Global & US Corporation Tax – International Accounting

Twitter - Quiz Tutors
Global & US Corporation Tax - International Accounting
Facebook - Quiz Tutors

Global & US Corporation Tax – International Accounting

These chapters discuss Global & US Corporation Tax – International Accounting – A global & Analytical Approach.


Global business activities encompass a wide variety of distinct activities which activity is not one of those?

direct investment

joint ventures

licensing

franchising

none of the answers applyCorrect


Which of the following can create synergies through strategic alliances?

product development

personnel development

leveraging marketing

enhanced overall strategy

all of the answers applyCorrect


________ is a business arrangement in which two companies agree to share resources.

licensing

franchising

strategic allianceCorrect

joint venture

all of the answers apply


FASB stands for

Federal Accounting Standards Board

Foreign Accounting Standards Board

Financial Accounting Standards BoardCorrect

Financial Auditing Standards Board

none of the answers apply


Which of the following items would not appear on the Income Statement prepared using IFRS?

Gross Profit

Depreciation and amortization

Discontinued operations

All items would appear on the Income Statement when using IFRSCorrect


According to the IASB Framework, the process of reporting an item in the financial statements of an entity is:

Relevance

Statement of Cash Flows

Presentation

RecognitionCorrect

Global business activities encompass a wide variety of distinct activities which activity is not one of those?

direct investment

joint ventures

licensing

franchising

none of the answers applyCorrect


Which of the following can create synergies through strategic alliances?

product development

personnel development

leveraging marketing

enhanced overall strategy

all of the answers applyCorrect


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering taxes the process of government imposed taxes on dividends, interest and royalty payments to foreign investors is referred to as __________ .

transfer tax

value added tax

withholding taxCorrect

border tax

none of the answers apply


 SSim-Tech would like to adopt a strategy that thinks locally but acts globally. What kind of structure/strategy should they use?

transnationalCorrect

multi-domestic

market based

global

all of the answers apply


SSim-Tech would like to adopt a strategy that exploits economies of scale and learning. What kind of structure/strategy should they use?

transnational

multi-domestic

market based

globalCorrect

all of the answers apply


Which law provided for normal and surtax rates that rose to 77 percent on the biggest incomes?

Fifth

Uniform Accounting by the Federal Reserve

Revenue Act of 1918Correct

IRS Revenue Bulletin F 1920

none of the answers apply


Which of the following items are not a qualitative characteristic of IFRS for SME’s?

Balance between benefit and cost, undue cost or effort

VerifiabilityCorrect

Timeliness

Prudence


Which of the following items is not an attribute of US SME framework?

Objectivity

Measurability

Completeness

All items are attributesCorrect


Which of the following statements, if any, concerning IFRS for SMEs is/are correct?
1. IFRS for SMEs is based on accrual basis accounting
2. Generally, IFRS for SMEs may be used as an alternative to using OCBOA

1 only

2 only

Both 1 and 2Correct

Neither 1 or 2


________ is a business arrangement in which two companies agree to share resources.

licensing

franchising

strategic allianceCorrect

joint venture

all of the answers apply


A currency transaction that involves immediate delivery is referred to as a:

Spot marketCorrect

Forward market

Foreign exchange swap

Cross currency swap

None of the answers apply


A currency transaction method used by importers and exporters to hedge their currency positions is referred to as a:

Spot market

Forward market

Foreign exchange swapCorrect

Cross currency swap

None of the answers apply


SSim-Tech, a US company, is getting ready to consolidate a foreign subsidiary financial statements, which are in Euros. The functional currency to be used is

Euro

both the Euro and US dollar

Italian Euro

US dollarCorrect

None of these apply


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering national tax systems when taxes are structured to reduce or eliminate double taxation this is referred to as __________ .

an integrated systemCorrect

a classical system

a tax credit system

a split rate system

none of the answers apply


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering national tax systems when taxes are structured where a lower tax is levied on dividends than on retained earnings this is referred to as __________ .

an integrated system

a classical system

a tax credit system

a split rate systemCorrect

none of the answers apply


A currency transaction method used by importers and exporters to hedge their currency positions is referred to as a:

Spot market

Forward market

Foreign exchange swapCorrect

Cross currency swap

None of the answers apply


SSim-Tech, a US company, is getting ready to consolidate a foreign subsidiary financial statements, which are in Euros. The functional currency to be used is

Euro

both the Euro and US dollar

Italian Euro

US dollarCorrect

None of these apply


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering taxes the process of government imposed taxes on dividends, interest and royalty payments to foreign investors is referred to as __________ .

transfer tax

value added tax

withholding taxCorrect

border tax

none of the answers apply

Global & US Corporation Tax – International Accounting


Homepage