Question 1

Another name for the statement of comprehensive income is:

Accepted Answer

A)  statement of financial position. 
B)  balance sheet. 
C)  statement of change in owners' equity. 
D)  statement of financial performance. 
A)  statement of financial position. 
B)  balance sheet. 
C)  statement of change in owners' equity. 
D)  statement of financial performance.

Question 2

The statement concerning differences between financial and management accounting which is false is:

Accepted Answer

A)  management accounting is less constrained than financial accounting. 
B)  managers have much more control over the form and content of their reports. 
C)  there is no overlap between management accounting and financial accounting. 
D)  the distinction between the two areas, to some extent, reflects differences in access to financial information. 
A)  management accounting is less constrained than financial accounting. 
B)  managers have much more control over the form and content of their reports. 
C)  there is no overlap between management accounting and financial accounting. 
D)  the distinction between the two areas, to some extent, reflects differences in access to financial information.

Question 3

The stages of an accounting system are:

Accepted Answer

A)  evaluation, processing, output. 
B)  identification, recording, analysis, reporting. 
C)  setting objectives, planning, analysis. 
D)  none of the above. 
A)  evaluation, processing, output. 
B)  identification, recording, analysis, reporting. 
C)  setting objectives, planning, analysis. 
D)  none of the above.

Question 4

In comparison to a company,a disadvantage of operating as a partnership is:

Accepted Answer

A)  unlimited liability. 
B)  limited life. 
C)  mutual agency. 
D)  all of the above. 
A)  unlimited liability. 
B)  limited life. 
C)  mutual agency. 
D)  all of the above.

Question 5

The three most common types of structures used by businesses in Australia are:

Accepted Answer

A)  partnership, limited company, association. 
B)  sole proprietor, partnership, limited company. 
C)  partnership, private company, trust. 
D)  sole proprietor, limited company, co-operative. 
A)  partnership, limited company, association. 
B)  sole proprietor, partnership, limited company. 
C)  partnership, private company, trust. 
D)  sole proprietor, limited company, co-operative.

Question 6

Standardised formats are most relevant to:

Accepted Answer

A)  departmental reports. 
B)  management reports. 
C)  external financial reports. 
D)  internal reports. 
A)  departmental reports. 
B)  management reports. 
C)  external financial reports. 
D)  internal reports.

Question 7

Budgets are typically set for:

Accepted Answer

A)  a decade. 
B)  one year. 
C)  one month. 
D)  five years. 
A)  a decade. 
B)  one year. 
C)  one month. 
D)  five years.

Another name for the statement of comprehensive income is:

The statement concerning differences between financial and management accounting which is false is:

The stages of an accounting system are:

In comparison to a company,a disadvantage of operating as a partnership is:

The three most common types of structures used by businesses in Australia are:

Standardised formats are most relevant to:

Budgets are typically set for:

Measuring and Reporting Financial Position

Measuring and Reporting Financial Performance

Introduction to Limited Companies

Regulatory Framework for Companies

Measuring and Reporting Cash Flows

Corporate Social Responsibility and Sustainability Accounting

Analysis and Interpretation of Financial Statements

Costvolumeprofit Analysis and Relevant Costing

Full Costing

Budgeting

Capital Investment Decisions

The Management of Working Capital

Financing the Business

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Exam 1: Introduction to Accounting

Another name for the statement of comprehensive income is:

The statement concerning differences between financial and management accounting which is false is:

The stages of an accounting system are:

In comparison to a company,a disadvantage of operating as a partnership is:

The three most common types of structures used by businesses in Australia are:

Standardised formats are most relevant to:

Budgets are typically set for:

Measuring and Reporting Financial Position

Measuring and Reporting Financial Performance

Introduction to Limited Companies

Regulatory Framework for Companies

Measuring and Reporting Cash Flows

Corporate Social Responsibility and Sustainability Accounting

Analysis and Interpretation of Financial Statements

Costvolumeprofit Analysis and Relevant Costing

Full Costing

Budgeting

Capital Investment Decisions

The Management of Working Capital

Financing the Business

Filters