Accounting and Financial Reporting Practice Questions
Course Introduction
This course offers a comprehensive introduction to the principles and practices of accounting and financial reporting. Students will explore the fundamentals of financial statements, including the balance sheet, income statement, and cash flow statement, learning how these documents are prepared, analyzed, and used by various stakeholders for decision-making purposes. Emphasis is placed on understanding the regulatory framework governing financial reporting, mastering the double-entry bookkeeping system, and applying key accounting concepts and standards. Through real-world examples and case studies, students will develop practical skills in recording financial transactions, preparing financial reports, and interpreting financial data to assess the overall financial health and performance of organizations.
Recommended Textbook
Issues in Financial Accounting 16th Australia Edition by Scott Henderson
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Chapter 1: Institutional Arrangements for Setting Accounting Standards in Australia
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Q1) The ASX listing rules include two mandatory requirements relating to their corporate governance guidelines.These include a requirement:
A) that the top 500 companies have an audit committee
B) that the top 300 companies have an audit committee
C) that all listed companies have an audit committee
D) that the top 500 companies have an independent audit committee
Answer: B
Q2) Compliance with accounting standards by reporting entities in the public sector is commonly supplemented by:
A) ASIC
B) 'Treasurer's Instructions'
C) FRC
D) the Corporations Act
Answer: B
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Chapter 2: The Conceptual Framework: Purpose, reporting
Entity, the Objective of Financial Reporting, and Qualitative
Characteristics
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Q1) What is not a key characteristic concerning users of general purpose financial statements?
A) The users do not necessarily have to be known to the entity
B) The users are internal to the entity
C) The users lack the power to demand that the entity provides them with specific information
D) All of the above are key characteristics
Answer: B
Q2) Which term best illustrates the assurance that financial information faithfully represents the economic phenomena it purports to represent?
A) Timeliness
B) Understandability
C) Verifiability
D) Comparability
Answer: C
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Chapter 3: The Conceptual Framework:
Definition,
and Measurement of the Elements in General
Purpose Financial Statements
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Q1) Explain and discuss three essential characteristics of an asset as defined by the Framework.
Answer: The essential characteristics of an asset are: future economic bene ts; control by the entity; and the result of a past event.
Q2) Which of the following is not considered an element of the statement of financial position?
A) Liabilities
B) Equity
C) Expenses
D) Assets
Answer: C
Q3) Under the Framework,profit is defined as:
A) an increase in 'well-offness'
B) a matter of display
C) an increase in wealth
D) including all changes in equity occurring during a period
Answer: B
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Chapter 4: Fair Value Measurement
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Q1) At which date must an entity have access to the principal or most advantageous market?
A) Balance sheet date
B) Reporting date
C) Measurement date
D) The last date of the fiscal quarter
Q2) Which of the following is not a criticism of fair value measurement?
A) Fair value measures can be unreliable
B) Fair value measurements caused the global financial crisis of 2007
C) The measurements are not always relevant
D) The measurements impact the statement of financial position
Q3) Which use of a non-financial asset is being considered when zoning regulations are applicable?
A) Physically possible
B) Financially feasible
C) Fair value measurement
D) Legally permissible
Q4) Explain the differences between the concept of unit of account and valuation premise.
Q5) List and give examples of the inputs of the fair value hierarchy.
Page 6
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Chapter 5: The Choice of Accounting Methods
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Q1) Which of the following was a source of support for international harmonization of accounting standards and financial reporting in the mid-1990s?
A) Australian Securities Exchange (ASX)
B) International Accounting Standards Committee (IASC)
C) Neither A nor B is correct
D) Both A and B are correct
Q2) A company decides to switch inventory costing methods to minimise income taxes paid.Which type of 'creative accounting' option was used by the company?
A) Timing of transactions
B) Disclosure of transactions or events
C) Choice of accounting policies
D) Estimates or predictions of future events
Q3) Costs incurred to reduce opportunistic behaviour plus the costs of opportunistic behaviour that it is not economic to eliminate are known as:
A) political costs
B) bonding costs
C) agency costs
D) opportunity costs
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Chapter 6: The Statement of Financial Position
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Q1) What is the most common classification regarding liabilities?
A) Source
B) Longevity
C) Liquidity
D) Nature
Q2) AASB 101 allows which of these statements of financial position formats?
A) Current/non-current format
B) Order-of-liquidity format
C) A mixed basis of presentation using both the current/non-current basis and the order-of-liquidity format for different asset groups
D) All of the above are allowable formats.
Q3) The accounting standard relating to the statement of financial position is:
A) AASB 103
B) AASB 101
C) AASB 140
D) AASB 111
Q4) Identify and discuss the requirements concerning the classification of liabilities contained in AASB 101.
Q5) Discuss the concept of reserves and the sources from which they arise.
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Chapter 7: Accounting for Current Assets
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Q1) AASB 102 requires that any write down to net realisable value:
A) must be recognised as an expense in the period that the write down occurs
B) must be reversed when there is clear evidence of an increase in value
C) must be applied only on an item by item basis
D) A and B above
Q2) Assuming prices are decreasing,the first-in-first-out approach to inventory valuation,compared to the average cost approach,will give:
A) a higher profit and a higher closing inventory
B) a higher profit and a lower closing inventory
C) a lower profit and a higher closing inventory
D) a lower profit and a lower closing inventory
Q3) Allowance for doubtful debts is a/an:
A) liability account
B) expense account
C) contra expense account
D) contra asset account
Q4) Explain the concept of the lower of cost and net realisable value rule.
Q5) Explain and discuss the criteria contained in AASB 101 for distinguishing between current and non-current assets.
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Chapter 8: Accounting for Property, plant and Equipment
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Q1) AASB 136 proposes factors that may indicate the existence of asset impairment.Which of the following is not one of those factors?
A) Evidence of obsolescence or physical damage to an asset
B) Changes in interest rates that would reduce fair value calculations involving future cash flows
C) The carrying amount of net assets exceeds the entity's market capitalisation
D) None of the above, i.e., all are factors that may indicate the existence of impairment
Q2) An asset should be depreciated over its:
A) technical life
B) economic life
C) legal life
D) physical life
Q3) What must be present for an asset to be classified as held for sale?
A) Management has committed itself a plan to sell the asset
B) There is an active program to locate a buyer
C) The assets are available for immediate sale in their present condition
D) All of the above are required criteria
Q4) Explain and discuss how donated assets should be recorded in the accounts.
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Chapter 9: Accounting for Company Income Tax
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Q1) Unused (carried forward)tax losses:
A) sometimes give rise to a deferred tax liability
B) sometimes give rise to a deferred tax asset
C) always give rise to a deferred tax asset
D) always give rise to a deferred tax liability
Q2) AASB 112 requires that:
A) current and deferred tax expense are reported as one figure 'income tax expense'
B) current and deferred tax expense are disclosed separately
C) deferred tax expense is not identifiable in the financial reports
D) current tax expense is not identifiable in the financial reports
Q3) Discuss the results of empirical research that examines whether tax-effect accounting should continue to be required.
Q4) Compare and contrast the Tax Payable and Tax Allocation - Balance Sheet
Approach methods of accounting for income tax.Which method is required under Australian Accounting Standards? Outline the main arguments for and against each of these methods.
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Chapter 10: Accounting for Intangible Assets
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Q1) Which of these provisions of AASB 138 is inconsistent with the asset recognition criteria of the Framework?
A) Reviewing the unamortised balance of goodwill annually and, to the extent it is no longer supported by probable future economic benefits, writing it down
B) Recognising purchased goodwill as an asset
C) Not recognising internally generated goodwill as an asset when the market value of an entity can be measured reliably
D) Amortising goodwill
Q2) The initial recognition of the costs associated with intangible assets as an asset rather than an expense:
A) is consistent with the treatment of these costs for income tax purposes
B) is allowable provided that a future economic benefit exists
C) is allowable provided that the cost is material
D) all of the above
Q3) Compare the costs likely to be recorded for internally developed patents with those associated with a patent purchased in an arm's length transaction.
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Chapter 11: Accounting for Leases
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Q1) Managers will often have strong incentives to favour operating leases over finance leases.This is because:
A) operating leases are recorded on the balance sheet. This results in an increased debt ratio and a lower return on total assets
B) finance leases are recorded on the balance sheet. This results in a decreased debt ratio and a lower return on total assets
C) finance leases are recorded on the balance sheet. This results in an increased debt ratio and a lower return on total assets
D) None of the above. Managers do not prefer operating leases
Q2) What are the main characteristics of a sale-and-leaseback agreement?
Q3) What are the two elements in identifying whether a contract contains a lease?
A) The type of lease and the identified asset
B) The identified asset and the minimum lease payments
C) Identified asset and the right to control the use of an identified asset
D) The type of lease and the minimum lease payments
Q4) List and explain the different items set out in a typical lease agreement.
Q5) How is a finance lease distinguished from an operating lease?
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Chapter 12: Accounting for Employee Benefits
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Q1) Which of the following is not an objective related to disclosures of share-based payment transactions?
A) Disclosure of percentage of equity and cash payouts to employees
B) Highlights the effects of share-based payment transactions on a company's profit or loss
C) Allows users to understand how the fair value of equity instruments has been determined
D) Allows users to understand the nature and extend of share-based arrangements
Q2) Entitlement of equity instruments are based on:
A) Earnings goals
B) Vesting conditions
C) Debt ratios
D) Return on investment ratios
Q3) Discuss the rationale for AASB 119 recognising long service leave as a liability during the preconditional period.How would you account for the possibility that an employee may not remain in your employ long enough to collect long service leave.
Q4) Discuss the three types of share-based payment transactions as outlined by AASB 2 'Share-based Payment'.
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Chapter 13: Accounting for Financial Instruments
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Q1) The buyer of a put option on shares:
A) obtains the right to sell the shares at an agreed future time at their market price at that time
B) must sell the shares at an agreed future time at a price determined now
C) obtains the right to sell the shares at an agreed future time at a price determined now
D) must sell the shares at an agreed future time at their market price at that time
Q2) Explain the respective rights and obligations of:
(a)the buyer of a call option over shares
(b)the writer (seller)of a call option over shares
(c)the buyer of a put option over shares
(d)the writer (seller)of a put option over shares
Q3) What is meant by an 'interest rate swap'? Illustrate your answer with a simple example of how such a swap operates and how it would affect the parties concerned.Why might businesses engage in an interest rate swap?
Q4) Identify and explain the methods required under AASB 139 to account for a futures contract both at its inception and for subsequent changes in its fair value.
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Chapter 14: The Statement of Comprehensive Income
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Q1) Explain and discuss how profit results may be manipulated if the rules allow the separate reporting of operating items and extraordinary items.Explain how accounting standard setters in Australia have responded to a perceived creative approach to extraordinary items in the previous standard.Do you think their response is justified?
Q2) Define income and explain how it differs from revenue.
Q3) The approach where profit is measured as the revenue from operations minus expenses from operations is known as:
A) the all-inclusive approach
B) the operating-profit approach
C) the comprehensive income approach
D) the working profit approach
Q4) The Australian Accounting Standards Board changed the name 'statement of financial performance' to 'statement of profit and loss and other comprehensive income':
A) to be consistent with the Corporations Act
B) to be consistent with international accounting standards
C) to be consistent with US accounting standards
D) because of the development of accounting standards that are applicable to both the private and public sectors
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Chapter 15: Revenue
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Q1) Which of the following is true in regards to measuring progress towards the complete satisfaction of performance obligations?
A) Multiple methods of measuring progress can be used for a performance obligation
B) Methods based on inputs recognise revenue based on measures of the value of goods or services transferred to the customer
C) Only a single method of measuring progress can be used for a performance obligation
D) All of the above are true
Q2) What is a possible indicator of revenue reversal?
A) The contract has a broad range of possible consideration amounts
B) The entity's experiences with similar types of contracts is limited
C) Both A and B are possible indicators
D) Neither A nor B is a possible indicator
Q3) Discuss the three types of repurchase agreements.
Q4) Discuss how an entity accounts for the receipt of non-cash consideration in a sales contract.
Q5) Describe the nine steps of the earnings cycle,and give examples of how different contracts recognise revenue within the cycle.
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Chapter 16: The Statement of Cash Flows
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Q1) Distinguish between the three concepts of funds which can be used to construct a cash flow statement: cash,working capital and total resources.Which concept do you think provides the most useful information for decision making?
Q2) Which of the following is an example of a net cash flow that may be reported on the statement of cash flows?
A) Depreciation
B) Cash advances
C) Long-term notes payable
D) Payment of dividends
Q3) Which transaction can be viewed as either an operating transaction or a financing transaction?
A) Receipt of cash from customers
B) Payment of dividends
C) Sale of equipment
D) Payment of interest to a lender
Q4) Discuss the arguments for and against the presentation of the cash flow statement using the indirect approach rather than the direct approach.
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Chapter 17: Financial Reporting: Segment Reporting and Highlights Statements
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Q1) What benefits is an investor likely to gain if a business presents financial information for its various separate major organisational divisions and/or geographical areas of operations? Are there any likely costs (direct or indirect)to the investor from the presentation of this information?
Q2) Which of the following statements relating to AASB 8 is not true?
A) It adopts a management approach
B) It applies to all for profit entities
C) Reconciliations are required for revenues, profit and loss and other material items
D) None; all of the statements are true
Q3) When evaluating whether to calculate diluted earnings per share (EPS),a company issuing convertible notes should consider:
A) the time weighting factor
B) if the notes potentially convert to ordinary shares
C) if conversion of the notes is likely to increase earnings, or decrease losses, per share
D) both B and C must be considered
Q4) Discuss the benefits of the 'management approach' adopted by AASB 8.
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Chapter 18: Further Financial Reporting Issues
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Q1) The effect of a change in an estimate is to be recognised in the statement of comprehensive income in which of the following:
A) the period of the change, if the change affects that period only
B) the period of the change, if the change affects other periods
C) the period of the change and future periods, if the change affects either
D) only the future periods,
Q2) A small proprietary company:
A) has operating revenue of $25 million or more
B) has assets of less than $12.5 million
C) has more than 50 employees
D) A and C above
Q3) Which of the following is not a primary feature of a 'reporting entity'?
A) The extent of government regulation of the business
B) Its political or economic influence or importance
C) Financial characteristics such as size or level of indebtedness
D) Separation of management from ownership
Q4) Discuss the importance of discrete reporting. What changes have been made AASB 134 and AASB 136 to improve 'Impairment of Assets'?
Q5) Explain the significance of related-party transactions.
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Chapter 19: Accounting for Extractive Industry
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Q1) Examples of expenditures that might be included in the initial measurement of exploration and evaluation assets provided in paragraph 9 are which of the following:
A) topographical, geological, geochemical and geophysical studies
B) mining
C) cultiviating
D) refining
Q2) Which of the following statements is correct? The expense (costs written-off)method of accounting for exploration and evaluation costs in the extractive industries:
A) is inconsistent with the framework of accounting
B) is likely to be accepted for income tax purposes
C) is simple and conservative
D) all of the above are correct
Q3) To calculate the value of the reserves,the following data are required:
A) an estimate of the current sales price per output unit
B) a discount rate
C) an estimate of the life of the fixed assets
D) an estimate of the cost of salvage per output unit
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Chapter 20: Accounting for Agricultural Activity
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Q1) Which of the following statements about a growing crop expected to be sold within the next reporting cycle is not true?
A) It should never be classified as inventory
B) It should always be classified as a current asset
C) It should always be classified as inventory
D) It is in the process of production
Q2) Describe the sustained-yield method and the standard method of measuring forestry assets.
Q3) Agricultural activity under the heading of Biological assets such as animals is most appropriately measured for accounting purposes at:
A) standard value
B) net realisable value
C) discounted market value
D) historical cost
Q4) List three significant items of information that Australian Accounting Standard AASB 141 'Agricultural Activity' requires to be shown in the annual report and financial statements specifically of a primary production business.Explain why disclosure of each of these items is considered to provide useful information to investors.
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Chapter 21: Accounting for Superannuation Entities
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Q1) AAS 25 applies specifically to superannuation plans and:
A) overrides the Australian equivalent to IFR's
B) requires the preparation of information about the rights and benefits of individual members
C) applies only to private sector superannuation plans
D) all of the above
Q2) The inclusion of a report of the trustees of a superannuation plan is:
A) required by AAS 25
B) the same as an actuarial report
C) recommended by the ASFA
D) not relevant for a self-managed plan
Q3) Discuss the roles of APRA,Asic and the ATO in the regulation of the superannuation industry.
Q4) For each reporting period,superannuation entities are required to prepare each of the following except
A) a statement of consolidated benefits.
B) income statements.
C) a statement of cash flows.
D) consolidated financial reports.
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Chapter 22: Accounting for Insurance
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Q1) Which two users of information are addressed by life insurance activities?
A) Underwriters and policyholders
B) Shareholders and policyholders
C) Insurance agents and underwriters
D) Shareholders and underwriters
Q2) Which of the following is not one of the broad categories of insurance?
A) Life
B) General
C) Medical
D) Fixed-fee service contracts
Q3) Which type of traditional activity is disability insurance most similar to?
A) General insurance
B) Annuity contracts
C) Endowment insurance
D) Term insurance
Q4) Where is the deficiency related to an unearned premium liability to be reported?
A) On the face of the income statement
B) In the statement of comprehensive income
C) In the insurance contract
D) In the notes of the insured financial statements
Page 24
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Chapter 23: International Accounting Standards, harmonisation and Convergence
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Q1) The case against principles-based standards is that they 'typically require preparers and auditors to exercise judgement in accounting for transactions and events without providing a ____________ to frame that judgement.
A) insufficient structure
B) sufficient structure
C) insufficient information
D) sufficient information
Q2) The 'global harmonisation' approach to accounting standards,as set out in AASB Policy Statement No 1,means which of the following?
A) working to reduce the differences between Australian and other countries accounting standards
B) adopting accounting standards developed and adopted in other countries
C) developing local accounting standards based on an examination of accounting standards and practices adopted in other countries
D) none of the above
Q3) Describe and explain the strategies adopted by the AASB in order to achieve the objective of international harmonisation of accounting standards in Australia.
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Chapter 24: Foreign Currency Translation
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Q1) There are four methods suggested for translating foreign currency financial statements.Identify these four methods and explain the translation methods used under each.
Q2) The main objective of translating the financial statements of foreign operations into Australian dollars is to:
A) compare the performance of the foreign subsidiary's managers with their Australian counterparts
B) meet the requirements of tax legislation
C) incorporate the results of the foreign operations into the consolidated financial reports
D) evaluate the performance of the foreign subsidiary's managers
Q3) In relation to cash flow hedges,AASB 7 requires that an entity must disclose separately which of the following?
A) the amount reclassified from the statement of owners' equity
B) hedge effectiveness statement
C) hedging gains or losses of the reporting that were recognised in other comprehensive income
D) hedge accountability statement
Q4) Explain,using simple numerical examples,the hedging of currency risk.
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Chapter 25: Accounting for Corporate
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Q1) 'A conflict of interest can be argued to exist between maximisation of shareholder's wealth and social responsibility'.Discuss this statement with respect to Australian corporations.
Q2) The approach that justifies corporate expenditure on socially responsible activities by suggesting that there is an implied social contract between a company and society that ensures the company's validity and survival as long as its activities are consistent with society's values is:
A) enlightened self-interest
B) stakeholder management strategy
C) legitimacy theory
D) ethical universalism
Q3) General standard disclosures are comprised of which of the following?
A) strategy and analysis
B) organisational profile
C) report profile
D) all of the above
Q4) Explain the three components of the Emissions Reduction Fund (ERF).
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Chapter 26: Ethics in Accounting
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Q1) Which relationship between accountants and the people with whom they interact is a fundamental motivation for ethical considerations in accounting?
A) professional
B) personal
C) fiduciary
D) proletarian
Q2) Briefly describe three classes of deontological theories that have been used to examine ethical behaviour.
Q3) The ethical issues most frequently experienced by Australian accountants a 2005 survey by Leung and Cooper was:
A) fee problems
B) maintaining confidentiality
C) conflict of interest
D) admitting one's mistakes
Q4) Ethical issues pertain primarily to A) individuals.
B) those in the financial industry.
C) licensed professionals.
D) communities.
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