Accounting and Reporting Study Guide Questions - 712 Verified Questions
Accounting and Reporting Study Guide Questions
Course Introduction
This course introduces students to the fundamental principles and practices of accounting and financial reporting. It covers the process of recording, classifying, and summarizing financial transactions in accordance with generally accepted accounting principles (GAAP). Students will learn how to prepare financial statements, analyze and interpret financial information, and understand the regulatory environment governing financial reporting. The course also examines the ethical considerations in accounting and the role of accountants in providing transparent and reliable financial information to stakeholders for decision-making purposes.
Recommended Textbook
Issues in Financial Accounting 16th Australia Edition by Scott Henderson
Available Study Resources on Quizplus
26 Chapters
712 Verified Questions
712 Flashcards
Source URL: https://quizplus.com/study-set/3599
Page 2
Chapter 1: Institutional Arrangements for Setting Accounting Standards in Australia
Available Study Resources on Quizplus for this Chatper
26 Verified Questions
26 Flashcards
Source URL: https://quizplus.com/quiz/71466
Sample Questions
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) The ASX listing rules:
A) apply to all companies and other entities reporting under the Corporations Act
B) apply only to public sector entities
C) are mandatory for public sector entities
D) apply to publicly listed companies only
Answer: D
Q3) Interpretation Advisory Panels make recommendations on particular issues to:
A) AASB
B) UIG
C) ASIC
D) ASX
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: The Conceptual Framework: Purpose, reporting
Entity, the Objective of Financial Reporting, and Qualitative
Characteristics
Available Study Resources on Quizplus for this Chatper
28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/71465
Sample Questions
Q1) 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
Q2) When deciding whether an entity is a reporting entity reference should be made to:
A) relevant legislation rather than SAC1
B) SAC1 rather than relevant legislation
C) ASX listing rules rather than Australian Accounting Standards
D) Australian Accounting Standards rather than ASX listing rules
Answer: A
Q3) Financial statements prepared by non-reporting entities are known as:
A) Entity financial statements
B) Special purpose financial statements
C) Quarterly mandated financial reports
D) General purpose financial statements
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Conceptual Framework:
Definition,
and Measurement of the Elements in General
Purpose Financial Statements
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/71464
Sample Questions
Q1) An entity has decided to commit itself to the purchase of a new building in the next financial year.Under the Framework:
A) a liability exists because it is probable that a future sacrifice of economic benefits will be required
B) no liability exists because there is no present obligation
C) a liability exists because there is a constructive obligation
D) a liability exists because there is an equitable obligation
Answer: B
Q2) The Framework definition of revenue (income)differs in which important aspect from the FASB definition?
A) In some circumstances it includes contributions by owners as revenue
B) It includes a reduction in liabilities as one of the forms that revenue can take C) It defines revenue as an inflow
D) It does not identify the sources of the revenue
Answer: D
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Fair Value Measurement
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/71463
Sample Questions
Q1) List and give examples of the inputs of the fair value hierarchy.
Q2) Which term describes the exit price of an asset at the measurement date?
A) Replacement cost
B) Current cost
C) Fair value
D) Historical cost
Q3) Which valuation technique uses option pricing models to determine fair value?
A) Income approach
B) Cost approach
C) Market approach
D) Asset approach
Q4) Which type of risk must be incorporated in determining the fair value of a liability?
A) Market risk
B) Non-performance risk
C) Interest rate risk
D) Portfolio risk
Q5) Explain the differences between the concept of unit of account and valuation premise.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: The Choice of Accounting Methods
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/71462
Sample Questions
Q1) Which of these is not one of the ways AASB 108 'Accounting Policies' deals with the choice of accounting methods?
A) By establishing a hierarchy of authorities
B) By specifying particular policies to be used in certain situations
C) By specifying the qualitative characteristics that financial information should have
D) None of the above, i.e., all are ways in which AASB 108 deals with the choice of accounting methods
Q2) Research suggests that post-Enron,Chief Financial Officers:
A) are reluctant to use accounting policy choices to manipulate earnings
B) prefer not to smooth earnings
C) are more likely to use accounting policy choices to smooth earnings
D) use volatile earnings to signal low risk prospects
Q3) What is considered the 'foundation' of the convergence of accounting standards?
A) FASB standards
B) IASB standards
C) AASB standards
D) ASX pronouncements
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: The Statement of Financial Position
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/71461
Sample Questions
Q1) What is the most common classification regarding liabilities?
A) Source
B) Longevity
C) Liquidity
D) Nature
Q2) Which of the following is a common classification of assets?
A) Nature of the asset
B) Source of the asset
C) Liquidity of the asset
D) All of the above are common classifications
Q3) Current assets,as defined in AASB 101,are those that:
A) are expected to be realised within the normal course of the operating cycle
B) are held primarily for the purpose of being traded
C) are expected to be realised within 12 months after the end of the accounting period
D) any of the above
Q4) Entities are required to disclose comparative information the previous period.Discuss how the correction of prior period errors may impact on the presentation of the financial statements.
Q5) Discuss the concept of reserves and the sources from which they arise.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Accounting for Current Assets
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/71460
Sample Questions
Q1) If inventory prices are rising:
A) the LIFO method will give the lowest profit
B) the LIFO method will give the highest profit
C) the FIFO method will give the lowest profit
D) the LIFO method will give the highest closing inventory valuation
Q2) The inventory valuation rule 'the lower of cost and net realisable value' cannot be used with which of these methods?
A) Perpetual inventory method
B) Periodic inventory method
C) Last-in-first-out method
D) None of the above, i.e., it can be used with all of the methods
Q3) A reason for not allocating all the outgoings incurred in bringing the inventory to its present location and condition to the cost of inventory is:
A) allocation may not make a material difference to reported profit or to the carrying amount of the inventory
B) the allocation of some costs may be time-consuming
C) incidental costs of acquisition may be minor
D) all of the above are reasons
Q4) Explain the concept of the lower of cost and net realisable value rule.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Accounting for Property, plant and Equipment
Available Study Resources on Quizplus for this Chatper
36 Verified Questions
36 Flashcards
Source URL: https://quizplus.com/quiz/71459
Sample Questions
Q1) Which of the following is not a category of investment in non-current assets?
A) Property, plant, and equipment
B) Investment property
C) Financial investments in the form of share investments
D) Inventory
Q2) A subsequent increase in the value of goodwill that has previously been written off as an impairment loss:
A) must not be reversed in subsequent periods
B) must be reversed in the period in which the value has changed
C) is allocated over the other assets in the cash generating unit in proportion to their carrying amounts
D) all of the above
Q3) Which of the following is not part of the definition of investment properties?
A) Real property
B) Generation of rental revenue
C) Increases in value
D) Held for resale
Q4) Explain and discuss how donated assets should be recorded in the accounts.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Accounting for Company Income Tax
Available Study Resources on Quizplus for this Chatper
26 Verified Questions
26 Flashcards
Source URL: https://quizplus.com/quiz/71458
Sample Questions
Q1) Deferred tax assets and deferred tax liabilities:
A) may be offset for presentation in the financial statements
B) cannot both arise in the one business
C) usually offset one another in amount
D) must always be disclosed separately in the financial statements
Q2) Jensen Ltd has a depreciable asset that cost $300 000 at the beginning of Year 1.It has a useful life of 5 years and zero residual value.The company depreciates the asset on a straight-line basis for accounting purposes but for tax purposes claims a depreciation allowance calculated on the reducing-balance basis at a rate of 25%.The company tax rate is 30%.At the end of year 2,in respect of this asset,Jensen Ltd will show:
A) a deferred tax liability of $11 250
B) a deferred tax liability of $3375
C) a deferred tax asset of $3375
D) neither a deferred tax asset nor a deferred tax liability
Q3) Discuss the results of empirical research that examines whether tax-effect accounting should continue to be required.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Accounting for Intangible Assets
Available Study Resources on Quizplus for this Chatper
32 Verified Questions
32 Flashcards
Source URL: https://quizplus.com/quiz/71457
Sample Questions
Q1) Which of these is not correct under AASB 138 concerning the measurement of intangible assets subsequent to acquisition?
A) If the revaluation model is used, amortisation is not required even if the useful life of the asset is finite
B) With both the cost and the revaluation models, all assets should be regularly tested for impairment
C) If the cost model is used, amortisation is required if the useful life of the asset is finite
D) The revaluation model is only permitted to be used if there is an active market for the asset
Q2) When the value of an intangible asset is impaired,the change in the value of the asset is:
A) recognised as a charge in the statement of comprehensive income
B) recognised as a charge to equity
C) amortised over a period not exceeding 20 years
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.
To view all questions and flashcards with answers, click on the resource link above.
Page 12
Chapter 11: Accounting for Leases
Available Study Resources on Quizplus for this Chatper
33 Verified Questions
33 Flashcards
Source URL: https://quizplus.com/quiz/71456
Sample Questions
Q1) How is a finance lease distinguished from an operating lease?
