Exam 1: Introduction to Accounting

The body that oversees the operations of financial institutions such as banks and building societies in Australia is:

Which statement about the AASB Framework is not true?

Which of these is an asset?

____________ purpose financial statements meet the information needs of a range of users unable to demand accounting information.

The steps in the process of accounting take place in the following order:

The normal time delay in Australia in providing the annual report of large companies to external users after the end of the financial year is:

The ICAA and CPA Australia

Subjectivity does not apply to the valuation of:

"A present obligation of the entity arising from past events,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits" is the definition of:

Which of the following is not a role of the Australian Securities and Investments Commission?

The first step in issuing an accounting standard is

Accounting reports prepared for users who have the authority to obtain the information they need are known as ____________________ purpose financial reports.

_____________________ accountants help to solve crimes such as computer hacking and the theft of large amounts of money through hoax schemes on the internet.

The information that would be of most interest to an organisation's production manager is:

CPA Australia and the _______________ are the two main professional accounting bodies in Australia for which an undergraduate degree is required for initial entry.

Under the Framework the four principle qualitative characteristics for General Purpose Financial Statements are:

Which of the following is $\bold{not}$ likely to be a growth area for the accountants of the future?

Which of the following is $\bold{not}$ a limitation of accounting information?

The _________________ Reporting Council was established to oversee the AASB.

The Corporations Act 2001 is primarily enforced by