Question 1

The concept of limited liability limits:

Accepted Answer

A) the liability of investors to the extent of their investment 
B) the liability of directors to the extent of their investment 
C) the liability of director to the extent of their contribution to the company's losses 
D) the liability of investors to the extent of their contribution to the company's losses 
A) the liability of investors to the extent of their investment 
B) the liability of directors to the extent of their investment 
C) the liability of director to the extent of their contribution to the company's losses 
D) the liability of investors to the extent of their contribution to the company's losses

Question 2

With the separation of ownership from control arises the potential of a conflict of interest between:

Accepted Answer

A) managers and auditors 
B) owners and managers 
C) owners and shareholders 
D) creditors and managers 
A) managers and auditors 
B) owners and managers 
C) owners and shareholders 
D) creditors and managers

Question 3

The entity that facilitates the trade in financial securities such as stocks,stock options and bonds is known as the:

Accepted Answer

A) debt exchange 
B) Financial Reporting Council 
C) Australian Accounting Standards Board 
D) stock exchange 
A) debt exchange 
B) Financial Reporting Council 
C) Australian Accounting Standards Board 
D) stock exchange

Question 4

A share in the profits of an entity distributed in proportion to the shareholders' shareholdings is referred to as:

Accepted Answer

A) equity 
B) interest 
C) dividends 
D) drawings 
A) equity 
B) interest 
C) dividends 
D) drawings

Question 5

The organisation in Australia that is responsible for developing,issuing and maintaining accounting standards and pronouncements in Australia is the:

Accepted Answer

A) AARF 
B) AASB 
C) FRC 
D) FASB 
A) AARF 
B) AASB 
C) FRC 
D) FASB

Question 6

The countries that are currently working towards convergence with IFRS include:

Accepted Answer

A) the United States 
B) Australia 
C) Japan 
D) both A and C 
A) the United States 
B) Australia 
C) Japan 
D) both A and C

Question 7

Any party with an interest in,or affected by the actions of,an organisation is referred to as a:

Accepted Answer

A) creditholder 
B) stakeholder 
C) shareholder 
D) debtholder 
A) creditholder 
B) stakeholder 
C) shareholder 
D) debtholder

The concept of limited liability limits:

With the separation of ownership from control arises the potential of a conflict of interest between:

The entity that facilitates the trade in financial securities such as stocks,stock options and bonds is known as the:

A share in the profits of an entity distributed in proportion to the shareholders' shareholdings is referred to as:

The organisation in Australia that is responsible for developing,issuing and maintaining accounting standards and pronouncements in Australia is the:

The countries that are currently working towards convergence with IFRS include:

Any party with an interest in,or affected by the actions of,an organisation is referred to as a:

Company Formation, Share Capital and Debt Securities

Reserves and Profit Distribution

Published Financial Statements

Accounting for Company Income Tax

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Additional Accounting Standards and Disclosures

Principles of Consolidation

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interests

Consolidation: Indirect Non-Controlling Interests

Accounting for Associates

Accounting for Joint Ventures

Accounting for Foreign Currency

Capital Reorganisation

External Administration, Including Liquidation

Key Issues in Australian Corporate Governance

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Exam 1: The Nature and Environment of Companies

The concept of limited liability limits:

With the separation of ownership from control arises the potential of a conflict of interest between:

The entity that facilitates the trade in financial securities such as stocks,stock options and bonds is known as the:

A share in the profits of an entity distributed in proportion to the shareholders' shareholdings is referred to as:

The organisation in Australia that is responsible for developing,issuing and maintaining accounting standards and pronouncements in Australia is the:

The countries that are currently working towards convergence with IFRS include:

Any party with an interest in,or affected by the actions of,an organisation is referred to as a:

Company Formation, Share Capital and Debt Securities

Reserves and Profit Distribution

Published Financial Statements

Accounting for Company Income Tax

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Additional Accounting Standards and Disclosures

Principles of Consolidation

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interests

Consolidation: Indirect Non-Controlling Interests

Accounting for Associates

Accounting for Joint Ventures

Accounting for Foreign Currency

Capital Reorganisation

External Administration, Including Liquidation

Key Issues in Australian Corporate Governance

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