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 apply – Correct
Which of the following can create synergies through strategic alliances?
product development
personnel development
leveraging marketing
enhanced overall strategy
all of the answers apply – Correct
________ is a business arrangement in which two companies agree to share resources.
licensing
franchising
strategic alliance – Correct
joint venture
all of the answers apply
FASB stands for
Federal Accounting Standards Board
Foreign Accounting Standards Board
Financial Accounting Standards Board – Correct
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 IFRS – Correct
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
Recognition – Correct
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 apply – Correct
Which of the following can create synergies through strategic alliances?
product development
personnel development
leveraging marketing
enhanced overall strategy
all of the answers apply – Correct
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 tax – Correct
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?
transnational – Correct
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
global – Correct
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 1918 – Correct
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
Verifiability – Correct
Timeliness
Prudence
Which of the following items is not an attribute of US SME framework?
Objectivity
Measurability
Completeness
All items are attributes – Correct
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 2 – Correct
Neither 1 or 2
________ is a business arrangement in which two companies agree to share resources.
licensing
franchising
strategic alliance – Correct
joint venture
all of the answers apply
A currency transaction that involves immediate delivery is referred to as a:
Spot market – Correct
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 swap – Correct
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 dollar – Correct
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 system – Correct
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 system – Correct
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 swap – Correct
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 dollar – Correct
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 tax – Correct
border tax
none of the answers apply
Global & US Corporation Tax – International Accounting