TEST BANK
Contemporary Issues in Accounting
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, and Patricia Stanton
? ?
S
3rd Edition
S E
C C
U S
_ ?
A I
V U
ST
, TABLE OF CONTENTS
Contemporary Issues in Accounting (3rd Edition)
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, and Patricia Stanton
? ?
Chapter 1 Contemporary Issues in Accounting
S
Chapter 2 Standard Setting
S
Chapter 3 Measurement
Chapter 4
E
Theories in Accounting
Chapter 5 The Conceptual Framework for Financial Reporting
C
Chapter 6 Corporate Governance
C
Chapter 7 Technology in Accounting
Chapter 8
U
Capital Market Research and Accounting
S
Chapter 9 Earnings Management
Chapter 10 Sustainability and Corporate Social Responsibility
_
Chapter 11 International Accounting
?
Chapter 12 Fair Value Accounting
A
Chapter 13 Products of the Accounting System V I
TU
S
, ? Testbank
to accompany
? S
Contemporary issues in
S E
accounting
C C
3rd edition
U S
_
by
?
Rankin et al.
A I
V U
S T
© John Wiley & Sons Australia, Ltd 2022
, Chapter 1: Contemporary issues in accounting
Chapter 1: Contemporary issues in accounting
Multiple choice questions
1. Which of the following statements is true?
?
a. Accounting is a precise uncontested technical exercise like other 'hard' sciences.
?
*b. Financial accounting is principles based and the application of appropriate accounting and
reporting requires professional judgement.
S
c. Globalisation of business and recent corporate failures have motivated the move away from
international accounting standards.
S
d. The nature of accounting has changed, and technology has made the traditional debit and
credit rules obsolete.
E
General Feedback:
C
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
C
2. Which of the following statements best describes the changing role of the accountant?
U
a. Increased regulation means accountants' tasks are becoming more technical and procedural.
b. Recent accounting failures and the recent global financial crisis has led to a narrowing of the
S
role of accountants.
*c. Several external factors including rapid changes in economic activities, societal expectations
_
and developments in technology, are driving the change.
d. The digitisation and move towards non-traditional transactions like carbon pricing and digital
?
currencies, means there are fewer tasks for accountants.
A
General Feedback:
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
V I
3. Accounting theory can be described as:
U
a. being based only on observations.
*b. description, explanation or prediction of accounting practice based on observations and/or
T
logical reasoning.
c. a set of facts, specific in nature, against which accounting practice can be evaluated.
S
d. being irrelevant to the development of new practice and procedures.
General Feedback:
objective 1.2 Define 'theory'.
4. Which of the following statements is correct in relation to the purpose of theory?
© John Wiley and Sons Australia, Ltd 2022 1.2
Contemporary Issues in Accounting
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, and Patricia Stanton
? ?
S
3rd Edition
S E
C C
U S
_ ?
A I
V U
ST
, TABLE OF CONTENTS
Contemporary Issues in Accounting (3rd Edition)
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, and Patricia Stanton
? ?
Chapter 1 Contemporary Issues in Accounting
S
Chapter 2 Standard Setting
S
Chapter 3 Measurement
Chapter 4
E
Theories in Accounting
Chapter 5 The Conceptual Framework for Financial Reporting
C
Chapter 6 Corporate Governance
C
Chapter 7 Technology in Accounting
Chapter 8
U
Capital Market Research and Accounting
S
Chapter 9 Earnings Management
Chapter 10 Sustainability and Corporate Social Responsibility
_
Chapter 11 International Accounting
?
Chapter 12 Fair Value Accounting
A
Chapter 13 Products of the Accounting System V I
TU
S
, ? Testbank
to accompany
? S
Contemporary issues in
S E
accounting
C C
3rd edition
U S
_
by
?
Rankin et al.
A I
V U
S T
© John Wiley & Sons Australia, Ltd 2022
, Chapter 1: Contemporary issues in accounting
Chapter 1: Contemporary issues in accounting
Multiple choice questions
1. Which of the following statements is true?
?
a. Accounting is a precise uncontested technical exercise like other 'hard' sciences.
?
*b. Financial accounting is principles based and the application of appropriate accounting and
reporting requires professional judgement.
S
c. Globalisation of business and recent corporate failures have motivated the move away from
international accounting standards.
S
d. The nature of accounting has changed, and technology has made the traditional debit and
credit rules obsolete.
E
General Feedback:
C
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
C
2. Which of the following statements best describes the changing role of the accountant?
U
a. Increased regulation means accountants' tasks are becoming more technical and procedural.
b. Recent accounting failures and the recent global financial crisis has led to a narrowing of the
S
role of accountants.
*c. Several external factors including rapid changes in economic activities, societal expectations
_
and developments in technology, are driving the change.
d. The digitisation and move towards non-traditional transactions like carbon pricing and digital
?
currencies, means there are fewer tasks for accountants.
A
General Feedback:
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
V I
3. Accounting theory can be described as:
U
a. being based only on observations.
*b. description, explanation or prediction of accounting practice based on observations and/or
T
logical reasoning.
c. a set of facts, specific in nature, against which accounting practice can be evaluated.
S
d. being irrelevant to the development of new practice and procedures.
General Feedback:
objective 1.2 Define 'theory'.
4. Which of the following statements is correct in relation to the purpose of theory?
© John Wiley and Sons Australia, Ltd 2022 1.2
