Exam 1: Introduction to Accounting

The cost of producing financial information is

The fundamental purpose of accounting standards is to improve

The part of the accounting function within an organisation which includes costing,budgeting and planning is known as ____________________ accounting.

The type and nature of work done by accountants that will be most valued in the future will be:

The difference between bookkeepers and accountants is:

The number of countries in which financial reports are prepared using global accounting standards is:

Resources controlled by the entity as a result of past transactions or events and from which future economic benefits are expected to flow to the entity is the definition of:

Legally enforceable accounting standards that apply to Australian companies are issued by

Which of these is not likely to be the responsibility of a bookkeeper?

Which of the following is an example of a liability?

Which of these entities is least likely to have users dependent on General Purpose Financial Statements?

Which of the following countries has not adopted IFRS?

The work of recording financial transactions is normally carried out by a _______________ not an accountant.

The information about a customer that would be of most interest to a supplier is:

A company's financial statements include the Statement of Comprehensive Income,the Statement of Financial Position and the Statement of __________________________.

How many of the following are differences between management and financial accounting? *Types of reports produced *Frequency of reports *The format of reports *The users of reports

Which of the following has $\bold{not}$ been a traditional area of employment for accountants?

Entities that issues securities that are quoted on a stock market or made available to the public via a prospectus are known as _____________ entities.

Under the Framework,the qualitative characteristic of relevance is described as:

The accounting element ____________ is defined as involving an inflow or other enhancement of assets,or decrease of liabilities,that results in an increase in equity other than any relating to contributions by equity participants.