SSIM-Tech – IFRS Tax Systems – Global & Analytical

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SSIM-Tech – IFRS Tax Systems – Global & Analytical Approach

These accounting chapters discuss SSIM-Tech – IFRS rules & Tax Systems – A Global & Analytical Approach to international accounting.


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


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, a US corporation has subsidiaries in six foreign countries. When considering taxes the process of taxing consumption is referred to as __________ .

transfer tax

value added taxCorrect

withholding tax

border tax

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 to levy taxes on corporate income, but part of the tax can be treated as a credit against personal income taxes when dividends are paid this is referred to as __________ .

an integrated system

a classical system

a tax credit systemCorrect

a split rate system

none of the answers apply


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


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering taxes the process of taxing transfers between taxpayers is referred to as __________ .

transfer taxCorrect

value added tax

withholding tax

border tax

none 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


Under IFRS which pronouncement covers currency translations?

IFRS 21

IAS 21Correct

IFRS 9

IAS 9

None of these apply


SSim-Tech, a US company, is getting ready to consolidate a foreign subsidiary financial statements, which are in Euros. The first step in performing the consolidation currency translations is to

determine the subsidiary’s functional currency

to determine if IFRS 9 applies.

determine the parents functional currency.Correct

record any translation gains or losses.

None of these apply


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering national tax systems when taxes are levied on the corporation and the individual this is referred to as __________ .

an integrated system

a classical systemCorrect

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 taxes the process of taxing consumption is referred to as __________ .

transfer tax

value added taxCorrect

withholding tax

border tax

none of the answers apply

SSIM-Tech – IFRS Tax Systems – Global & Analytical Approach


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering national tax systems when taxes are structured to levy taxes on corporate income, but part of the tax can be treated as a credit against personal income taxes when dividends are paid this is referred to as __________ .

an integrated system

a classical system

a tax credit systemCorrect

a split rate system

none of the answers apply


SSim-Tech, a US corporation has subsidiaries in six foreign countries. When considering taxes the process of taxing transfers between taxpayers is referred to as __________ .

transfer taxCorrect

value added tax

withholding tax

border tax

none of the answers apply


Under IFRS which pronouncement covers currency translations?

IFRS 21

IAS 21Correct

IFRS 9

IAS 9

None of these apply


SSim-Tech, a US company, is getting ready to consolidate a foreign subsidiary financial statements, which are in Euros. The first step in performing the consolidation currency translations is to

determine the subsidiary’s functional currency

to determine if IFRS 9 applies.

determine the parents functional currency.Correct

record any translation gains or losses.

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 levy taxes on corporate income, but part of the tax can be treated as a credit against personal income taxes when dividends are paid this is referred to as __________ .

an integrated system

a classical system

a tax credit systemCorrect

a split rate system

none of the answers apply


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