Exam 1: Introduction to Accounting and Business Decision Making

Accounting reports that do not cater to the general needs common to most users are known as ____________________ purpose financial reports.

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

'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:

The accounting process within an organisation which includes costing,budgeting and planning is known as ____________________ accounting.

A disclosing entity is an entity that:

The internal user of accounting information is the:

Which of the following reports would not be prepared for financial accounting purposes?

The Financial Reporting Council is responsible for:

Which of the following are differences between management and financial accounting? I.Types of reports produced. II.The users of reports. III.The format of reports. IV.Frequency of reports.

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

AASB accounting standards are legally enforceable in Australia under the:

An external user of accounting information is the:

Which of the following is not an accounting report?

Preparing financial statements for external users costs large entities:

Which statement about the AASB Conceptual Framework is not true?

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

The global accounting standards that are being followed by more than 120 countries worldwide to prepare their financial statements are known as ___________________.

The Financial Reporting Council is responsible for overseeing the accounting and auditing _________________ process for all accounting sectors in Australia.

The content of management accounting reports is governed by:

The Corporations Act 2001 is primarily enforced by the: