Accounting Seminar
Textbook Exam Questions
Course Introduction
The Accounting Seminar course offers advanced exploration of contemporary topics in accounting, focusing on current issues, policy developments, and emerging trends within the profession. Through critical discussions, case study analyses, and presentations, students deepen their understanding of accounting theory, financial reporting, ethical considerations, and regulatory frameworks. Participants are encouraged to engage with scholarly research and industry practices, enhancing both analytical and communication skills while preparing for professional challenges in diverse accounting environments.
Recommended Textbook
Financial Accounting Theory 3rd Edition by Craig Deegan
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12 Chapters
300 Verified Questions
300 Flashcards
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Chapter 1: Introduction to Financial Accounting Theory
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Sample Questions
Q1) Which of the following terms describes a relationship that is argued from the specific (or particular)to the general?
A) Scientific reasoning
B) Inductive reasoning
C) Deductive reasoning
D) Logical reasoning
Answer: B
Q2) Which of the following statements aligns with the view of Falsificationists,such as Popper and others?
A) Hypotheses are proposed by guessing, without guidance from existing theories
B) It is possible to state that a theory is true
C) Hypotheses must be stated in a form that assumes they are true, until evidence that is not supportive rejects them
D) All theories are false until they are proved to be true
Answer: C
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Chapter 2: The Financial Reporting Environment
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24 Flashcards
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Sample Questions
Q1) Who has overall responsibility for issuing accounting standards in Australia?
A) The Financial Reporting Council (FRC)
B) The Australian Accounting Standards Boards (AASB)
C) The International Accounting Standards Board (IASB)
D) The Australian Accounting Research Foundation (AARF)
Answer: B
Q2) Which of the following is not a rationale for regulation?
A) To redress the inequality of access to information by users
B) To protect users from fraudulent activities of insiders
C) To reduce the oversupply of information caused by excess user demand, because users do not have to pay for its cost
D) To enhance consistency and comparability of use of accounting methods
Answer: C
Q3) Accounting theories should be
A) Inductive
B) Deductive
C) Descriptive
D) None of the given options is correct
Answer: D
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Page 4
Chapter 3: The Regulation of Financial Accounting
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25 Flashcards
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Sample Questions
Q1) Regulators often cite investor protection as a basis for more stringent regulation and financial reporting requirements enacted after a financial crisis.What is not a reason for this?
A) To protect investors in the interests of the public
B) To respond to lobbying by those affected by losing money
C) To look as if the regulators are doing something that seems to be a problem, and therefore maintain their position as regulators
D) All of the given options are correct
Answer: D
Q2) Which of the following is a valid argument against regulatory capture?
A) The regulated are best equipped to address the technical issues
B) The regulated are not independent from the regulator, and therefore lack neutrality and freedom from bias
C) The regulated are better able to understand the issues and need for regulation in specific areas
D) The regulation can be fast-tracked, because there is less time taken to argue the issues with other parties
Answer: B
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Chapter 4: International Accounting
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28 Flashcards
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Sample Questions
Q1) Which of the following is not true for the International Accounting standards and the International Financial Reporting Standards?
A) They are based on the legalistic approach
B) They provide choices in recognition and measurement of various accounting transactions
C) They incorporate 'uncertainty expressions' (such as 'probable', 'significant influence', 'control' and 'substantial')
D) They are based on the concept of presenting 'true and fair view' of a company's financial reports, where the professional accountants are given the right to use their judgment to accomplish this goal
Q2) Which of the following is not necessarily a benefit of harmonisation and convergence?
A) Increased relevance, functionality and appropriateness for all countries
B) Improved understanding and interpretation of financial reports by users in different countries
C) Increased comparability and consistency
D) Lower preparation costs for companies that have to produce different financial reports in different countries
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Chapter 5: Normative Theories of Accountingthe Case of Accounting for Changing Prices
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Sample Questions
Q1) Which of the following measurement models of accounting equate with the perspectives of maintaining the purchasing power of capital intact?
A) General price-level adjustment accounting
B) Current cost accounting
C) Continuously contemporary accounting
D) None of the given options is correct
Q2) Which of the following statements is correct under our current accounting standards?
A) Many assets can, or must, be measured at historical cost
B) Inventory must be measured at cost, or net realisable value if it is lower
C) Property, plant and equipment can be valued at cost where an entity has adopted the 'cost model' for a class of property, plant and equipment
D) All of the given options are correct
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Chapter 6: Normative Theories of Accountingthe Case of Conceptual Framework Projects
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Sample Questions
Q1) Which of the following is true in relation to expenses,according to the IASB Framework?
A) Expenses are restricted to transactions and events relating to 'ongoing major or central operations'
B) There is no reference to matching of revenue and expenses in the Framework
C) Expenses would not include losses that were not under the control of the entity, such as uninsured losses of assets from flood
D) None of the given options are correct
Q2) What does the political legitimacy argument,as outlined by Hines (1991),suggest?
A) The accounting profession consists of experts in technical knowledge of accounting, and therefore should be given authority to regulate accounting
B) The accounting profession used the development of the conceptual framework as a strategy to promote their self-regulation interests
C) The Conceptual Framework provides the authority to resolve technical issues with authority and legitimacy
D) As users are politically involved in developing the Conceptual Framework, the outcome has political legitimacy
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Chapter 7: Positive Accounting Theory
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Sample Questions
Q1) Which of the following statements is true regarding the origins and development of Positive Accounting Theory?
A) Positive research in accounting started coming to prominence around the mid-1960s, and appeared to become the dominant research paradigm within financial accounting in the 1970s and 1980s
B) The introduction of positive research into accounting represented a paradigm shift from normative research to positive research
C) Currently, almost all papers in Accounting Review and most other leading academic journals are positive research-based
D) All of the given options are correct
Q2) According to Positive Accounting Theory,the existence of debt covenants:
A) Can be explained from an efficiency perspective, and gives management an incentive to manipulate accounting information from an opportunistic perspective
B) Can be explained from an opportunistic perspective, and gives management an incentive to manipulate accounting information from an efficiency perspective
C) Can be explained from both efficiency and opportunistic perspectives
D) Cannot be explained
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Chapter 8: Unregulated Corporate Reporting Decisions:
Considerations of Systems-Oriented Theories
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Sample Questions
Q1) In relation to Political Economy Theory,which of the following statements is false?
A) Political Economy Theory views society, politics and economics as inseparable
B) Political Economy Theory is derived from Positive Accounting Theory
C) Legitimacy Theory and Stakeholder Theory are derived from Political Economy Theory
D) Political Economy Theory can be divided into 'classical' and 'bourgeois' political economy theories
Q2) Institutional Theory suggests that:
A) While organisational structures are initially varied, they are gradually homogenised by competition, the state and professions
B) While organisational structures are initially homogenous, they are gradually varied by competition, the State and professions
C) The organisational structure is determined by institutional factors such as management style and organisational culture
D) The organisational structure is determined by the organisation's most powerful stakeholders
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Chapter 9: Extended Systems of Accountingthe
Incorporation of Social and Environmental Factors Within External Reporting
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Q1) A 'social audit' is when an organisation:
A) Obtains independent verification on its social disclosures
B) Obtains independent verification on its social and environmental disclosures
C) Assesses its performance in relation to stakeholder expectations of social performance
D) Assesses its performance in relation to stakeholder expectations of social and environmental performance
Q2) It is commonly asserted that businesses should be sustainable because:
A) The interests of business, society and the environment are aligned in the medium term
B) The interests of business, society and the environment are aligned in the long term
C) The interests of business, society and the environment are aligned in the short term
D) All of the given options are correct
Q3) The prevalence of social and environmental reporting is
A) Declining
B) Increasing
C) Stable
D) None of the given options is correct
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Chapter 10: Reactions of Capital Markets to Financial Reporting
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Sample Questions
Q1) Which of the following statements is true,regarding capital markets research?
A) Capital markets research relies on the underlying assumption that equity markets are efficient
B) Capital markets research typically assumes that equity markets are semi-strong-form efficient
C) A large fraction of published research in leading academic accounting journals examines the relation between financial statement information and capital markets
D) All of the given options are correct
Q2) Capital markets research suggests that:
A) Cashflows are a more useful measure of firm performance than earnings
B) Earnings are a more useful measure of firm performance than cashflows
C) Cashflows and earnings are equally useful measures of firm performance
D) None of the given options is correct
Q3) Earnings are relevant to investors because:
A) Investors want to maximise their profits
B) Past earnings predict future earnings
C) Past earnings predict future cashflows
D) Future cash flows are a function of future earnings
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Chapter 11: Reactions of Individuals to Financial Reporting:
An Examination of Behavioural Research
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Sample Questions
Q1) Theories important to behavioural research are drawn from:
A) Behavioural science
B) Behavioural science and psychology
C) Finance and economics
D) Finance and behavioural science
Q2) The limitations of behavioural research do not include
A) Many studies present conflicting results
B) Small sample sizes limit the reliability of conclusions
C) Studies are typically conducted in the 'real world', which makes findings difficult to generalise
D) Incomplete theory development
Q3) Limitations of protocol analysis do not include difficulties with
A) Ensuring that verbal protocols are complete
B) Ensuring that verbal protocols match cognitive processes
C) Developing theory from verbal protocols
D) Coding verbal protocols
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Chapter 12: Critical Perspectives of Accounting
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Q1) Which theoretical perspectives have been utilised by critical researchers?
A) Marxism
B) Deep ecology
C) Radical feminism
D) All of the given options are correct
Q2) Critical researchers believe that capital markets studies are flawed because they:
A) Only consider the usefulness of accounting information to investors
B) Focus on quantitative, rather than qualitative data
C) Ignore social and environmental disclosures
D) All of the given options are correct
Q3) Critical researchers suggest that accounting reports may legitimise the capitalist system by:
A) Providing a legitimate account of the activities of a corporation
B) Assisting investors to allocate capital
C) Highlighting the role of the State in requiring accounting disclosures
D) Helping to resolve problems caused by the inherent instability of capitalism
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