Question

Answer all (Write in box “True or False “ )

1. International Accounting can be described as the accounting practices of companies in response to their own international business activities. The differences in accounting, auditing and taxation standards and practices between countries                                                                                  (        )

2. Foreign Direct Investment (FDI) occurs when a company invests in a business operation in a different countries. This represents an alternative to importing to customers and/or exporting from suppliers in a foreign country.        (         )

                                                                                                                                                                                                                                                                          

3. Harmonization is the process of reduction of alternatives while maintaining a low degree of flexibility in accounting practices. Convergence is the adoption of one set of standards internationally. This is the main objective of the IASB.

                                                                                                         (          )                                                                                                                         

4. Reverse if recoverable amount > new carrying amount---if changes in estimates used to determine original impairment gain or change in how recoverable amount is determined.                                                      (           )

                                                                                        

Answer 1

Ans.

International Accounting can be described as the accounting practices of companies in response to their own international business activities. The differences in accounting, auditing and taxation standards and practices between countries. True

Foreign Direct Investment (FDI) occurs when a company invests in a business operation in a different countries. This represents an alternative to importing to customers and/or exporting from suppliers in a foreign country. True

Harmonization is the process of reduction of alternatives while maintaining a low degree of flexibility in accounting practices. Convergence is the adoption of one set of standards internationally. This is the main objective of the IASB. True

Reverse if recoverable amount > new carrying amount---if changes in estimates used to determine original impairment gain or change in how recoverable amount is determined. False