MCQ Exam - Mid-Semester

6890 WordsApr 9, 201428 Pages
Chapter 1: Introduction to accounting Multiple Choice 1. Which of these is a decision relevant to the accounting function of an entity? a. Whether debts can be repaid b. Finding the most cost effective way to produce goods c. The investment prospects of the entity d. None of the above e. All of the above 2. Under the Framework describes the qualitative characteristic of relevance as: a. information that is of value to users in decision making. b. information that can be classified. c. information that can be recorded in accounting reports. d. information that can be reliably measured. e. information that is understandable 3. Which of these is not likely to be the responsibility of a bookkeeper? a. Preparation of a bank…show more content…
the fact that not all information relevant to decision-making is contained in accounting reports. b. its subjective nature. c. the use of historical data to predict future events. d. the time delay from when events take place and their reporting. e. All of the above 17. The most senior accounting position in a corporation is generally referred to as the: a. Managing Director b. Chief Financial Officer c. Managing Accountant d. Head Accountant e. Auditor 4 18. The normal time delay in Australia in providing the annual report of large companies to external users after the end of the financial year is: a. two weeks. b. one month. c. six months. d. two months. e. three months. 19. The Corporations Act is primarily enforced by a. the Financial Reporting Council. b. the Australian Stock Exchange. c. the Australian Securities and Investments Commission. d. the Australian Accounting Standards Board. e. All of the above 20. Legally enforceable accounting standards that apply to Australian companies are issued by a. the Financial Reporting Council. b. the Australian Stock Exchange. c. the Australian Securities and Investments Commission. d. the Australian Accounting Standards Board. e. All of the above. 21. The role of the Australian Securities and Investments Commission is to a. Uphold the law uniformly, effectively and quickly. b. Promote confident and informed participation in the financial system by investors and consumers. c. Make

More about MCQ Exam - Mid-Semester

Open Document