Foreign companies whose stocks are listed on the NewYork stock exchange (NYSE) must report their income interms ofSelect one:a. Accounting Standardb. European Accounting Standardc. Political reportd. GAAP of the USAPrevious pageFinish attempt ..

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Answered: Foreign companies whose stocks are…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 14Q

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1- Why might a company want its stock listed on a stock exchange outside of its home country? 2- What would be the advantages of having a single set of financial reporting standards used worldwide?
What is a multinational organization that is publicly traded on a U.S. stock exchange and uses the Generally Accepted Accounting Principles (GAAP) for financial reporting?
Choose the correct. Which of the following statements is true for a foreign company registered with the U.S. SEC to list its stock on the New York Stock Exchange?a. The company must file an annual report with the SEC that is prepared in accordance with U.S. GAAP.b. The company may file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.c. The company must file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.d. The company may file an annual report with the SEC that is prepared in accordance with IFRS but need not also provide a reconciliation of IFRS to U.S. GAAP.
If you were preparing the financial statements of a publicly traded company, which of the following represents the accounting standards that you would be required to follow? IASB? (International Accounting Standards Board) US GAAP? (Generally Accepted Accounting Principles) or FASB? (Financial Accounting Standards Board)
US generally accepted accounting principles are currently developed by which entity? A . Th e Securities and Exchange Commission.
Choose the correct. Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.
Which one of the following journal entries is correct when payment for share issue expenses are made? Select one: a. Debit: Share issue expense; Credit: Bank b. Debit: Trade payables; Credit: Bank c. Debit: Bank; Credit: Trade payables d. Debit: Bank; Credit: Share- issue expense
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally acceptedaccounting principles.Required:1. Obtain the relevant authoritative literature on earnings per share using the FASB Accounting StandardsCodification at the FASB website (www.fasb.org). Identify the Codification topic number that provides theaccounting for earnings per share.2. What is the specific citation that describes the additional information for earnings per share that must beincluded in the notes to the financial statements?3. Describe the required disclosures
Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.
The ________ is attempting to harmonize accounting standards through issuing International Financial Reporting Standards (IFRS). A) BSC B) IOSCO C) IASB D) FASB E) GAAP
The accounting standards and financial reporting implications for business combinations are covered under------ Select one: a. International Financial Reporting Standard b. International Accepted Accounting Standard c. International Financial Principle Standard d. International Financial Accounting Standard
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on earnings per share using the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Identify the Codification topic number that provides the accounting for earnings per share. 2. What is the specific citation that describes the additional information for earnings per share that must be included in the notes to the financial statements? 3. Describe the required disclosures.

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Foreign companies whose stocks are listed on the New York stock exchange (NYSE) must report their income in terms of Select one: a. Accounting Standard b. European Accounting Standard c. Political report d. GAAP of the USA Previous page Finish attempt ..