0outof1points
Investorswhoprovidetheirmoneytoestablishabusinessareregardedasinternalusersof
accountinginformation.
SelectedAnswer:
True
Answers:
True
False
Question2
1outof1points
Manyprofessionalswhoarenotaccountantsfinditanadvantagetohaveagraspofaccounting
concepts.
SelectedAnswer:
True
Answers:
True
False
Question3
1outof1points
Themostsenioraccountingpositioninacorporationisgenerallyreferredtoasthe:
SelectedAnswer:
ChiefFinancialOfficer
Answers:
ManagingDirector
ChiefFinancialOfficer
ManagingAccountant
HeadAccountant
Auditor
Question4
0outof1points
Theinternaluserofaccountinginformationis:
SelectedAnswer:
Consumer
Answers:
Investor
Consumer
Productionmanager
AustralianTaxOffice
Supplier
Question5
0outof1points
ThenormaltimedelayinAustraliainprovidingtheannualreportoflargecompaniestoexternal
usersaftertheendofthefinancialyearis:
SelectedAnswer:
onemonth.
Answers:
twoweeks.
onemonth.
sixmonths.
twomonths.
threemonths.
Question6
0outof1points
TheFrameworkdescribesthequalitativecharacteristicofrelevanceas:
SelectedAnswer:
informationthatcanberecordedinaccountingreports.
Answers:
informationthatisofvaluetousersindecisionmaking.
informationthatcanbeclassified.
informationthatcanberecordedinaccountingreports.
informationthatcanbereliablymeasured.
informationthatisunderstandable
Question7
0outof1points
Whichoftheseisanasset?
SelectedAnswer:
Interestearnedoninvestments
Answers:
Incometaxpayable
Revaluationreserve
Interestearnedoninvestments
Incomereceivedinadvance
Noneisanasset
Question8
0outof1points
Theinformationinaccountingreportsisgovernedby:
SelectedAnswer:
GPFR.
Answers:
SPFR.
GPFR.
GAAP.
GARP.
Noneoftheabove.
Question9
0outof1points
Decreasesineconomicbenefitsintheformofoutflowsordepletionsofassetsorincurrencesof
liabilitiesthatresultinadecreaseinequity,otherthanthoserelatingtodistributionstoequity
participants,isthedefinitionof:
SelectedAnswer:
liabilities.
Answers:
assets.
liabilities.
income.
expenses.
equity.
Question10
0.25outof1points
TheFinancialReportingCouncilismadeupofrepresentativesof
SelectedAnswer:
governments.
Answers:
stakeholdersfromthebusinesscommunity.
professionalaccountingbodies.
governments.
regulatoryagencies.
Alloftheabove
Question11
1outof1points
Whichoftheseisadecisionrelevanttotheaccountingfunctionofanentity?
SelectedAnswer:
Alloftheabove
Answers:
Whetherdebtscanberepaid
Findingthemostcosteffectivewaytoproducegoods
Theinvestmentprospectsoftheentity
Alloftheabove
Noneoftheabove
Question12
0outof1points
Thebestdescriptionoftheprimarypurposesofprovidingaccountinginformationis:
SelectedAnswer:
tocalculatethebankaccountbalance.
Answers:
toassistusersinmakinginformeddecisions.
tocalculatethebankaccountbalance.
toallowthepreparationofataxationreturn.
toenablethefinancialstatementstobeprepared.
Question13
0outof1points
Businessestendtoresistprovidingforecastdatatothoseoutsidetheorganisationmainlybecause:
SelectedAnswer:
thedataisinaccurate.
Answers:
itistoodifficult.
offearofthelossofcompetitiveadvantage.
thedataisinaccurate.
itistoocostly.
Question14
1outof1points
Thechangethatwillincreaseowners'equityis:
SelectedAnswer:
earningaprofitfortheyear.
Answers:
acompanybuyingbackitsownshares.
earningaprofitfortheyear.
alossincurredfortheyear.
paymentofadividendbyacompanytoitsshareholders.
Question15
0outof1points
Financialaccountingreports,comparedtomanagementreports,tendtobe:
SelectedAnswer:
detailed.
Answers:
unstructured.
detailed.
qualitative.
generalpurpose.
Question16
0outof1points
Thetesttodetermineifanitemofaccountinginformationisworthwhilecollectingis:
SelectedAnswer:
costtest.
Answers:
costtest.
worthwhiletest.
cost/benefittest.
validationtest.
Question17
1outof1points
Whichofthesearecostsofprovidingaccountinginformation?
Selected
Answer:
alloftheabove
Answers:
costofcomputerhardware
thecostofmanagementtimespentonreadingandinterpretingaccounting
reports
wagesofaccountingstaff
alloftheabove
Question18
0outof1points
Howmanyofthesearedifferencesbetweenmanagementandfinancialaccounting?
Natureofreportsproduced
Frequencyofreports
Levelofdetailinthereports
Degreeofregulation
SelectedAnswer:
two
Answers:
one
two
three
four
Question19
0outof1points
Managementreports,comparedtofinancialreports,are:
SelectedAnswer:
standardised.
Answers:
aggregated.
detailed.
standardised.
summarised.
Question20
1outof1points
Whichexternaluseroffinancialinformationisabletodemandthepreparationofaspecific
financialreport?
SelectedAnswer:
taxdepartment
Answers:
public
taxdepartment
creditor
customer