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?
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
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, 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 tax – Correct
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 system – Correct
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 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
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 tax – Correct
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
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
Under IFRS which pronouncement covers currency translations?
IFRS 21
IAS 21 – Correct
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 system – Correct
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 tax – Correct
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 system – Correct
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 tax – Correct
value added tax
withholding tax
border tax
none of the answers apply
Under IFRS which pronouncement covers currency translations?
IFRS 21
IAS 21 – Correct
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 system – Correct
a split rate system
none of the answers apply