Q2) What is a requirement listed in AASB 16 that addresses the exception of all leases to be listed on the balance sheet?
A) A right-of-use asset must be recognised
B) A lease liability must be recognised
C) Underlying asset is of low value
D) No exceptions are listed in AASB 16
Q3) Which type of lease is not applicable to AASB 16 'Leases'?
A) Leases to explore for or use mineral, oil, or natural gas
B) Service concession arrangements within the scope of Interpretation 12 'Service Concessions Arrangements'
C) Rights held by a lessee under licensing agreements within the scope of AASB 138 'Intangible Assets'
D) All of the above are excluded from AASB 16 'Leases'
Q4) List and explain the different items set out in a typical lease agreement.
Q5) What are the main characteristics of a sale-and-leaseback agreement?
Q6) Discuss the implications of the proposal that operating/finance lease distinction be dropped.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Accounting for Employee Benefits
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/71455
Sample Questions
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) AASB 119 specifies that the present value basis of measurement of liabilities arising from employee benefits must be applied to which of the following?
A) Short term employee benefits
B) Long term employee benefits
C) Long service leave only
D) All employee benefits
Q3) Entitlement of equity instruments are based on:
A) Earnings goals
B) Vesting conditions
C) Debt ratios
D) Return on investment ratios
To view all questions and flashcards with answers, click on the resource link above.
Page 14
Chapter 13: Accounting for Financial Instruments
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/71454
Sample Questions
Q1) A futures contract provides for:
A) a purchase or sale now at a price to be determined based on future events
B) a purchase or sale in the future at a price to be determined when the transaction is completed
C) a purchase or sale in the future at a fixed price agreed at the date of the agreement
D) any of the above
Q2) 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
Q3) Which of the following is considered a compound financial instrument?
A) Convertible notes
B) Loan receivable
C) Loan payable
D) Ordinary share
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: The Statement of Comprehensive Income
Available Study Resources on Quizplus for this Chatper
24 Verified Questions
24 Flashcards
Source URL: https://quizplus.com/quiz/71453
Sample Questions
Q1) Define income and explain how it differs from revenue.
Q2) A difference between the all-inclusive and the comprehensive income approaches to profit measurement is that:
A) the all-inclusive approach is broader than the comprehensive income approach
B) the two approaches have different treatments for prior-period adjustments
C) the comprehensive income approach includes all recognised changes in the carrying amount of assets and liabilities in the profit calculation
D) all are differences
Q3) The standard that requires the disclosure of auditor's remuneration and executives' remuneration in the published reports is:
A) AASB 1031
B) AASB 101
C) AASB 118
D) No accounting standard requires the disclosure of auditor's remuneration and executives' remuneration
Q4) Explain and discuss the advantages and disadvantages of the operating-profit and the comprehensive income approaches to profit measurement.Which approach do you think is the most useful for decision making?
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 15: Revenue
Available Study Resources on Quizplus for this Chatper
32 Verified Questions
32 Flashcards
Source URL: https://quizplus.com/quiz/71452
Sample Questions
Q1) Describe the nine steps of the earnings cycle,and give examples of how different contracts recognise revenue within the cycle.
Q2) What must occur for a contract modification to exist?
A) The modification must be written
B) The modification requires a new contract
C) It must be initiated by the seller
D) All parties approve the modification
Q3) What are the promises about the goods and/or services that are to be provided by the entity to the customer commonly referred to as?
A) Contract modifications
B) Performance obligations
C) Articles of the contract
D) Warranties
Q4) What is a factor that might influence the transaction price?
A) Non-cash consideration
B) Currency of the customer
C) Oral agreements
D) Consideration payable to a third party
Q5) Distinguish the differences between a contract asset and a contract liability.
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: The Statement of Cash Flows
Available Study Resources on Quizplus for this Chatper
25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/71451
Sample Questions
Q1) All of these are possible definitions of 'funds' except:
A) working capital
B) investment
C) total resources
D) cash
Q2) Although various types of financial statements related to cash flows began appearing in the early 20<sup>th</sup> century,what year introduced the first accounting standard related to this issue?
A) 1971
B) 1972
C) 1960
D) 1963
Q3) Discuss how an entity that reports an after tax profit may be unable to generate positive cash flows from operating activities.
Q4) 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?
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Financial Reporting: Segment Reporting and Highlights Statements
Available Study Resources on Quizplus for this Chatper
25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/71450
Sample Questions
Q1) Which of the following is not a likely benefit of including a highlights statement in the annual report of a business?
A) It provides unskilled readers of the report with a simple summary of key financial indicators
B) The statement is regarded by many readers as being highly informative
C) Performance indicators can be calculated and then clearly set out in the highlights statement
D) Management can select what items are to be included in the report
Q2) Explain and illustrate,with simple examples,both the usefulness and any possible dangers in using the:
rate-of-returnon total assets ratio
rate-of-returnon equity ratio times dividends earned ratio
Why are these described as 'efficiency ratios'?
Q3) 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?
Q4) Discuss the benefits of the 'management approach' adopted by AASB 8.
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 18: Further Financial Reporting Issues
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/71449
Sample Questions
Q1) The Australian Securities Exchange requires listed companies to prepare and file financial reports:
A) quarterly
B) half-yearly
C) annually only
D) monthly
Q2) Discuss the importance of discrete reporting. What changes have been made AASB 134 and AASB 136 to improve 'Impairment of Assets'?
Q3) All of the following are usually seen as valid reasons for having different reporting standards for different business entities,except:
A) information needs of users may be different for different entities
B) costs of designing and installing an accounting information system may be different for different entities
C) investors in smaller entities generally do not read financial reports
D) users of the reports of some entities can obtain special purpose reports for their own use as required
Q4) Explain the significance of related-party transactions.
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 19: Accounting for Extractive Industry
Available Study Resources on Quizplus for this Chatper
25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/71448
Sample Questions
Q1) The expense (or costs written-off)method of accounting for exploration and evaluation costs in the extractive industries would seem to be the most conservative of the suggested methods of accounting for these costs.Conservatism has a long history in accounting and is often used to justify or support many accounting practices.Why then is the expense method not favoured by the Australian Accounting Standards Board? Consider both the benefits and the disadvantages arising from the use of this method.
Q2) Under the Australian Accounting Standard AASB 6 'Exploration for and Evaluation of Mineral Resources',the area-of-interest method in accounting for pre-production costs of a mining operation is a special form of the:
A) expense-and-reinstatement method
B) successful-efforts method
C) expense (costs written-off) method
D) full-cost method
Q3) Describe the activities involved in the pre-production phase in the production of minerals,oil and gas and the accounting treatments that might be allowed for costs arising from this phase.
Q4) Describe the units-of-production method of amortizing pre-production costs that have been capitalized.
To view all questions and flashcards with answers, click on the resource link above.
Page 21
Chapter 20: Accounting for Agricultural Activity
Available Study Resources on Quizplus for this Chatper
17 Verified Questions
17 Flashcards
Source URL: https://quizplus.com/quiz/71447
Sample Questions
Q1) Greenview Dreams Ltd has an orchard of mango trees with an estimated fair value at 1 January 20X1 of $1 600 000.During the year ended 31 December 20X1 mangoes with a fair value of $300 000 were picked and they were still on hand at the end of the year.Costs of picking,sorting,packing and storage totaled $125 000.The mangoes were sold later in 2012 for $430 000.On 31 December 20X1 the mango orchard had an estimated net realisable value of $1 750 000.The total profit from operations for the 20X1 year is:
A) $325 000
B) $305 000
C) $575 000
D) $425 000
Q2) Applying fair value to agricultural activity is assumed on the basis that it can be measured reliably.What do you think could potentially cause an asset's measurement to be unreliable,and why? How detailed should be the disclosure of any inherent unreliability?
Q3) 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.
To view all questions and flashcards with answers, click on the resource link above.
Page 22
Chapter 21: Accounting for Superannuation Entities
Available Study Resources on Quizplus for this Chatper
18 Verified Questions
18 Flashcards
Source URL: https://quizplus.com/quiz/71446
Sample Questions
Q1) In the notes section of a Future Annulation plan,insurance liabilities can do all of the following except that it
A) can elect to take out term life cover with FS Plan up to a maximum of $1.5 million per member
B) uses the services of an actuary to determine its insurance contract liabilities.
C) entity has reinsured all direct insurance risks with ABC Reinsurance (Australia)
D) all of the above
Q2) Generally,insurance arrangements include which of the following?
A) offered to members, with the entity only acting as an agent
B) offered to members, with the entity accepting insurance risk
C) provided to defined benefit members in relation to their projected retirement benefit
D) all of the above
Q3) Discuss some of the major differences between the requirements of AAS 25 and AASB 1056.
Q4) Discuss some of the changes to MS Plan's Income Statement under the AASB 1056 requirements.
To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 22: Accounting for Insurance
Available Study Resources on Quizplus for this Chatper
28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/71445
Sample Questions
Q1) Explain the solvency requirements as outlined by the Insurance Act of 1973 and Prudential Standard GPS 110 'Capital Adequacy'.
