Contemporary Issues in
Accounting 3rd Edition
ST
TEST BANK
UV
IA
_A
Rankin
PP
RO
Comprehensive Test Bank for Instructors
and Students
VE
© Rankin. All rights reserved. Reproduction or distribution without permission is prohibited.
D?
?
©MEDGEEK
, TABLE OF CONTENTS
Test Bank – Contemporary Issues in Accounting, 3rd Edition (ISBN 9780730397823)
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, Patricia Stanton
ST
Chapter 1. Contemporary Issues in Accounting
Chapter 2. Standard Setting
Chapter 3. Measurement
UV
Chapter 4. Theories in Accounting
Chapter 5. The Conceptual Framework for Financial Reporting
Chapter 6. Corporate Governance
Chapter 7. Technology in Accounting
Chapter 8. Capital Market Research and Accounting
IA
Chapter 9. Earnings Management
Chapter 10. Sustainability and Corporate Social Responsibility
Chapter 11. International Accounting
_A
Chapter 12. Fair Value Accounting
Chapter 13. Products of the Accounting System
PP
RO
VE
D?
?
©MEDGEEK
, Testbank
ST
to accompany
UV
Contemporary issues in
accounting
IA
_A
3rd edition
PP
by
Rankin et al.
RO
VE
D?
?
© John Wiley & Sons Australia, Ltd 2022
, Chapter 1: Contemporary issues in accounting
Chapter 1: Contemporary issues in accounting
Multiple choice questions
ST
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.
UV
c. Globalisation of business and recent corporate failures have motivated the move away from
international accounting standards.
d. The nature of accounting has changed, and technology has made the traditional debit and
credit rules obsolete.
General Feedback:
IA
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
2. Which of the following statements best describes the changing role of the accountant?
_A
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
role of accountants.
*c. Several external factors including rapid changes in economic activities, societal expectations
PP
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.
General Feedback:
RO
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
3. Accounting theory can be described as:
VE
a. being based only on observations.
*b. description, explanation or prediction of accounting practice based on observations and/or
logical reasoning.
c. a set of facts, specific in nature, against which accounting practice can be evaluated.
d. being irrelevant to the development of new practice and procedures.
D?
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
Accounting 3rd Edition
ST
TEST BANK
UV
IA
_A
Rankin
PP
RO
Comprehensive Test Bank for Instructors
and Students
VE
© Rankin. All rights reserved. Reproduction or distribution without permission is prohibited.
D?
?
©MEDGEEK
, TABLE OF CONTENTS
Test Bank – Contemporary Issues in Accounting, 3rd Edition (ISBN 9780730397823)
Michaela Rankin, Kimberly Ferlauto, Susan McGowan, Patricia Stanton
ST
Chapter 1. Contemporary Issues in Accounting
Chapter 2. Standard Setting
Chapter 3. Measurement
UV
Chapter 4. Theories in Accounting
Chapter 5. The Conceptual Framework for Financial Reporting
Chapter 6. Corporate Governance
Chapter 7. Technology in Accounting
Chapter 8. Capital Market Research and Accounting
IA
Chapter 9. Earnings Management
Chapter 10. Sustainability and Corporate Social Responsibility
Chapter 11. International Accounting
_A
Chapter 12. Fair Value Accounting
Chapter 13. Products of the Accounting System
PP
RO
VE
D?
?
©MEDGEEK
, Testbank
ST
to accompany
UV
Contemporary issues in
accounting
IA
_A
3rd edition
PP
by
Rankin et al.
RO
VE
D?
?
© John Wiley & Sons Australia, Ltd 2022
, Chapter 1: Contemporary issues in accounting
Chapter 1: Contemporary issues in accounting
Multiple choice questions
ST
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.
UV
c. Globalisation of business and recent corporate failures have motivated the move away from
international accounting standards.
d. The nature of accounting has changed, and technology has made the traditional debit and
credit rules obsolete.
General Feedback:
IA
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
2. Which of the following statements best describes the changing role of the accountant?
_A
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
role of accountants.
*c. Several external factors including rapid changes in economic activities, societal expectations
PP
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.
General Feedback:
RO
Learning objective 1.1 Evaluate the nature of accounting and the changing role of accountants.
3. Accounting theory can be described as:
VE
a. being based only on observations.
*b. description, explanation or prediction of accounting practice based on observations and/or
logical reasoning.
c. a set of facts, specific in nature, against which accounting practice can be evaluated.
d. being irrelevant to the development of new practice and procedures.
D?
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
