Exam 1: Introduction to Accounting and Business Decision Making

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

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

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

When making informed investment decisions,investors are:

An SME (small to medium sized enterprise)is a business entity with:

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

Which of the following is not a business transaction?

The major constraint on the preparation of financial information is ______________ .

The evaluation process of a business plan allows:

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

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

The first step in issuing an accounting standard is the:

Subjectivity does not apply to the valuation of:

Which of the following is not a limitation of accounting information?

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

The financial reports that meet the information needs of a range of users unable to demand accounting information are called ____________ purpose financial statements.

Which of the following has not been a traditional area of employment for accountants?

The information provided in financial statements is the result of past transactions and does not provide information.

The ICAA and CPA Australia:

Management accounting reports are prepared: