Question 1

Select whether each item would appear on :
-Dividends paid

Accepted Answer

A)  Income Statement (IS) 
B) Statement of Financial Position (SFP) 
C) Statement of Changes in Equity (SC
E)  
A)  Income Statement (IS) 
B) Statement of Financial Position (SFP) 
C) Statement of Changes in Equity (SC
E)

Question 2

Which of the following statements is false?

Accepted Answer

A)  The definition of reporting entity forms the foundation of the Conceptual Framework as all other elements flow from it. 
B)  A reporting entity must prepare general purpose financial reports that comply with accounting standards. 
C)  Political or economic importance is a factor in determining whether an entity is a reporting entity. 
D)  The objective of general purpose financial reports is to provide information that is useful to existing and potential investors, creditors and other external users. 
A)  The definition of reporting entity forms the foundation of the Conceptual Framework as all other elements flow from it. 
B)  A reporting entity must prepare general purpose financial reports that comply with accounting standards. 
C)  Political or economic importance is a factor in determining whether an entity is a reporting entity. 
D)  The objective of general purpose financial reports is to provide information that is useful to existing and potential investors, creditors and other external users.

Question 3

Match the items by selecting the appropriate code letter :
-Consumed assets or services.

Accepted Answer

A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings 
A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings

Question 4

Match the items by selecting the appropriate code letter :
-An organisation that produces listing rules that companies must comply with.

Accepted Answer

A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings 
A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings

Question 5

Classify each of these items as :
-Retained earnings

Accepted Answer

A)  Asset (
A)  
B)  Liability (L) 
C)  Equity (
E) . 
A)  Asset (
A)  
B)  Liability (L) 
C)  Equity (
E) .

Question 6

Presented below are the qualitative characteristics of information contained in general-purpose financial reports. 
a. relevance
b. reliability
c. comparability
d. understandability
Identify the qualitative characteristic that fits the statement below:
-Information in general-purpose financial reports should be_____________ to users who have the proficiency to comprehend the significant accounting practices.

Accepted Answer

The answer of Presented below are the qualitative characteristics of...

Question 7

Select whether each item would appear on :
-Wage Expense

Accepted Answer

A)  Income Statement (IS) 
B) Statement of Financial Position (SFP) 
C) Statement of Changes in Equity (SC
E)  
A)  Income Statement (IS) 
B) Statement of Financial Position (SFP) 
C) Statement of Changes in Equity (SC
E)

Question 8

For the items listed , select the appropriate code letter whether the item is :
-Rent Expense

Accepted Answer

A)  Asset (
A)  
B)  Liability(L) 
C)  Equity item (
E)  
A)  Asset (
A)  
B)  Liability(L) 
C)  Equity item (
E)

Question 9

Determine the missing items.

Accepted Answer

a. $18,000

Question 10

Select the basic assumptions and principles underlying financial statements.
-Every entity can be separately identified and accounted for.

Accepted Answer

A)  Cost principle 
B)  Accounting entity concept 
C)  Full disclosure principle 
D)  Going concern principle 
E)  Monetary principle
F) Accounting period concept 
A)  Cost principle 
B)  Accounting entity concept 
C)  Full disclosure principle 
D)  Going concern principle 
E)  Monetary principle
F) Accounting period concept

Question 11

From the following list of selected items taken from the records of Downing Clinic Ltd, identify those that would appear on the Statement of Financial Position.

Accepted Answer

The answer of From the following list of selected items...

Question 12

An annual report includes all of the following except:

Accepted Answer

A)  chairman and directors' reports. 
B)  notes to the financial statements. 
C)  an auditor's report. 
D)  detailed salary package of clerical staff. 
A)  chairman and directors' reports. 
B)  notes to the financial statements. 
C)  an auditor's report. 
D)  detailed salary package of clerical staff.

Question 13

Accounting standards issues by the Australian Accounting Standards Board (AASB) are consistent with those issued by the:

Accepted Answer

A)  Financial Reporting Council (FR
C) . 
B)  Australian Taxation Office. 
C)  Urgent Issues Group. 
D)  International Accounting Standards Board. 
A)  Financial Reporting Council (FR
C) . 
B)  Australian Taxation Office. 
C)  Urgent Issues Group. 
D)  International Accounting Standards Board.

Question 14

For the items listed , select the appropriate code letter whether the item is :
-Accounts Payable

Accepted Answer

A)  Asset (
A)  
B)  Liability(L) 
C)  Equity item (
E)  
A)  Asset (
A)  
B)  Liability(L) 
C)  Equity item (
E)

Question 15

Match the items by selecting the appropriate code letter :
-A report prepared by directors that presents audited financial information.

Accepted Answer

A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings 
A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings

Question 16

Match the items by selecting the appropriate code letter :
-Financial information is collected quickly so that it does not lose its relevance.

Accepted Answer

A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings 
A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings

Question 17

Johnny's Car Repairs had total assets of $60,000 and total liabilities of $40,000 at the beginning of the year. During the year the business recorded $100,000 in revenues, $55,000 in expenses, and dividends of $10,000 were distributed. Equity at the end of the year is:

Accepted Answer

A)  $55,000. 
B)  $35,000. 
C)  $65,000. 
D)  $45,000. 
A)  $55,000. 
B)  $35,000. 
C)  $65,000. 
D)  $45,000.

Question 18

Match the items by selecting the appropriate code letter :
-Future economic benefits.

Accepted Answer

A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings 
A)  Internal users 
B)  Directors' report 
C)  Annual report 
D)  Sole trader 
E)  Timeliness
F) Australian Securities Exchange
G) Assets
H) Liabilities
I) Expenses
J) Retained earnings

Question 19

Classify each of these items as :
-Accounts receivable

Accepted Answer

A)  Asset (
A)  
B)  Liability (L) 
C)  Equity (
E) . 
A)  Asset (
A)  
B)  Liability (L) 
C)  Equity (
E) .

Question 20

Select whether each item would appear on the statement of cash flows as :
-Cash purchase of equipment.

Accepted Answer

A) (O) operating activity 
B) (I) investing activity 
C) (F) financing activity 
A) (O) operating activity 
B) (I) investing activity 
C) (F) financing activity

Select whether each item would appear on : -Dividends paid

Which of the following statements is false?

Match the items by selecting the appropriate code letter : -Consumed assets or services.

Match the items by selecting the appropriate code letter : -An organisation that produces listing rules that companies must comply with.

Classify each of these items as : -Retained earnings

Select whether each item would appear on : -Wage Expense

For the items listed , select the appropriate code letter whether the item is : -Rent Expense

Determine the missing items.

Select the basic assumptions and principles underlying financial statements. -Every entity can be separately identified and accounted for.

From the following list of selected items taken from the records of Downing Clinic Ltd, identify those that would appear on the Statement of Financial Position.

An annual report includes all of the following except:

Accounting standards issues by the Australian Accounting Standards Board (AASB) are consistent with those issued by the:

For the items listed , select the appropriate code letter whether the item is : -Accounts Payable

Match the items by selecting the appropriate code letter : -A report prepared by directors that presents audited financial information.

Match the items by selecting the appropriate code letter : -Financial information is collected quickly so that it does not lose its relevance.

Johnny's Car Repairs had total assets of $60,000 and total liabilities of $40,000 at the beginning of the year. During the year the business recorded $100,000 in revenues, $55,000 in expenses, and dividends of $10,000 were distributed. Equity at the end of the year is:

Match the items by selecting the appropriate code letter : -Future economic benefits.

Classify each of these items as : -Accounts receivable

Select whether each item would appear on the statement of cash flows as : -Cash purchase of equipment.

The Recording Process

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters

Exam 1: An Introduction to Accounting

Select whether each item would appear on : -Dividends paid

Which of the following statements is false?

Match the items by selecting the appropriate code letter : -Consumed assets or services.

Match the items by selecting the appropriate code letter : -An organisation that produces listing rules that companies must comply with.

Classify each of these items as : -Retained earnings

Select whether each item would appear on : -Wage Expense

For the items listed , select the appropriate code letter whether the item is : -Rent Expense

Determine the missing items.

Select the basic assumptions and principles underlying financial statements. -Every entity can be separately identified and accounted for.

From the following list of selected items taken from the records of Downing Clinic Ltd, identify those that would appear on the Statement of Financial Position.

An annual report includes all of the following except:

Accounting standards issues by the Australian Accounting Standards Board (AASB) are consistent with those issued by the:

For the items listed , select the appropriate code letter whether the item is : -Accounts Payable

Match the items by selecting the appropriate code letter : -A report prepared by directors that presents audited financial information.

Match the items by selecting the appropriate code letter : -Financial information is collected quickly so that it does not lose its relevance.

Johnny's Car Repairs had total assets of $60,000 and total liabilities of $40,000 at the beginning of the year. During the year the business recorded $100,000 in revenues, $55,000 in expenses, and dividends of $10,000 were distributed. Equity at the end of the year is:

Match the items by selecting the appropriate code letter : -Future economic benefits.

Classify each of these items as : -Accounts receivable

Select whether each item would appear on the statement of cash flows as : -Cash purchase of equipment.

The Recording Process

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters