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Intro To Financial Accounting Exam 1

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Accounting consists of three basic activities -(correct answer)Identifies, records, communicates Who uses Accounting Data -(correct answer)External Users: Creditors and Investors Recent Financial Scandals -(correct answer)Enron, WorldCom, HealthSouth, AIG Sarbanes-Oxley Act of (SOX). -(correct answer)Added new criminal charges for accounting scandals Financial Statements -(correct answer)Balance Sheet Income Statement Statement of Stock Holder's Equity Statement of Cash Flows Note Disclosure Generally Accepted Accounting Principles (GAAP) -(correct answer)Standards generally accepted and universally practiced Standard Setting Bodies -(correct answer)Financial Accounting Standards Board (FASB) (SEC) International Accounting Standards Board (IASB) Historical Cost Principle -(correct answer)dictates that companies record assets at their cost. Fair Value Principle -(correct answer)states that assets and liabilities should be reported at a fair value Monetary Unit Assumption -(correct answer)companies include in accounting records only transaction data expressed in money. Economic Entity Assumption -(correct answer)Requires that activities of the entity be kept separate and distinct from activities of the owner Combining activities of Kellogg and General Mills would violate? -(correct answer)Economic Entity Assumption Corporation -(correct answer)Ownership divided into shares of stock Accounting

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CPR3701
True -correct answer_The Constitutional Court has final jurisdiction in respect of all matters.
True -correct answer_There are exceptions to the rule that South African courts may only
exercise jurisdiction in respect of offences which occurred on South African territory only False
-correct answer_South Africa follows a system of compulsory prosecution. False -correct
answer_A prosecutor may stop a prosecution without the permission of the DPP. False
-correct answer_An indictment is a document which is used to bring an accused before court in
both lower and high courts. False -correct answer_The taking of fingerprints essentially
violates the accused's right to remain silent. True -correct answer_The function of further
particulars is to define issues and not to enlarge them. True -correct answer_One of the salient
features of traditional plea bargaining is where an accused pleads guilty in exchange for
charges being withdrawn against a co-accused. False -correct answer_The phrase 'course of
the criminal trial' refers to the procedures which must be followed during the pre-trial stage.
False -correct answer_The principle of 'equality of arms' essentially implies that an
unrepresented accused must, during the proceedings enjoy better opportunities than a
well-resourced prosecution. True -correct answer_Open justice can be equated with the
concept that justice must be "seen to be done". False -correct answer_Open justice is
protected by the right to a fair trial and is an absolute right. False -correct answer_The court
cannot exclude any member of the public from the trial of an adult accused. True -correct
answer_In cases where a witness for the state is about to abscond, the prosecutor may apply
for a warrant of arrest and have the said witness detained pending the trial. True -correct
answer_Co-accused are ordered numerically True -correct answer_The prosecution decides
the numerical order of co-accused at a trial. True -correct answer_The court can of its own
accord raise the issue of separation. True -correct answer_The principle of legality is
constitutionally entrenched. True -correct answer_The principle of equality of arms is founded
on equal opportunities being available to both the state and the defence to prove their
respective cases. True -correct answer_The merits of a case are the cardinal point of the
court's considerations when determining whether to convict or acquit. True -correct
answer_Where required, the entire judgment of the court must be translated into a language
that the accused understands. False -correct answer_In cases where the charge pertains to
multiple acts or omissions, the court must deliver judgment separately on each individual
charge. True -correct answer_Some sentences do not constitute punishments. True -correct
answer_In Rabie 1975 (4) SA 855 (A) 862G, the court summarised the general principles of
sentencing. False -correct answer_Imprisonment, committal to a treatment centre, a fine and
correctional supervision are the only sentences that can be imposed by a court. True -correct
answer_Periodical imprisonment is a form of short-term imprisonment and is also informally
known as "weekend imprisonment". True -correct answer_The Constitution secures a general
right of review. True -correct answer_Fairness no longer entails enquiring whether there was a
failure of justice, but whether the trial was fair True -correct answer_Review is more

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