ACCY121 Exam Questions With Complete Solutions
Which one of the following is not a characteristic of 'content'
related to GRI's Reporting Principles?
a.Stakeholder inclusiveness
b.Clarity
c.Completeness
d.Sustainability context
Clarity
Which of the following reports would not be prepared for
financial accounting purposes?
Statement of management performance
Which of the following indicators is not included in GRI's
Specific Standard Disclosures?
Governance
Most businesses are classified as SMEs (small to medium sized
enterprises). A small business is a business entity with:
annual revenue between $2 million and $10 million.
Which of these would not be considered an internal user of
accounting information?
a.The chairman of CPA Australia
b.The human resources manager
, c.The chief financial officer
d.The purchasing officer
The chairman of CPA Australia
Accounting
•is the process of identifying, measuring and communicating
economic information about an entity to a variety of users for
decision making purposes.
•Business transactions:
-are the external exchange of something of value between 2 or
more entities
-affect assets, liabilities and equity
- can be reliably measured and recorded
External users
•parties outside the entity who use information to make
decisions about the entity. Stakeholders can include:
-shareholders (both current and prospective)
-customers
-suppliers and banks
-employees
- government authorities (e.g. ATO and ASIC).
•Financial accounting:
-preparation and presentation of financial statements
-allow users to make economic decisions about the entity.
•Financial statements:
Which one of the following is not a characteristic of 'content'
related to GRI's Reporting Principles?
a.Stakeholder inclusiveness
b.Clarity
c.Completeness
d.Sustainability context
Clarity
Which of the following reports would not be prepared for
financial accounting purposes?
Statement of management performance
Which of the following indicators is not included in GRI's
Specific Standard Disclosures?
Governance
Most businesses are classified as SMEs (small to medium sized
enterprises). A small business is a business entity with:
annual revenue between $2 million and $10 million.
Which of these would not be considered an internal user of
accounting information?
a.The chairman of CPA Australia
b.The human resources manager
, c.The chief financial officer
d.The purchasing officer
The chairman of CPA Australia
Accounting
•is the process of identifying, measuring and communicating
economic information about an entity to a variety of users for
decision making purposes.
•Business transactions:
-are the external exchange of something of value between 2 or
more entities
-affect assets, liabilities and equity
- can be reliably measured and recorded
External users
•parties outside the entity who use information to make
decisions about the entity. Stakeholders can include:
-shareholders (both current and prospective)
-customers
-suppliers and banks
-employees
- government authorities (e.g. ATO and ASIC).
•Financial accounting:
-preparation and presentation of financial statements
-allow users to make economic decisions about the entity.
•Financial statements:
