Contemporary Issues in Accounting Test
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Course Introduction
This course explores current and emerging issues affecting the accounting profession both globally and locally. Topics include the impact of technological advancements such as artificial intelligence and blockchain, evolving regulatory frameworks, corporate social responsibility and sustainability reporting, ethics in accounting, and international financial reporting standards. Students will critically evaluate the role of accounting in society, analyze the implications of key trends on business practices, and engage with case studies to assess how organizations address complex accounting challenges. The course emphasizes the development of analytical and communication skills essential for navigating the dynamic landscape of modern accounting.
Recommended Textbook Issues in Financial Accounting 16th Australia Edition by Scott Henderson
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Page 2
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) Which item listed indicates an effect of a 'legislative instrument'?
A) The making of a standard is to be notified in the Commonwealth of Australia Gazette.
B) Standards are to be tabled in the Commonwealth House of Representatives for 30 sitting days.
C) The ASIC votes to make a standard.
D) The Senate is given the final authority to approve accounting standards for application.
Answer: A
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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) Describe the various factors in determining the existence of dependent users of financial statements.
Answer: Where the existence of dependent users is not readily obvious,then paragraph 19 of SAC1 states that it is necessary to look at other indicative factors,which include whether: there is a separation of management from the entity's owners or members the entity is of such economic or political importance that it is likely to have an impact on thewelfare of parties external to it; or its financial characteristics are such that it would have external stakeholders who need informationabout the entity.For example,the larger the entity,the more likely it is that it will have externalparties,such as employees or creditors,who need,but cannot demand,financial information.
Q2) Which term defines a 'financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy,specifically,all of the information needs'.
A) Balance Sheet
B) Auditor's Report
C) General Purpose Financial Statements
D) Management Discussion and Analysis
Answer: C
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Chapter 3: The Conceptual Framework:
and Measurement of the Elements in General
Purpose Financial Statements
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Q1) According to Framework 2014,when should income be recognised?
A) When cash is received
B) On the date listed on the statement of financial position
C) On a straight-line basis in accordance with fixed assets
D) When it is probable that an increase in economic benefits has occurred
Answer: D
Q2) The Framework defines assets as:
A) resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
B) probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events
C) the service potential expected from resources controlled by the reporting entity as a result of past events
D) future economic benefits expected from resources controlled by the reporting entity as a result of past events
Answer: A
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Chapter 4: Fair Value Measurement
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Q1) The fair value definition relates to which elements of financial statements?
A) Revenues and expenses
B) Assets and Liabilities
C) Equity and Liabilities
D) Dividends and Taxes
Q2) Which of the following is an example of a Level 1 input,according to the fair value hierarchy?
A) Quoted stock prices
B) Market-corroborated inputs
C) Future net cash flows
D) Quoted prices for similar assets
Q3) Which of the following is not a characteristic of a market participant?
A) Knowledgeable
B) Ethical
C) Independent
D) Willing to transact
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.
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Chapter 5: The Choice of Accounting Methods
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Q1) Recent research on the manipulation of profit numbers by managers with a view to influencing share price has shown:
A) no evidence of manipulation
B) firms reporting continuous growth are priced at a discount to other firms
C) reporting of small losses is rare and reporting of small profits fairly common
D) none of the above
Q2) What is considered the 'foundation' of the convergence of accounting standards?
A) FASB standards
B) IASB standards
C) AASB standards
D) ASX pronouncements
Q3) In agency relationships between owners,managers and debt-holders,it can normally be assumed,in relation to debt contracts,that:
A) Managers will align their interests with those of debt-holders
B) Debt-holders will align their interests with those of owners
C) Managers will align their interests with those of owners
D) None of the above
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Chapter 6: The Statement of Financial Position
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Q1) Which presentation of assets and liabilities is likely to result in more relevant financial information?
A) Increasing dollar amount
B) Decreasing order of liquidity
C) Order of acquisition
D) Alphabetical order
Q2) Separate disclosure,on the face of the statement of financial position,is required under AASB 101 paragraph 54 for:
A) trade and other receivables
B) inventories
C) provisions
D) all of the above
Q3) Which accounting standard addresses the presentation of the statement of financial position?
