Introduction to Accounting Practice Exam
Course Introduction
Introduction to Accounting provides students with a foundational understanding of the principles, concepts, and techniques used in the accounting profession. The course covers essential topics such as the accounting cycle, preparation and analysis of financial statements, understanding assets, liabilities, equity, and the role of accounting information in decision-making. Students will gain practical skills in recording business transactions, adjusting accounts, and interpreting financial data to support effective management and reporting. This course is ideal for those seeking a basic yet comprehensive introduction to the discipline of accounting and its significance in the business environment.
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) Discuss the role of the accounting bodies in the regulation of Australian accounting practice.
Answer: The accounting profession's attitude towards accounting standards has changed from regardingthem simply as recommendations during the 1960s to making them mandatory by the 1990s.InFebruary 2006,the APESB was established as an initiative of CPAA and the then Institute ofChartered Accountants in Australia (ICAA)primarily to develop and issue appropriate professionaland ethical standards for their membership.The IPA subsequently became a member of theAPESB.The initial focus of the APESB's activities was,inter alia,the review of existing professionaland ethical standards such as the old Code of Professional Conduct and MiscellaneousProfessional Statements (APS series)and guidance notes (GN series).The subsequent APESseries of ethical and professional standards approved by the APESB is mandatory for accountantswho are members of CPAA,CAANZ and the IPA.Broadly,these standards aim to regulatemembers' ethical conduct and the performance of professional services across various types ofprofessional engagements.
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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 are the two aspects related to the timeliness of financial information?
A) Relevance and comparability
B) Frequency and timing
C) Faithful representation and frequency
D) Timing and relevance
Answer: B
Q2) 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.
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Chapter 3: The Conceptual Framework: Definition,
recognition and Measurement of the Elements in General
Purpose Financial Statements
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Q1) In the Framework,'probable' means:
A) greater than 50% certainty
B) 50% certainty
C) greater than 75% certainty
D) greater than 95% certainty
Answer: A
Q2) What is the term for the action or process of recording a transaction or event in an entity's accounting records?
A) Recording
B) Valuation
C) Aggregating
D) Recognition
Answer: D
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) Which type of cost may be adjusted when determining fair value?
A) Transaction costs
B) Transport costs
C) Both A and B
D) Neither A nor B
Q2) Market-corroborated inputs are examples of:
A) Level 3 inputs on the fair value hierarchy
B) Level 1 inputs on the fair value hierarchy
C) Level 2 inputs on the fair value hierarchy
D) Items not included on the fair value hierarchy
Q3) Which of the following is not a characteristic of a market participant?
A) Knowledgeable
B) Ethical
C) Independent
D) Willing to transact
Q4) 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
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Chapter 5: The Choice of Accounting Methods
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Q1) An example of legal form not reflecting economic substance is:
A) a legal document describing an accounts receivable as a debtor
B) a legal document describing a loan as an advance
C) a legal document describing a transaction as a lease when in fact it is a credit sale
D) all are examples of legal form not reflecting economic substance
Q2) The treatment that is likely to lead to a higher reported net profit in the short term than otherwise would be the case is:
A) underestimating an increase in the provision for long-service leave
B) treating expenses as assets
C) failure to sufficiently provide for doubtful debts
D) the deferral of advertising costs until the next accounting period
Q3) All of these are typical examples of provisions in Australian trust deeds for public issues of debt except:
A) restrictions on the sale of assets
B) specifying which accounting policies are to be employed in preparing the accounting reports
C) limitations on the issue of further debt
D) a minimum debt/equity ratio
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Chapter 6: The Statement of Financial Position
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Q1) Under AASB 101,the 'average time between the acquisition of materials entering into a process and their realisation in cash or as an instrument that is readily convertible into cash' is known as:
A) production cycle
B) production line
C) economic cycle
D) operating cycle
Q2) 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
Q3) What does the presentation of investments in shares in the statement of financial position depend upon?
A) The relationship between the investee and the investor
B) The debt-to-equity ratio of the investor
C) The debt-to-asset ratio of the investor
D) The intent of the investor as to the future disposal of the shares
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Page 8
Chapter 7: Accounting for Current Assets
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Q1) 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
Q2) Under AASB 102,'the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale' is known as:
A) the lower of cost or market
B) cost value
C) net realisable value
D) market value
Q3) 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
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Chapter 8: Accounting for Property, plant and Equipment
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Q1) Paragraph 15 of AASB requires what entry by a government department to record the fair value of a donated asset?
A) debit asset, credit loan
B) debit asset, credit revaluation surplus
C) would not need to be recorded
D) debit asset, credit revenue
Q2) Depreciable amount is defined in AASB 116 as:
A) the allocation of the cost of an asset, or other amount substituted for cost, over its useful life
B) the cost of an asset, or other amount substituted for cost, less accumulated depreciation
C) the cost of an asset, or other amount substituted for cost, less its residual value
D) none of the above
Q3) 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
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) Income tax expense is:
A) the amount of tax paid to the government during the current reporting period
B) shown in the income statement
C) calculated by applying the company income tax rate to taxable income
D) the amount that must be paid to the government in respect of the current income tax year
Q2) 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
Q3) 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
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Chapter 10: Accounting for Intangible Assets
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Q1) How is the accounting treatment different for purchased intangible assets as opposed to internally-generated intangible assets?
A) Internally-generated assets are amortised over a shorter useful life
B) Cost is recorded gradually for internally-generated intangible assets but at acquisition for purchased assets
C) Act of registering patents is more detailed for an internally-generated intangible asset
D) There are no differences in the accounting treatment for purchased or internally generated intangible assets
Q2) When is goodwill recognised?
A) When an asset is sold above its book value
B) As part of an arms'-length purchase of one entity by another
C) By the company that is being purchased in an arms'-length purchase
D) When the market price of a company's stock rises
Q3) Discuss the arguments for and against each of the following:
i.Writing off goodwill immediately as an expense in the income statement compared to recognising it as an asset in the balancesheet.
ii. Systematically amortising goodwill that has been recognisedas an asset compared to not amortising it.
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Chapter 11: Accounting for Leases
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Q1) What is a possible future event that can be excluded toward a supplier's substantive substitution rights?
A) A change in the expected useful life of the asset to the lessor
B) The introduction of new technology that is not substantially developed at the inception of the contract
C) A change in the amount in the minimum lease payments
D) An agreement to pay a below-market rate for the use of the assets
Q2) What is required in AASB 16 that are critical to the implementation of the standard?
A) Identifying whether the contract contains a lease
B) Separating the components of the contract
C) Both A and B
D) Neither A nor B
Q3) What is defined as the sum of the lease payments received by a lessor under a nance lease and any unguaranteed residual value accruing to the lessor?
A) Net investment in the lease
B) Lease receivable
C) Gross investment in the lease
D) Guaranteed minimum lease payment
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Chapter 12: Accounting for Employee Benefits
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Q1) The discount rate to be used when estimating future cash outflows relating to an employee benefit that is expected to be paid out in 20 years by a Sydney company should be restricted to:
A) the current yield on 20 year Australian Government Bonds
B) the current yield on high quality bonds
C) no estimation of future cash outflows is required
D) none of the above
Q2) Which of the following is not a period of employment for long-service leave purposes?
A) Apprenticeship
B) Preconditional
C) Conditional
D) Unconditional
Q3) There are two types of risk associated with post-employment benefits,investment risk and actuarial risk.Explain these terms and describe the situations when these risks are borne by the employee and when they are borne by the employer (in accordance with AASB 119).
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) 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) 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
Q3) What condition must be present when a financial asset and a financial liability are to be offset?
A) The entity has a legally enforceable right to set off the recognised amount
B) The entity intends to either settle on a net basis or realise the asset and settle the liability simultaneously
C) Either A or B may be present
D) Both A and B must be present
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Chapter 14: The Statement of Comprehensive Income
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Q1) Define income and explain how it differs from revenue.
Q2) 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
Q3) Which items bypass the profit figure under the operating-profit approach?
A) Revenues and expenses resulting from changes in accounting policies
B) Revenue and expenses relating to prior periods
C) Revenues and expenses relating to events outside the ordinary operations of the entity
D) All of the above
Q4) 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?
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Chapter 15: Revenue
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Q1) Distinguish the differences between a contract asset and a contract liability.
Q2) A vehicle and plot of land were purchased for $115 000. The fair value of the vehicle was $20 000,and the fair value of the land was $130 000 at the time of purchase. To the nearest dollar,what amount should be allocated to the vehicle?
A) $20 000
B) $57 500
C) $46 000
D) $15 333
Q3) How is the transaction price to be measured by the entity when receiving non-cash consideration from a customer?
A) Fair value of the goods and/or services transferred to the customer
B) Present value of future cash flows
C) Fair value of the non-cash consideration received from the customer
D) Book value of the non-cash consideration received from the customer
Q4) Which point of the earnings cycle is revenue recognised in most cases?
A) Receipt of cash
B) Delivery of goods to customers
C) Progressively throughout production
D) Receipt of orders after completing production
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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) Under AASB 107,it is not true that:
A) operating activities generally relate to transactions that are included in the income statement
B) cash flows are classified into operating, investing and financing groupings
C) each item in the externally presented income report that results in a cash flow is required to be disclosed separately in the cash flow statement
D) none of the above is untrue
Q3) Under AASB 107,dividends paid by a company to its shareholders are classified as:
A) investing outflows
B) financing outflows
C) operating inflows
D) none of the above
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) Which of the following is an efficiency ratio?
A) Current ratio
B) Rate of return on total assets
C) Debt-to-equity ratio
D) Times interest earned
Q2) A company reports the following information on its year-end financial statements: \[\begin{array} { l l }
\text { Cument assets } & \$ 300 \\
\text { Non-current assets } & 700 \\
\text { Current liabilities } & 150 \\
\text { Non-current liabilities } & 250
\end{array}\]
Shareholders' equity 600
What is the debt-to-equity ratio?
A) 50.0%
B) 66.7%
C) 40.0%
D) 33.3%
Q3) Discuss the benefits of the 'management approach' adopted by AASB 8.
Page 19
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Chapter 18: Further Financial Reporting Issues
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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) Which of the following is not classified as a prior period error according to AASB 108?
A) A mistake in estimating warranty costs
B) Fraud
C) Mistakes in applying accounting policies
D) Oversights or misinterpretations of facts
Q3) In summary,AASB 1054 prescribes disclosures relating to the following items:
A) financing fees
B) bank reconciliation
C) if for-profit or not-for-profit entity
D) statutory basis or framework under which the bank statements have been prepared
Q4) Explain the significance of related-party transactions.
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Chapter 19: Accounting for Extractive Industry
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Q1) 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.
Q2) Australian Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources states that exploration and evaluation costs of a mining operation:
A) can be recognised as expenses or carried forward as an asset depending on the circumstances of the particular operation B) must be accounted for in accordance with Australian Accounting Standard AASB 116 'Property, Plant and Equipment'
C) must be recognised as expenses as they are incurred
D) must be carried forward as an asset until production commences
Q3) 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.
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Chapter 20: Accounting for Agricultural Activity
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Q1) Australian Accounting Standard AASB '141 Agricultural Activity' requires disclosure of the following items of information EXCEPT:
A) cost of agricultural produce is its fair value less costs to sell at the point of harvest;
B) specific requirements for government grants related to a biological asset
C) specific disclosures in relation to biological assets
D) the method of calculating the replacement cost of biological assets
Q2) 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
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
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Chapter 21: Accounting for Superannuation Entities
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Q1) Individual financial statements provided by superannuation entities provide which of the following:
A) the amount payable now on the resignation of a member.
B) the average rate of return on current assets.
C) total employee contributions.
D) the amount payable when transferring a plan.
Q2) Superannuation-specific disclosures include which of the following?
A) disaggregated information when it is necessary to explain the risks and benefit arrangements relating to different categories of members
B) the main features of specific contractual or statutory arrangements in place between a superannuation entity and any relevant employer-sponsor(s)
C) qualitative and quantitative information that provides a basis for understanding the amount, timing and uncertainty of future cash flows relating to insurance liabilities and assets
D) all of the above
Q3) Discuss some of the major differences between the requirements of AAS 25 and AASB 1056.
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Chapter 22: Accounting for Insurance
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Q1) What are the two sources of premium revenue?
A) Direct and indirect
B) Reinsurance and direct
C) Investments and operating
D) General and fixed-fee
Q2) Which of the following are components of expected future payments?
A) Amounts in relation to unpaid reported claims
B) Claim handling costs expected to be incurred by the insurer
C) Claims incurred but not reported
D) All of the above are components of expected future payments
Q3) Which disclosure requirement is to be presented in the statement of comprehensive income?
A) The component related to risk margin
B) Information regarding material non-insurance contracts
C) The amount of net claims incurred
D) The process used to determine risk margin
Q4) Explain the solvency requirements as outlined by the Insurance Act of 1973 and Prudential Standard GPS 110 'Capital Adequacy'.
Q5) List and explain the three broad classes of assets insurers have.
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Chapter 23: International Accounting Standards, harmonisation and Convergence
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Q1) 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
Q2) 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
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) From paragraph 9,indicators of an entity's functional currency include which of the following:
A) that mainly influences sales prices for goods and services
B) of the country whose competitive forces and regulations mainly determine the sales price of its goods and services
C) the currency that mainly influences labour, material and other costs of providing goods or services
D) all of the above
Q2) A way in which a foreign currency transaction can be hedged is:
A) Buy (or sell) foreign currency at the date of the initial transaction
B) Enter into a forward rate agreement to fix the cost of the currency at a fixed date in the future
C) Enter into a transaction which neutralises the risk (e.g., have accounts receivable and accounts payable in the same currency with the same payment dates)
D) All of the above
Q3) There are four methods suggested for translating foreign currency financial statements.Identify these four methods and explain the translation methods used under each.
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Chapter 25: Accounting for Corporate
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Q1) The Australian government ratified the Kyoto Protocol on:
A) 3 December 2007
B) 1 January 2005
C) 11 December 1997
D) 16 February 2005
Q2) '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.
Q3) When an entity's net emissions are less than the permits they hold,at the end of the year they:
A) must forfeit the excess credits
B) can sell the excess credits to other entities
C) can bank the excess credits for future use
D) B and C above
Q4) The 'social performance' aspect of sustainability (or triple-bottom line)reporting is most likely to include details of:
A) total wages and salaries paid
B) investments in employee health and safety
C) steps taken to reduce greenhouse gas emissions
D) all of the above
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Chapter 26: Ethics in Accounting
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Q1) Part of the ethical complaint process for filing with both Australian professional accounting bodies is:
A) filing a written complaint
B) investigating by a telephone call to a senior staff member
C) referring written complaints to the General Manager Professional Conduct (GMPC)
D) all of the above
Q2) Which of the following is not included as a fundamental principle of professional conduct in the Code of Ethics for Professional Accountants?
A) Confidentiality
B) Accuracy
C) Independence
D) Objectivity
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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