature of the disclosures provided in a set of financial statements.
    the rules used to measure assets and liabilities and recognize and measure revenues and expenses.
    knowledge and skills of accountants.
    the form and content of individual financial statements.
    120s
  • Q11
    The following are the reasons for accounting diversity except;
    Accident of History
    Legal System
    Cultural differences between nations
    International accounting standards
    120s
  • Q12
    Which of the following statement is correct in relation to common law system?
    It is characterized by a wide set of rules which attempt to give guidance in all situations.
    Company law is very detailed and accounting standards are often embodied in the company law.
    Accounting regulation is in the hands of the government.
    In common law countries, accounting regulation is in the hands of professional organizations in the private sector.
    120s
  • Q13
    Which of the following is not about harmonization?
    Harmonization simply implies uniformity.
    Harmonization is a process of increasing the compatibility of accounting practices.
    Harmonization is tailored towards breaking the barriers of national differences.
    Harmonization is a process of preparing financial statements.
    120s
  • Q14
    One of the obstacles for harmonization of accounting standards is;
    lack of international regulatory agency
    reliability of financial statements
    willingness of countries
    availability of expertise
    120s
  • Q15
    Harmonization of accounting standards can be measured by;
    usage of accounting standards
    no of accounting standards
    no of MNCs
    comparability index
    120s

Teachers give this quiz to your class