What is the name of the risk that a financial institution may not deliver the currency on one side of a completed currency transaction?
A) dealer risk
B) market risk
C) Herstatt risk
D) exchange rate risk
Answer: C
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In June 2011, the IASB amended IAS 19, Employee Benefits, and significantly changed the method of accounting for defined benefit plan pensions. Regarding these changes, which of the following statements is false?
A) Prior to this amendment, the basic principles of accounting for defined benefit plans under IFRS were the same as U.S. GAAP. B) Under IAS 19, prior service cost is immediately recognized on the income statement as an expense, while under U.S. GAAP prior service cost is recognized in other comprehensive income and reported as a component of accumulated other comprehensive income on the balance sheet. C) The changes in the amendment to IAS 19 make it less likely that GAAP will change to converge with IFRS for pension accounting. D) The major result of the IASB amendments was to remove many of the smoothing devices in pension accounting.
The company name, the address of the company or its registered agent, the names and addresses of company members and whether any members are to be liable for company debts are all included in a limited liability company's:
a. articles of institution b. articles of administration c. articles of incorporation d. articles of sale e. none of the other choices are correct
All of the following deductible expenses are deductions for AGI except
A. deductions reported on Schedule C. B. deductions reported on Schedule E. C. deductions reported on Schedule A. D. All of the above are deductions for AGI.
Which of the following statements about the constructive receipt doctrine is false?
A. Application of the doctrine by the IRS is subjective and depends on the facts and circumstances of each case. B. The doctrine applies to cash basis taxpayers. C. The doctrine relates to the time period variable in tax planning. D. None of the above is false.