Question 1

Under the Corporations Act the financial report consists of:

Accepted Answer

A)  comprehensive income statement, balance sheet, statement of cash flow, statement of changes in equity, director's declaration, notes to the financial statements 
B)  comprehensive income statement, balance sheet, statement of changes in equity, cash flow statement 
C)  comprehensive income statement, balance sheet, statement of cash flow 
D)  comprehensive income statement, balance sheet, statement of changes in equity 
A)  comprehensive income statement, balance sheet, statement of cash flow, statement of changes in equity, director's declaration, notes to the financial statements 
B)  comprehensive income statement, balance sheet, statement of changes in equity, cash flow statement 
C)  comprehensive income statement, balance sheet, statement of cash flow 
D)  comprehensive income statement, balance sheet, statement of changes in equity

Question 2

Penalties that can be imposed by the professional bodies on members who do not comply with accounting standards can be:

Accepted Answer

A)  disciplinary proceedings 
B)  fines 
C)  expulsion from the professional body 
D)  all of the above 
A)  disciplinary proceedings 
B)  fines 
C)  expulsion from the professional body 
D)  all of the above

Question 3

To practice in Australia,an accountant:

Accepted Answer

A)  must be registered by the AASB 
B)  must be registered by the government 
C)  must be a member of CPA Australia or ICAA 
D)  none of the above 
A)  must be registered by the AASB 
B)  must be registered by the government 
C)  must be a member of CPA Australia or ICAA 
D)  none of the above

Question 4

The body that oversees the operation of the AASB is:

Accepted Answer

A)  ASIC 
B)  The Financial Reporting Council 
C)  The Joint Standing Committee 
D)  The Foundation Board of Management 
A)  ASIC 
B)  The Financial Reporting Council 
C)  The Joint Standing Committee 
D)  The Foundation Board of Management

Question 5

If there is a conflict between the provisions of the statements of accounting concepts and the requirements of the accounting standards:

Accepted Answer

A)  the accounting standards prevail 
B)  the accounts must contain a note on the conflict 
C)  the AASB must rule on the conflict 
D)  the statements of accounting concepts prevail 
A)  the accounting standards prevail 
B)  the accounts must contain a note on the conflict 
C)  the AASB must rule on the conflict 
D)  the statements of accounting concepts prevail

Question 6

The final approval of accounting standards to apply under the Corporations Act rests with:

Accepted Answer

A)  Parliament 
B)  AASB 
C)  ASIC 
D)  The Joint Standing Committee of the Institute of Chartered Accountants in Australia and CPA Australia 
A)  Parliament 
B)  AASB 
C)  ASIC 
D)  The Joint Standing Committee of the Institute of Chartered Accountants in Australia and CPA Australia

Question 7

Which of these are the main sources of regulations governing financial reporting in Australia?

Accepted Answer

A)  Government legislation, stock exchange listing rules, accounting standards and pronouncement of FAASB 
B)  Accounting standards, conceptual framework, stock exchange listing rules 
C)  The Corporations Act, the AASB, CLERP 
D)  AASB, FRC, government legislation 
A)  Government legislation, stock exchange listing rules, accounting standards and pronouncement of FAASB 
B)  Accounting standards, conceptual framework, stock exchange listing rules 
C)  The Corporations Act, the AASB, CLERP 
D)  AASB, FRC, government legislation

Under the Corporations Act the financial report consists of:

Penalties that can be imposed by the professional bodies on members who do not comply with accounting standards can be:

To practice in Australia,an accountant:

The body that oversees the operation of the AASB is:

If there is a conflict between the provisions of the statements of accounting concepts and the requirements of the accounting standards:

The final approval of accounting standards to apply under the Corporations Act rests with:

Which of these are the main sources of regulations governing financial reporting in Australia?

A Conceptual Framework: Scope, reporting Entity and the Objective of Financial Report

A Conceptual Framework: the Fundamentals of General Purpose Financial Reporting

A Conceptual Framework: Recognition and Measurement of the Elements of Financial Statements

The Choice of Accounting Methods

The Balance Sheet: an Overview

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Investments

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Equity

The Income Statement

The Cash Flow Statement

Financial Reporting: Segment Reporting, value Added Statements, highlights Statements and Future-Oriented Financial Information

Further Financial Reporting Issues

Accounting for the Extractive Industries

Accounting for Real Estate Development and Construction Contracts

Accounting for Agricultural Activity

Accounting for Superannuation Plans

Accounting for Financial Institutions

Financial Reporting in the Public Sector

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate Social Responsibilities

Ethics in Accounting

Filters

Exam 1: Institutional Arrangements for Setting Accounting Standards in Australia

Under the Corporations Act the financial report consists of:

Penalties that can be imposed by the professional bodies on members who do not comply with accounting standards can be:

To practice in Australia,an accountant:

The body that oversees the operation of the AASB is:

If there is a conflict between the provisions of the statements of accounting concepts and the requirements of the accounting standards:

The final approval of accounting standards to apply under the Corporations Act rests with:

Which of these are the main sources of regulations governing financial reporting in Australia?

A Conceptual Framework: Scope, reporting Entity and the Objective of Financial Report

A Conceptual Framework: the Fundamentals of General Purpose Financial Reporting

A Conceptual Framework: Recognition and Measurement of the Elements of Financial Statements

The Choice of Accounting Methods

The Balance Sheet: an Overview

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Investments

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Equity

The Income Statement

The Cash Flow Statement

Financial Reporting: Segment Reporting, value Added Statements, highlights Statements and Future-Oriented Financial Information

Further Financial Reporting Issues

Accounting for the Extractive Industries

Accounting for Real Estate Development and Construction Contracts

Accounting for Agricultural Activity

Accounting for Superannuation Plans

Accounting for Financial Institutions

Financial Reporting in the Public Sector

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate Social Responsibilities

Ethics in Accounting

Filters