A) AASB 129
B) AASB 10
C) ASX 1
D) AASB 101
Q4) 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) As defined in AASB 102 'Inventories',these assets are:
A) Held for sale in the ordinary course of business
B) In the process of production
C) Both A and B are correct
D) Neither A nor B is correct
Q2) 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
Q3) A disadvantage of the LIFO method of inventory valuation is:
A) it gives a poor matching of current costs with current revenues
B) its use accentuates the business cycle
C) closing inventory on the balance sheet may be undervalued
D) all of the above are disadvantages
Q4) Discuss the disclosures relating to inventory required by AASB 102.Include a discussion on the disclosures required by not-for-profit entities.
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) Which of the following is not an example of borrowing costs as defined by AASB 123?
A) Interest expense calculated by the effective interest method
B) Net present value calculated by projected cash inflows and outflows
C) Exchange differences arising from foreign currency borrowings
D) Finance charges in respect of finance leases
Q2) What is the main feature of the cost model in asset measurement?
A) The gross carrying amount of an asset is unchanged over its useful life
B) Depreciation is not measured
C) Assets are impaired each year based on estimated useful life
D) None of the above are correct
Q3) AASB 116 para 6,defines depreciation expense as 'an expense recognised systematically for the purpose of allocating the depreciable amount of a depreciable asset over its useful life.'
Explain the terms,'depreciable amount' and 'useful life' and discuss the nature of depreciation that is implied by this definition.
Q4) Should borrowing costs incurred during the construction period of an asset be expensed or capitalised? Discuss.
Q5) 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) 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
Q2) 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
Q3) Accounting Profit and Taxable Income can often differ because:
A) a tax deduction is not allowed for bad debts
B) revenue received in advance is not subject to tax
C) general purpose financial reporting and the income tax system have differing objectives
D) the Australian Taxation Office does not recognise depreciation as a legitimate expense
Q4) Discuss the results of empirical research that examines whether tax-effect accounting should continue to be required.
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Chapter 10: Accounting for Intangible Assets
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Q1) Discuss the accounting treatment for trademarks and brand names in accordance with AASB 138.
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) The recommended treatment under AASB 138 and Interpretation 132 of i.planning costs and ii.graphics and content costs,incurred internally by a company to develop its website is:
A) write-off both as expenses
B) i. expense: ii. recognise as an intangible asset if all the requirements of AASB 138 are met
C) recognise both as intangible assets if all the requirements of AASB 138 are met for both
D) it depends on the reasons the website was developed, e.g., was it primarily to promote and advertise the company's products?
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Chapter 11: Accounting for Leases
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Q1) What term is used to describe the right of the lessee to purchase the underlying asset when the option becomes exercisable at a price well below the estimated fair value at that time.
A) Bargain purchase option
B) Residual value guarantee
C) Unguaranteed residual value
D) Minimum lease payment
Q2) For which party are adjustments required on transition?
A) Lessees
B) Lessors
C) Both parties
D) Neither parties
Q3) Operating leases are commonly referred to as ________ while capital leases are also known as ________ leases.
A) on-balance sheet; off-balance sheet
B) finance; on-balance sheet
C) off-balance sheet; on-balance sheet
D) on-balance sheet; finance
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 methods for the recognition of actuarial gains and losses are acceptable under AASB 119?
I.Immediate recognition of all actuarial gains or losses through profit or loss
ii) Recognition of all actuarialgains or losses outside profitor loss
iii) The corridorapproach
A) i
B) i and ii
C) ii and iii
D) i, ii and iii
Q2) Entitlement of equity instruments are based on:
A) Earnings goals
B) Vesting conditions
C) Debt ratios
D) Return on investment ratios
Q3) Under AASB 119,the liability for annual leave is calculated at:
A) the present value of the estimated future cash outflows to be made in respect of the leave
B) the current pay rate
C) the anticipated pay rate when the leave is expected to be taken
D) none of the above
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Chapter 13: Accounting for Financial Instruments
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Q1) A buyer of a futures contract:
A) may let the contract expire with no action required
B) has an obligation to buy the underlying asset
C) has a right, but not an obligation, to buy the underlying asset
D) must pay the futures price when the contract is made
Q2) A 'hedging' financial instrument can:
A) protect against losses from adverse movements in foreign exchange rates
B) eliminate any possible gain from changes in the Australian dollar/US dollar exchange rate
C) offset the risk of loss from adverse commodity price changes
D) do all of the above
Q3) A futures contract can be arranged:
A) only on financial measures such as stock market price indices
B) only through an established stock exchange
C) only on commodities such as agricultural products
D) on virtually any commodity or financial measure
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) Items not included in the operating profit calculation under AASB 101 are:
A) prior period adjustments
B) events outside ordinary operations
C) adjustments due to changes in accounting policies
D) all of the above
Q2) The expense example that is a classification by nature rather than by function is:
A) depreciation expense
B) administrative expenses
C) marketing expenses
D) occupancy expenses
Q3) Benefits attributed to the comprehensive income approach include:
A) the statements of comprehensive income is determined conceptually
B) no items that satisfy the definition and recognition for income or expense bypass the statement of comprehensive income
C) the statement of comprehensive income is more reliable than its predecessor
D) all of the above
Q4) Define income and explain how it differs from revenue.
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Chapter 15: Revenue
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Q1) What term describes the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer,excluding amounts collected on behalf of third parties?
A) Settlement price
B) Contract price
C) Fair value
D) Transaction price
Q2) Which type of costs to fulfil a contract are excluded from being classified as assets?
A) Direct materials
B) General and administrative costs
C) Direct labour
D) Costs that relate directly to a contract
Q3) Distinguish the differences between a contract asset and a contract liability.
Q4) What is true of an impairment reversal?
A) It must exceed the original carrying amount net of amortisation
B) The reversal occurs through profit or loss if the conditions that caused the impairment improve
C) They are disallowed by Australian accounting standards
D) The reversal must have been based on straight-line amortisation
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Chapter 16: The Statement of Cash Flows
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Q1) Discuss the arguments for and against the presentation of the cash flow statement using the indirect approach rather than the direct approach.
Q2) Determine an entity's beginning cash balance if the net cash provided by operating activities is $26 600; net cash used by investing activities is $12 800; net cash provided by financing activities is $12 500 when the ending cash balance is $41 900.
A) $41 900
B) $26 300
C) $6 700
D) $15 300
Q3) A criticism of the indirect approach to presenting cash flows from operating activities is:
A) adding back expenses such as depreciation may suggest that these items are sources of cash
B) it is unnecessarily complicated
C) it requires cash inflows to be netted against cash outflows
D) A and B
Q4) Discuss how an entity that reports an after tax profit may be unable to generate positive cash flows from operating activities.
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Chapter 17: Financial Reporting: Segment Reporting and Highlights Statements
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Q1) A business reports the following in its financial statements: \[\begin{array} { l l }
\text { Net profit before tax } & \$ 150 \\
\text { Interest expense } & 20 \\
\text { Income tax expense } & 30 \\
\text { Total assets at the beginning of the year } & 700 \\
\text { Total assets at the end of the year } & 850 \end{array}\]
Its rate of return on total assets is:
A) 19.4%
B) 21.9%
C) 16.8%
D) 4.83%
Q2) According to paragraph 19 of AASB 8,after which number of reportable segments should an entity consider whether a practical limit has been reached?
A) 10
B) 15
C) 8
D) None of the above
Q3) 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) All of the following entities are reporting entities,except:
A) government controlled business organisations
B) small proprietary companies
C) public companies
D) listed property trusts
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) Australian Accounting Standard AASB 134 requires that interim (such as half-yearly)financial reports:
A) need not show comparative figures for the previous period
B) must take account of material events expected to arise in the remainder of the financial year
C) need to include a condensed income statement and balance sheet only
D) must clearly indicate that it is to be read in conjunction with the most recent annual financial report
Q4) Explain the significance of related-party transactions.