Q2) Which of the following is considered an operating asset?
A) Cash
B) Consumables
C) Property not occupied by the insurer
D) Debt securities
Q3) Which of the following is an example of a fixed-fee service contract?
A) Vehicle towing
B) Renter's insurance
C) Medical insurance
D) Accident claims
Q4) Which type of insurance policy pays benefits only if the insured person dies within a specified period?
A) Whole-of-life
B) Term
C) Endowment
D) Disability
Q5) List and describe the five main types of traditional activities related to life insurance.
To view all questions and flashcards with answers, click on the resource link above. Page 24
Chapter 23: International Accounting Standards, harmonisation and Convergence
Available Study Resources on Quizplus for this Chatper
14 Verified Questions
14 Flashcards
Source URL: https://quizplus.com/quiz/71444
Sample Questions
Q1) The International Accounting Standards Board is:
A) an independent private sector body located in the United Kingdom
B) a joint body set up by the International Accounting Standards Committee and the International Organisation of Securities Commissions
C) a joint body established by the International Accounting Standards Committee and the United States Securities and Exchange Commission
D) based in London and is an agency of the United Kingdom government
Q2) Place these steps in the development of an accounting standard by the IASB in the order in which they occur in practice.
I.Developing an exposure draft for public comment
ii. Publishinga discussion paperfor publiccomment
iii. Establishingan advisory committee
iv. Approval by the IASB
A) i, ii, iii, iv
B) iii, i, ii, iv
C) ii, iii, i, iv
D) iii, ii, i, iv
To view all questions and flashcards with answers, click on the resource link above.
25
Chapter 24: Foreign Currency Translation
Available Study Resources on Quizplus for this Chatper
24 Verified Questions
24 Flashcards
Source URL: https://quizplus.com/quiz/71443
Sample Questions
Q1) Which of the following represents three criteria of which all must be met by a hedging relationship for it to qualify for hedge accounting?
A) the hedging relationship consists only of eligible hedging instruments and eligible hedged items
B) at the inception of the hedging relationship there is formal designation and documentation of the hedging relationship and the entity's risk management objective and strategy for undertaking the hedge
C) the hedging relationship meets hedge effectiveness requirements D) all of the above
Q2) The 'forward' rate of exchange for foreign currencies is:
A) the rate of exchange between the Australian dollar and the US dollar
B) the rate applicable to funds to be forwarded to an overseas country
C) the rate at which currencies can be exchanged at some future date
D) the rate at which currencies can be exchanged immediately
Q3) There are four methods suggested for translating foreign currency financial statements.Identify these four methods and explain the translation methods used under each.
Q4) Explain,using simple numerical examples,the hedging of currency risk.
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 25: Accounting for Corporate
Available Study Resources on Quizplus for this Chatper
25 Verified Questions
25 Flashcards
Source URL: https://quizplus.com/quiz/71442
Sample Questions
Q1) The IRC identifies which of the following as capital?
A) production capital
B) human capital
C) waste capital
D) all of the above
Q2) The statement concerning social responsibility reporting in Australia that is not correct is:
A) Australian companies have been at the forefront of reporting and are well ahead of their counterparts in Europe and the US
B) since the 1980s there has been an increasing trend in the quantity and quality of disclosure
C) companies tend to disclose more positive than negative information
D) none of the above, i.e., all are correct statements
Q3) The Australian government ratified the Kyoto Protocol on:
A) 3 December 2007
B) 1 January 2005
C) 11 December 1997
D) 16 February 2005
Q4) Explain the three components of the Emissions Reduction Fund (ERF).
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Ethics in Accounting
Available Study Resources on Quizplus for this Chatper
26 Verified Questions
26 Flashcards
Source URL: https://quizplus.com/quiz/71441
Sample Questions
Q1) Which of the following is NOT part of the Foundational Ethical Principles that each community derives its own values?
A) honesty
B) justice
C) beneficence
D) respect for persons
Q2) Where a conflict of interest arises for an accountant so that safeguarding the interest of one client may cause harm to another client,it is generally accepted that rules of professional ethical conduct require that:
A) the accountant should not continue to advise both clients
B) the accountant should ensure that information about either client is not made available by anyone to the other client
C) the accountant should ensure that information about either client is not made available by anyone to the client who might be harmed by the information
D) the accountant should not continue to advise either client
Q3) Reflecting on the rule of independence in setting ethical accounting standard,discuss the role of 'integrity' and 'objectivity' for auditors.
To view all questions and flashcards with answers, click on the resource link above.
