Question1

0outof1points

Investorswhoprovidetheirmoneytoestablishabusinessareregardedasinternalusersof
accountinginformation.
SelectedAnswer:

True

Answers:

True
False

Question2
1outof1points

Manyprofessionalswhoarenotaccountantsfinditanadvantagetohaveagraspofaccounting
concepts.
SelectedAnswer:

True

Answers:

True
False

Question3
1outof1points

Themostsenioraccountingpositioninacorporationisgenerallyreferredtoasthe:
SelectedAnswer:
ChiefFinancialOfficer
Answers:

ManagingDirector
ChiefFinancialOfficer
ManagingAccountant
HeadAccountant
Auditor

Question4
0outof1points

Theinternaluserofaccountinginformationis:
SelectedAnswer:
Consumer
Answers:
Investor

Consumer

Productionmanager

AustralianTaxOffice

Supplier

Question5
0outof1points

ThenormaltimedelayinAustraliainprovidingtheannualreportoflargecompaniestoexternal
usersaftertheendofthefinancialyearis:
SelectedAnswer:
onemonth.
Answers:

twoweeks.
onemonth.
sixmonths.
twomonths.
threemonths.

Question6
0outof1points

TheFrameworkdescribesthequalitativecharacteristicofrelevanceas:
SelectedAnswer:
informationthatcanberecordedinaccountingreports.
Answers:
informationthatisofvaluetousersindecisionmaking.
informationthatcanbeclassified.
informationthatcanberecordedinaccountingreports.
informationthatcanbereliablymeasured.
informationthatisunderstandable

Question7
0outof1points

Whichoftheseisanasset?
SelectedAnswer:
Interestearnedoninvestments
Answers:

Incometaxpayable
Revaluationreserve
Interestearnedoninvestments
Incomereceivedinadvance
Noneisanasset

Question8
0outof1points

Theinformationinaccountingreportsisgovernedby:

SelectedAnswer:
GPFR.
Answers:

SPFR.
GPFR.
GAAP.
GARP.
Noneoftheabove.

Question9
0outof1points

Decreasesineconomicbenefitsintheformofoutflowsordepletionsofassetsorincurrencesof
liabilitiesthatresultinadecreaseinequity,otherthanthoserelatingtodistributionstoequity
participants,isthedefinitionof:
SelectedAnswer:
liabilities.
Answers:

assets.
liabilities.
income.
expenses.
equity.

Question10
0.25outof1points

TheFinancialReportingCouncilismadeupofrepresentativesof
SelectedAnswer:
governments.
Answers:

stakeholdersfromthebusinesscommunity.
professionalaccountingbodies.

governments.
regulatoryagencies.
Alloftheabove

Question11
1outof1points

Whichoftheseisadecisionrelevanttotheaccountingfunctionofanentity?
SelectedAnswer:
Alloftheabove
Answers:

Whetherdebtscanberepaid
Findingthemostcosteffectivewaytoproducegoods
Theinvestmentprospectsoftheentity
Alloftheabove
Noneoftheabove

Question12
0outof1points

Thebestdescriptionoftheprimarypurposesofprovidingaccountinginformationis:
SelectedAnswer:
tocalculatethebankaccountbalance.
Answers:
toassistusersinmakinginformeddecisions.

tocalculatethebankaccountbalance.

toallowthepreparationofataxationreturn.

toenablethefinancialstatementstobeprepared.

Question13
0outof1points

Businessestendtoresistprovidingforecastdatatothoseoutsidetheorganisationmainlybecause:
SelectedAnswer:
thedataisinaccurate.
Answers:
itistoodifficult.

offearofthelossofcompetitiveadvantage.

thedataisinaccurate.

itistoocostly.

Question14
1outof1points

Thechangethatwillincreaseowners'equityis:

SelectedAnswer:
earningaprofitfortheyear.
Answers:
acompanybuyingbackitsownshares.

earningaprofitfortheyear.

alossincurredfortheyear.

paymentofadividendbyacompanytoitsshareholders.

Question15
0outof1points

Financialaccountingreports,comparedtomanagementreports,tendtobe:
SelectedAnswer:
detailed.
Answers:
unstructured.

detailed.

qualitative.

generalpurpose.

Question16
0outof1points

Thetesttodetermineifanitemofaccountinginformationisworthwhilecollectingis:
SelectedAnswer:
costtest.
Answers:
costtest.

worthwhiletest.

cost/benefittest.

validationtest.

Question17
1outof1points

Whichofthesearecostsofprovidingaccountinginformation?
Selected
Answer:
alloftheabove

Answers:
costofcomputerhardware

thecostofmanagementtimespentonreadingandinterpretingaccounting
reports

wagesofaccountingstaff

alloftheabove

Question18
0outof1points

Howmanyofthesearedifferencesbetweenmanagementandfinancialaccounting?

Natureofreportsproduced

Frequencyofreports

Levelofdetailinthereports

Degreeofregulation

SelectedAnswer:
two
Answers:
one

two

three

four

Question19
0outof1points

Managementreports,comparedtofinancialreports,are:
SelectedAnswer:
standardised.
Answers:
aggregated.

detailed.

standardised.

summarised.

Question20
1outof1points

Whichexternaluseroffinancialinformationisabletodemandthepreparationofaspecific
financialreport?
SelectedAnswer:
taxdepartment

Answers:
public

taxdepartment

creditor

customer