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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