Af210 Quiz 1
Af210 Quiz 1
Af210 Quiz 1
compliance with accounting standards does not generate a 'true and fair view'
financial statements?
Select one:
a. All of the given answers are correct.
b. Directors may elect not to comply with the standard.
c. Directors may exercise the 'true and fair view override'.
d. Directors may disclose the standard in question, the nature of conflict and
adjustments made.
Question 2
Complete
Marked out of 1.00
Flag question
Question text
Which of the following statement(s) is/are true with respect to the differences
between IFRS and US generally accepted accounting principles (GAAP)?
Select one:
a. There are only slight differences between IFRS and US GAAP and there was a
decision made by both the IASB and the US Financial Accounting Standards Board
(FASB) to pursue an intensification of the convergence program designed to bring a
number of short-term fixes between the two sets of accounting standards.
b. There are no differences between IFRS and US GAAP.
c. There are only slight differences between IFRS and US GAAP.
d. There was a decision made by both the IASB and the US Financial Accounting
Standards Board (FASB) to pursue an intensification of the convergence program
designed to bring a number of short-term fixes between the two sets of accounting
standards.
Question 3
Complete
Marked out of 1.00
Flag question
Question text
Question 4
Complete
Marked out of 1.00
Flag question
Question text
Question 5
Complete
Marked out of 1.00
Flag question
Question text
Question 6
Complete
Marked out of 1.00
Flag question
Question text
Question 7
Complete
Marked out of 1.00
Flag question
Question text
Question 8
Complete
Marked out of 1.00
Flag question
Question text
Question 9
Complete
Marked out of 1.00
Flag question
Question text
Which body reviews, on a timely basis within the context of existing International
Accounting Standard (IASB) and the IASB framework, accounting issues that are
likely to receive divergent or unacceptable treatment in the absence of authoritative
guidance?
Select one:
a. Urgent Issues Group (UIG).
b. International Interpretations and Issues Group (IIIG).
c. International Financial Reporting Interpretations Committee (IFRIC).
d. International Accounting Standards Board (IASB).
Question 10
Complete
Marked out of 1.00
Flag question
Question text
The only body with the power to veto a standard recommended by the AASB is:
Select one:
a. the Financial Reporting Council.
b. the Australian Accounting Standards Review Board.
c. the Commonwealth Parliament.
d. the Urgent Issues Group.
Question 11
Complete
Marked out of 1.00
Flag question
Question text
What are two key ways management accounting is different from financial
accounting?
Select one:
a. Management accounting provides special-purpose information to people external
to the firm and it is highly regulated.
b. Management accounting focuses on providing information for internal users and
it is largely unregulated.
c. Management accounting is focused on providing information to shareholders who
wish to have input into the management of the organisation and it is regulated by
generally accepted accounting principles.
d. Management accounting provides information for the day-to-day running of an
organisation and it is governed by the requirements of ASIC.
Question 12
Complete
Marked out of 1.00
Flag question
Question text
Flag question
Question text
The idea that accounting information can be used by people without paying for it,
and pass it on, defines accounting information as being:
Select one:
a. a free good.
b. a public good.
c. a cheap good.
d. worthless.
Question 14
Complete
Marked out of 1.00
Flag question
Question text
Question 15
Complete
Marked out of 1.00
Flag question
Question text
An argument to support the requirement that all companies over a certain size
should adhere to accounting standards is:
Select one:
a. The conceptual framework and accounting standards are designed for larger
enterprises.
b. Larger companies can afford to pay for complex accounting systems and the
experts necessary to design and maintain them.
c. Larger companies have greater political and economic importance and this
increases the demand for financial information about the entity by external users.
d. The Australian Securities and Investment Commission should be responsible only
for large enterprises.
Question 16
Complete
Marked out of 1.00
Flag question
Question text
Question 17
Complete
Marked out of 1.00
Flag question
Question text
The International Accounting Standards Board (IASB) website explains how the
IASB believes its relationship with national standards-setters should be conducted.
It notes that:
Select one:
a. The IASB expects national standard-setters to develop all standards of a
domestic nature pertaining to the public and non-for-profit sectors, as its standards
do not apply to these areas.
b. National standard-setters should cede all responsibility for matters pertaining to
accounting standards to the IASB, but retain responsibility for making
interpretations on all matters of uncertainty.
c. There should be close coordination between the due process of the IASB and the
process of national standard-setters.
d. The IASB will inform national standard-setters of directions they should take,
projects they should undertake and the outcomes that are expected of them.
Question 18
Complete
Marked out of 1.00
Flag question
Question text
Which of the following most accurately describes the process of issuing an IASB
standard?
Select one:
a. An advisory committee must be established to give advice on the project; this
will be followed by the development and publication of Discussion Documents. After
receiving public feedback, an Exposure Draft is required to be issued for further
comment. A final IFRS is then issued based on previous feedback along with Basis
for Conclusion.
b. Discussion Documents are developed and published for public comment, then an
advisory committee must be established to give advice on the project. After
receiving public feedback, an Exposure Draft may then be issued for further
comment. A final IFRS is then issued based on previous feedback along with Basis
for Conclusion.
c. An advisory committee may be established to give advice on the project; this
may be followed by the development and publication of Discussion Documents.
After receiving public feedback, an Exposure Draft may then be issued for further
comment. A final IFRS is then issued based on previous feedback along with Basis
for Conclusion.
d. An advisory committee may be established to give advice on the project and
develop an Exposure Draft, which will be followed by the development and
publication of Discussion Documents. After receiving public feedback, a final IFRS is
then issued along with Basis for Conclusion.
Question 19
Complete
Marked out of 1.00
Flag question
Question text
Question 20
Complete
Marked out of 1.00
Flag question
Question text
Some of the perceived barriers to the harmonisation process (for the harmonisation
of accounting standards globally) include:
Select one:
a. different cultures.
b. all of the given answers.
c. different business environments.
d. different legal systems.