FNSACC321_322_421 Quiz 1B - review

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Jan 9, 2024

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31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 1/7 Question 1 Correct Mark 1.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 Started on Sunday, 3 September 2023, 4:45 PM State Finished Completed on Sunday, 3 September 2023, 4:53 PM Time taken 8 mins 43 secs Marks 16.00/20.00 Grade 80.00 out of 100.00 Feedback This is a good result, you have demonstrated a strong knowledge of this topic content. Well done. An accounting system provides an organisation with the information useful for evaluating and making decisions about the allocation of scarce resources. Select one: True False A bookkeeper must be registered to contract as a bookkeeper whether performing a BAS service or not. Select one: True False
31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 2/7 Question 3 Correct Mark 1.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 A professional bookkeeper, who is not a registered Tax Agent or BAS Agent, may work as part of a team under the supervision of a qualified Tax Agent or BAS Agent, and may also do some bookkeeping tasks without supervision where those tasks are not regarded as BAS or Tax Services. Select one: True False Generally speaking, the bookkeeper within a business will be involved in the day to day functions of the accounting process, including maintaining petty cash, processing financial transactions and reconciling bank statements etc. Select one: True False Bookkeepers and accountants need to ensure compliance with the: Select one: a. Tax Agents Services Act 2009 (for accountants and bookkeepers who are BAS or Tax Agents) b. Privacy Act c. A New Tax System (Goods and Services Tax) Act 1999 d. all of the options
31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 3/7 Question 6 Correct Mark 1.00 out of 1.00 Question 7 Incorrect Mark 0.00 out of 1.00 Question 8 Correct Mark 1.00 out of 1.00 Question 9 Correct Mark 1.00 out of 1.00 Entities regulated by the Corporations Act 2001 are to comply with the standards set by the AASB. Select one: True False All business organisations must ensure that their financial reports comply with the accounting standards. Select one: True False Accountants, not bookkeepers, are usually responsible for the sorting, classification and recording of information about the business's transactions. Select one: True False The Matching Principle refers to the: Select one: a. concept that assets and liabilities must both be allocated b. requirement that expenses must be matched with the income they helped to earn c. requirement that owners’ equity must always equal net assets d. requirement that transactions on the bank statement must always match movements in the Cash Book
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31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 4/7 Question 10 Correct Mark 1.00 out of 1.00 Question 11 Correct Mark 1.00 out of 1.00 Question 12 Correct Mark 1.00 out of 1.00 The Going Concern Principle: Select one: a. assumes that the business entity will have a continuing financial life b. assumes that transactions will be recorded at their original or historical cost c. splits the endless life of a business into time periods d. refers to concerns about the on-going financial viability of the business The principle of conservatism recognises that when doubt exists for entries that require judgement or estimates, you should choose the option that would result in the profit or assets being understated rather than overstated. Select one: True False Businesses which purchase raw materials and convert them into products for sale are classified as trading businesses. Select one: True False
31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 5/7 Question 13 Correct Mark 1.00 out of 1.00 Question 14 Correct Mark 1.00 out of 1.00 Question 15 Correct Mark 1.00 out of 1.00 Which of the following is not a business structure? Select one: a. Service Provider b. Partnership c. Corporation d. Sole Trader In regard to a corporation which of the following is correct? Select one: a. The company can only conduct business in the name of its owners. b. The company and its owners are one and the same entity. c. The company’s legal existence is discontinued by changes in its owners. d. The company has all the rights and obligations afforded to any legal person. Which one of the following bodies is not a major recognised accounting association? Select one: a. CPA Australia b. ASIC c. ICAA d. IPA
31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 6/7 Question 16 Correct Mark 1.00 out of 1.00 Question 17 Incorrect Mark 0.00 out of 1.00 Question 18 Correct Mark 1.00 out of 1.00 Question 19 Incorrect Mark 0.00 out of 1.00 A Certificate IV in Accounting and payment of the annual membership fee is sufficient to qualify for full membership to any of the major recognised accounting associations. Select one: True False All qualified accountants are permitted under legislation to prepare Business Activity Statements and Instalment Activity Statements. Select one: True False In general, a bookkeeper would be responsible for Accounts Payable, Accounts Receivable, Bank and payroll reconciliations. Select one: True False The Act that established the Tax Practitioners Board (TPB) and the registration of tax agents and BAS agents is the: Select one: a. Tax Agents Services Act 2009 b. A New Tax System (Goods and Services Tax) Act 1999 c. Tax Practitioners Board Act d. Income Tax Assessment Act 1997
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31/12/2023, 10:06 FNSACC321/322/421 Quiz 1B - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773 7/7 Question 20 Correct Mark 1.00 out of 1.00 Company directors of reporting entities may choose whether or not to prepare financial statements which comply with Australian Accounting Standards. Select one: True False