FAH207H1 Lecture : Jan 20 lecture

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greyjellyfish593

15 Feb 2011

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Southern i taly and sicily (and elsewhere, such as the coasts of the black sea and. Egypt), and the greek cities on the west coast of asia minor (now turkey: roman art refers not only to art from the city of rome but also to art from the various provinces of the roman empire. Much is lost because of its value (gold can be melted down, etc. Textiles (and wood) are only preserved under certain climatic conditions. Many finds are found in shipwrecks or ancient cities. Most of the most famous art of antiquity is lost: funerary works are usually better preserved because they were well protected until they were found. Almost all of the painted pottery we study comes from tombs: there was hardly any art for art"s sake" in antiquity. There was no concept of art in the modern sense, the greek equivalent would be craft" (techne).

Related Questions

1. Refer to Figure 9.13. Which photo(s) (AâI) best illustrate(s) the methods of fossilization or fossil evidence listed
below? (Photos/letters may be used more than once.)
Petrification: The small internal cavities and pores of an original organism that are filled with precipitated mineral
matter. Photo(s):
Cast: The space once occupied by a dissolved shell or other structure is subsequently filled with mineral matter.
Photo(s):
Carbonization: Preservation that occurs when fine sediment encases delicate plant or animal forms and leaves a
residue of carbon. Photo(s):
impression: A replica of an organism, such as a leaf, left in fine-grained sedimentary rock. Photo(s):
Amber: Hardened resin of ancient trees that preserved delicate organisms such as insects. Photo(s):
indirect evidence: Traces of prehistoric life but not the organism itself. Photo(s):
ACTIVITY 9.6
Types of Fossils
A. Crustacean (shrimp) B. Fossilized wood C. Fossil bee
D. Fossil brachiopods E. Dinosaur track F. Trilobite fossil
G. Fossil dung H. Fossil spider I. Fossil fish

purplebeaver87

1 Which of the following is an advantage of having a single set of accounting standards used worldwide?

A. Reduced accounting costs for multinational corporations

B. Increased power of the FASB

C. Reduced number of multinational corporations on the NYSE

D. Increased diversity of accounting methods used by multinational corporations

2 The accounting standards in code law countries tend to be:

A. very detailed.

B. formulated by organizations such as the FASB.

C. stated generally without much guidance on accounting procedures.

D. very conservative.

3 What is the likely result when accounting rules are left up to professional associations

rather than being legislated by governmental bodies?

A. Very general accounting rules are created, as in code law countries.

B. Very detailed rules for practice are created, as in common law countries.

C. Very general accounting rules are created, as in common law countries.

D. Very detailed rules for practice are created, as in code law countries.

4Historical cost is the primary basis for asset valuation under U.S. GAAP.

Why is historical cost NOT as important in the accounting systems of Latin America as in the U.S.?

A. Historical costs are too difficult to calculate in the currencies used in Central and South America.

B. The countries of Latin America have experienced very high rates of inflation,

which would make historical costs meaningless to readers of financial statements.

C. There is very little foreign direct investment in the countries of Latin America,

so few assets need to be accounted for.

D. In Latin America, asset prices are very stable, making historical costs ,

so it doesn't matter which valuation basis is used.

5Which of the following statements is true about accounting convergence?

A. Convergence is a synonym for harmonization.

B. Convergence is the opposite of standardization.

C. Convergence, unlike harmonization, takes place over a period of time.

D. Convergence means developing high-quality standards in partnership with national standards.

6 Which of the following statements is believed to be true about accounting convergence

by proponents of convergence?

A. Convergence would not affect the feelings of nationalism.

B. Convergence is desirable because there is very little difference among capital markets

in different countries.

C. Convergence would help to raise the quality of accounting practices internationally.

D. None of the above statements is true.

7Why does the IASB believe that a principles-based approach to standard setting

is superior to a rules-based approach?

A. Detailed guidance or rules encourage accountants to look for ways around the rules

rather than trying to provide useful information.

B. Principles-based standard setting is less costly to undertake than rules

-based standard formulation.

C. It is desirable to have all corporations in all countries using the same accounting practice.

D. A conceptual framework for standard setting has demonstrated to encourage

the greatest economic development.

8 If a company chooses the revaluation model permitted in IAS 16 for fixed asset measurement:

A. annual revaluations must be performed on each class of assets.

B. it must update the valuation so that the balance sheet represents fair value

on the balance sheet date.

C. appraisals must be performed by an official of the IASB.

D. the depreciated replacement cost must be used as the fair value of the fixed asset.

The Norran Company needs 15,000 units of a certain part to usein its production cycle. If Norran buys the part from WaterlooCompany instead of making it, Norran could not use the releasedfacilities in another activity; thus, all of the fixed overheadapplied will continue regardless of what decision is made.Accounting records provide the following data:

Cost to Norran to make the part:

Direct materials,$3

Direct labor, $12

Variable overhead,$13

Fixed overheadapplied, $8

Cost to buy the part from the WaterlooCompany, $27

18.	What should Norran's decision be, and what is the total costsavings that would result?
	A)	Make, $90,000
	B)	Buy, $90,000
	C)	Make, $15,000
	D)	Buy, $15,000

27.	When considering the time value of money, usecompounding to find the __________ value of money nowheld.
	A)	discounted
	B)	present
	C)	historical
	D)	future

28.	The normal selling price of our product is $42 per unit.The costs of production are direct materials, $8; direct labor, $6;variable overhead, $7; and fixed overhead, $4 (based on normalcapacity). The company has received a special order for 14,400units at a unit sales price of $23. There is ample unused capacityto fill the order and $1 per unit will be incurred for additionalfreight costs. If the order is accepted, operating incomewill
	A)	decrease by $28,800.
	B)	increase by $14,400.
	C)	decrease by $43,200.
	D)	increase by $28,800.

30.	The point at which products are separated in a joint productionprocess is the
	A)	joint product point.
	B)	breakeven point.
	C)	split-off point.
	D)	separation point.

31.	The difference in total costs between two alternatives isreferred to as the
	A)	direct cost.
	B)	incremental cost.
	C)	sunk cost.
	D)	opportunity cost.

FAH207H1 Lecture : Jan 20 lecture

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