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Chapter 19: Accounting for Extractive Industry
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Q1) 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
Q2) Extractive industries should value inventory held by businesses at:
A) lower of cost and net realisable value, including amortisation of pre-production cost
B) net realisable value less an allowance for future rehabilitation costs
C) net realisable value
D) lower of cost and net realisable value, excluding amortisation of pre-production costs
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.
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Chapter 20: Accounting for Agricultural Activity
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Q1) 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?
Q2) Describe the sustained-yield method and the standard method of measuring forestry assets.
Q3) Which of the following activities do not fall under the auspices of AASB 141?
A) Circus animals
B) Greyhounds and horses held for racing
C) Investment in a carbon sink
D) All of the above
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.
Q5) In what ways is agricultural activity different from other forms of assets? In what ways are they similar to other forms of assets? How do these differences,and similarities,affect accounting for agricultural activity?
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Chapter 21: Accounting for Superannuation Entities
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Q1) 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.
Q2) Discuss the roles of APRA,Asic and the ATO in the regulation of the superannuation industry.
Q3) 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
Q4) Discuss some of the major differences between the requirements of AAS 25 and AASB 1056.
Q5) Discuss some of the changes to MS Plan's Income Statement under the AASB 1056 requirements.
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Chapter 22: Accounting for Insurance
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Q1) List and explain the three broad classes of assets insurers have.
Q2) 'Surrender' of an insurance policy before death is a characteristic of which type of traditional life insurance activity?
A) Whole-of-life
B) Endowment
C) Both A and B are correct
D) Neither A nor B is correct
Q3) What must be present for an insurer to enter into an insurance contract?
A) Written contract
B) Insurance policy
C) Insurable risk
D) Insurable interest
Q4) Which of the following is not considered an underwriting activity?
A) Arbitration
B) Reinsurance
C) Claims
D) Premiums
Q5) Differentiate the types of insurance liabilities that arise from events that have already occurred.
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Chapter 23: International Accounting Standards, harmonisation and Convergence
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Q1) Discuss the significance of the Norwalk Agreement and the relationship between the IASB and various national standard setters.
Q2) Australia adopted international accounting standards
A) on 30 June 2005.
B) on 31 December 2005.
C) on 15 January 2005.
D) on 1 January 2005
Q3) 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
Q4) In 2005,the adoption of IFRSs had led to:
A) greater transparency and comparability in financial reporting
B) an increase in the cost of capital
C) less market liquidity and cross-border investment
D) an increase in equity
Chapter 24: Foreign Currency Translation
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Q1) Explain,using simple numerical example(s),how hedging a foreign currency transaction can remove uncertainty about the outcome of the transaction.
Q2) 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
Q3) Once an entity has designated the hedging relationship and it qualifies for hedge accounting,it is classified as which one of three types of relationships:
A) a fair value excess capital
B) a cash flow analysis
C) the hedge of a net investment in a foreign operation as defined in AASB 121 (para. 86)
D) a fair value 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) When an entity's net emissions are greater than the permits they hold,at the end of the year they may:
A) purchase approved carbon offsets
B) purchase unused emission permits from other entities
C) have to pay an emissions fee to the government
D) all of the above
Q2) When companies adopt social reporting by estimating and considering the cost of purchasing the most sustainable alternative on the market and the cost of remediation of environmental effects arising from the operations,they are applying the:
A) maintenance cost approach
B) damage cost approach
C) asset valuation approach
D) none of the above
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).
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Chapter 26: Ethics in Accounting
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Q1) Of the following statements about the costs and benefits of unethical behaviour is false?
A) The benefits of unethical behaviour are nearly always material
B) The costs of unethical behaviour are nearly always material
C) The penalties for unethical behaviour are not imposed in many cases
D) A cost of unethical behaviour may be the loss of freedom of choice in future decisions about whether to act ethically
Q2) 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
Q3) Deontological theories of ethics:
A) are a special class of teleological theories
B) can also be described as descriptive theories
C) are based on duties and rights
D) can be all of the above
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