Question 1
Which of the following is not a business transaction?
incurring interest on a business loan
purchasing office supplies
receiving fees for services
hiring a new employee
1 points
Question 2
The information that would be of most interest to an organisation's production manager is:
ability to pay off debts as they fall due
continuity of orders for the factory.
annual dividends.
taxable income.
1 points
Question 3
Management accounting reports are prepared:
based on GAAP and IASB accounting standards
to provide information for a wide range of stakeholders
to provide up to date information to managers for decision making
based only on historical figures
1 points
Question 4
The number of countries in which financial reports are prepared using global accounting standards is:
60
80
100
more than 120
1 points
Question 5
The ACCC is responsible for administering the
the Corporations Act 2001
the Trade Practices Act 1974
the Australian Securities and Investments Commission Act 2001
the ASX Market and Listing rules
1 points
Question 6
The ICAA and CPA Australia
are responsible for developing company regulations.
are involved in the enforcement of company regulations through the regulation of their members.
play no role in setting company regulation and have nothing to do with enforcing company regulation.
have nothing to do with setting company regulations but have a role in enforcing the regulations.
1 points
Question 7
Providing accounting reports to external users costs large organisations:
nothing, as all charges are reimbursed by the government.
very little, as the reports are quite simple to produce.
varying amounts depending on the year in question.
a significant amount.
1 points
Question 8
Resources controlled by the entity as a result of past transactions or events and from which future economic benefits are expected to flow to the entity, is the definition of:
equity
assets.
liabilities.
income.
1 points
Question 9
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:
two weeks.
one month.
three months.
two months.
1 points
Question 10
Firms of accountants who work for many different clients are known as:
financial accountants
private accountants
public accountants
company accountants
1 points
Question 11
Which of the following is not a type of business structure?
accounting entity
sole trader.
partnership
trust
1 points
Question 12
A disadvantage of operating as a sole trader is:
being unincorporated
having a business that is inexpensive to start up and wind down
having very little government regulation
having total control of business decisions
1 points
Question 13
A partnership has which of these sets of characteristics?
Simple to set up but substantial government regulation.
Harder to raise funds and gives the owner full control.
Easier to transfer ownership and raise funds, and no personal liability.
Shared control, increased skills and resources.
1 points
Question 14
Compared to the sole trader, the advantage of the partnership form of business is:
mutual agency
limited life
easy to set up
greater access to skills and resources
1 points
Question 15
A company has which of these sets of characteristics?
Easier to transfer ownership and raise funds, and limited liability
Shared control, tax advantages for family members, limited life
Simple to set up and control will always remain with the founder
Harder to raise funds and gives the owner full control
1 points
Question 16
Private companies in Australia must have
at least one shareholder
at least two shareholders
at least three shareholders
more than fifty shareholders
1 points
Question 17
An advantage of the company form of business is that:
It has a limited life.
It is simple to establish.
Its ownership is transferable through the sale of shares.
Its owner's personal resources are at stake.
1 points
Question 18
The form of business structure most likely to be used where assets are held for the benefit of other parties is:
a sole trader
a partnership
a company
a trust
1 points
Question 19
An advantage of a trust is
a simple legal structure.
ease of set up and administration.
unlimited liability
tax minimisation.
1 points
Question 20
Resources owned by a business are referred to as:
liabilities.
assets.
income.
equity.
Which of the following is not a business transaction?
incurring interest on a business loan
purchasing office supplies
receiving fees for services
hiring a new employee
1 points
Question 2
The information that would be of most interest to an organisation's production manager is:
ability to pay off debts as they fall due
continuity of orders for the factory.
annual dividends.
taxable income.
1 points
Question 3
Management accounting reports are prepared:
based on GAAP and IASB accounting standards
to provide information for a wide range of stakeholders
to provide up to date information to managers for decision making
based only on historical figures
1 points
Question 4
The number of countries in which financial reports are prepared using global accounting standards is:
60
80
100
more than 120
1 points
Question 5
The ACCC is responsible for administering the
the Corporations Act 2001
the Trade Practices Act 1974
the Australian Securities and Investments Commission Act 2001
the ASX Market and Listing rules
1 points
Question 6
The ICAA and CPA Australia
are responsible for developing company regulations.
are involved in the enforcement of company regulations through the regulation of their members.
play no role in setting company regulation and have nothing to do with enforcing company regulation.
have nothing to do with setting company regulations but have a role in enforcing the regulations.
1 points
Question 7
Providing accounting reports to external users costs large organisations:
nothing, as all charges are reimbursed by the government.
very little, as the reports are quite simple to produce.
varying amounts depending on the year in question.
a significant amount.
1 points
Question 8
Resources controlled by the entity as a result of past transactions or events and from which future economic benefits are expected to flow to the entity, is the definition of:
equity
assets.
liabilities.
income.
1 points
Question 9
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:
two weeks.
one month.
three months.
two months.
1 points
Question 10
Firms of accountants who work for many different clients are known as:
financial accountants
private accountants
public accountants
company accountants
1 points
Question 11
Which of the following is not a type of business structure?
accounting entity
sole trader.
partnership
trust
1 points
Question 12
A disadvantage of operating as a sole trader is:
being unincorporated
having a business that is inexpensive to start up and wind down
having very little government regulation
having total control of business decisions
1 points
Question 13
A partnership has which of these sets of characteristics?
Simple to set up but substantial government regulation.
Harder to raise funds and gives the owner full control.
Easier to transfer ownership and raise funds, and no personal liability.
Shared control, increased skills and resources.
1 points
Question 14
Compared to the sole trader, the advantage of the partnership form of business is:
mutual agency
limited life
easy to set up
greater access to skills and resources
1 points
Question 15
A company has which of these sets of characteristics?
Easier to transfer ownership and raise funds, and limited liability
Shared control, tax advantages for family members, limited life
Simple to set up and control will always remain with the founder
Harder to raise funds and gives the owner full control
1 points
Question 16
Private companies in Australia must have
at least one shareholder
at least two shareholders
at least three shareholders
more than fifty shareholders
1 points
Question 17
An advantage of the company form of business is that:
It has a limited life.
It is simple to establish.
Its ownership is transferable through the sale of shares.
Its owner's personal resources are at stake.
1 points
Question 18
The form of business structure most likely to be used where assets are held for the benefit of other parties is:
a sole trader
a partnership
a company
a trust
1 points
Question 19
An advantage of a trust is
a simple legal structure.
ease of set up and administration.
unlimited liability
tax minimisation.
1 points
Question 20
Resources owned by a business are referred to as:
liabilities.
assets.
income.
equity.
