Exam 1: Introduction to Accounting

The external user of accounting information is the:

The internal user of accounting information is the:

Which of the following is not a business transaction?

One of ASIC's main roles is to ensure that companies comply with the _________________ Act 2001.

The content of management accounting reports is governed by:

Special-purpose financial reports provide information for which group(s)? Internal Users External Users I Yes Yes II Yes No III No Yes IV No No

The Financial Reporting Council is responsible for

Which of these would not be considered an internal user of accounting information?

Select the option that does not represent a difference between financial and management reporting.

Accounting is the process of identifying,measuring,recording and _______________ economic information for the purposes of decision-making.

The Framework describes the qualitative characteristic of relevance as:

A disclosing entity is an entity that

More than 120 countries worldwide prepare their financial statements following global accounting standards known as _______________________

Decreases in economic benefits in the form of outflows or depletions of assets or incurrences of liabilities that result in a decrease in equity,other than those relating to distributions to equity participants,is the definition of:

Corporate ______________ principles include appropriate auditing,board independence,corporate responsibility,financial transparency and information disclosure.

The ACCC is responsible for administering the

The Corporations Act gets its powers from which section of the Australian Constitution?

When making informed investment decisions,investors:

Firms of accountants who work for many different clients are known as:

The two constraints imposed on the preparation of financial information are ____________________ and costs versus benefits.