Exam 1: Introduction to Accounting

The financial reports comprising the 'final accounts' are the:

Which of these is not one of the key qualities of accounting information?

The statement concerning the key qualities of accounting information that is untrue is:

Which statement concerned with establishing the costs and benefits of accounting information is true?

Sustainability reporting focuses on:

When accounting information has the potential to change decision-making it is said to be:

An objective of a business could be:

The best explanation of relevance is:

The test to determine if an item of accounting information is worthwhile collecting is the:

Which accounting report is prepared at a particular point of time rather than over a period of time?

Knowledge of the objectives or mission of a business will be most useful in assisting users of financial reports in understanding:

Businesses tend to resist providing forecast data to those outside the organisation mainly because:

Calculate the cash available at the beginning of the day if cash at the end is $540,receipts from customers are $630 and payments to suppliers are $250.

The planning and control process within an entity means that:

Which of these is not generally regarded as a reason for the recent spate of dubious accounting practices by large companies?

An advantage of a partnership compared to a sole proprietorship is:

The most important function of an accounting system is to:

The commonly accepted overall financial objective of business can best be summed up as:

Which statement is true?

The main source of information for shareholders is: