ACC426 Solutions

ACC426 Tma Solutions

1. A ratio at which the currencies of two countries are exchanged at a particular date is called ___________

—>> Excahnge rate

Forward rate

Spot rate

Interest rate

2. Which of the following is not a characteristics of multinational companies?

Geographical spread

The efficiency

—>> The mode of operation

The power

3. The principle which holds that the recording of transactions at prices when they occur should be done and there should not be changes in the prices at later date is known as ______________

Transaction principle

Average cost principle

Sales cost principle

—>> Historical cost principle

4. Accounting in many countries is based on the _____________ principle.

Financial

Auditing

—>> Historical cost

Banking

5. The process of identifying, collecting, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information to various users globally for meaningful financial decision making is called_________________

Financial Analysis

—>> International Accounting

Research Analysis

Financial Intermediation

6. Which of the following is not a factor international accounting development?

External Finance

Legal System

—>> Level of credit

Level of Inflation

7. The Nigerian Accounting Standards Board Act of ___________ provided the legal framework under which NASB set accounting standards.

—>> 2003

2005

2001

2000

8. The extent to which the members of a society accept that power in institutions and organizations is distributed unequally is called_________-

Authority

Standard

Power distance

—>> Implementation

9. Accounting practices in common law countries are largely determined by ___________ in the private sector

Research Analysts

Financial managers

Bankers

—>> Accountants

10. A business organization operating in more than one country is called____________

Nigerian Accounting Standards Board

—>> Multinational Corporation

International Accounting Standard Committee

Financial Accounting Standard Board

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