Testbank
to accompany
#rf
Accounting: business #rf
reporting for decision
#rf #rf #rf
making #rf
7th edition #rf
by
#rf Birt et al. #rf #rf
Not for distribution.
#rf #rf # r f Instructors may assign selected questions in their
#rf #rf #rf #rf #rf #rf
LMS. #rf
© John Wiley & Sons Australia, Ltd 2020
#rf #rf #rf #rf #rf #rf #rf
SCHOLARVAULT
,Chapter 2: Accounting in society
#rf #rf #rf #rf
Learning objectives
#rf
1. Identify #rfthe #rfsources #rfof #rfcompany #rfregulation #rfin
#rfAustralia #rfQ1, #rfQ2, #rfQ3, #rfQ4, #rfQ5, #rfQ49
2. Explain #rfthe #rfcurrent #rfstandard-setting #rfframework #rfand #rfthe #rfrole #rfof #rfthe
#rfprofessional #rfaccounting #rfassociations #rfin #rfthe #rfstandard-setting #rfprocess
Q6, #rfQ7, #rfQ8, #rfQ9, #rfQ10, #rfQ50, #rfQ51
3. Evaluate #rfthe #rfrole #rfof #rfthe #rfConceptual #rfFramework #rfand #rfillustrate #rfthe
#rfqualitative #rfcharacteristics #rfof #rffinancial #rfstatements
Q11, #rfQ12, #rfQ13, #rfQ14, #rfQ15, #rfQ16, #rfQ17, #rfQ18, #rfQ19, #rfQ20, #rfQ21, #rfQ22, #rfQ23, #rfQ52,
#rfQ53, #rfQ54, #rfQ55
4. Explain #rfthe #rfconcept #rfof #rfcorporate
#rfgovernance #rfQ24, #rfQ25, #rfQ56, #rfQ57
5. Outline #rfcorporate #rfgovernance #rfguidelines #rfand
#rfpractices #rfQ26, #rfQ27, #rfQ28, #rfQ58, #rfQ59
6. Outline #rfthe #rfrole #rfof #rfethics #rfin #rfbusiness #rfand #rfcompare #rfethical #rfphilosophies
#rfrelevant #rfto #rfbusiness #rfdecision #rfmaking
Q29, #rfQ30, #rfQ31, #rfQ32, #rfQ33, #rfQ34, #rfQ35, #rfQ36, #rfQ37, #rfQ38, #rfQ60
7. Explain #rfthe #rfuse #rfof #rfcodes #rfof #rfethical #rfconduct #rfand #rfapply #rfethical
#rfdecision-making #rfmethods #rfto #rfbusiness #rfsituations
Q39, #rfQ40, #rfQ41, #rfQ42, #rfQ43, #rfQ44, #rfQ61, #rfQ62, #rfQ63
8. Give #rfexamples #rfof #rfthe #rflimitations #rfof #rfaccounting
#rfinformation #rfQ45, #rfQ46, #rfQ47, #rfQ48, #rfQ64, #rfQ65
SCHOLARVAULT
, Multiple-choice questions
1. Primarily, which body enforces the Corporations Act 2001?
a. Australian Accounting Standards Board
*b. Australian Securities and Investments Commission
c. Financial Reporting Council
d. Australian Securities Exchange
Correct answer: b
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
2. Which body issues legally enforceable accounting standards that apply to Australian
companies?
a. Australian Securities and Investments Commission
b. Financial Reporting Council
*c Australian Accounting Standards Board
d. Australian Professional Accounting bodies
Correct answer: c
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
3. The Australian Securities and Investments Commission has many roles. Which of the
below is not one of ASIC’s roles?
a. To promote confident and informed participation in the financial system by
investors and consumers.
*b. To ensure financial institutions honour their commitments.
c. To uphold the law uniformly, effectively and quickly.
d. None of the above; all the listed options are roles of ASIC.
Correct answer: b
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
4. What is the acronym for the regulatory body that oversees the operations of financial
institutions such as banks and building societies in Australia?
a. ASX
b. ATO
*c. APRA
d. ASIC
Correct answer: c
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
SCHOLARVAULT
to accompany
#rf
Accounting: business #rf
reporting for decision
#rf #rf #rf
making #rf
7th edition #rf
by
#rf Birt et al. #rf #rf
Not for distribution.
#rf #rf # r f Instructors may assign selected questions in their
#rf #rf #rf #rf #rf #rf
LMS. #rf
© John Wiley & Sons Australia, Ltd 2020
#rf #rf #rf #rf #rf #rf #rf
SCHOLARVAULT
,Chapter 2: Accounting in society
#rf #rf #rf #rf
Learning objectives
#rf
1. Identify #rfthe #rfsources #rfof #rfcompany #rfregulation #rfin
#rfAustralia #rfQ1, #rfQ2, #rfQ3, #rfQ4, #rfQ5, #rfQ49
2. Explain #rfthe #rfcurrent #rfstandard-setting #rfframework #rfand #rfthe #rfrole #rfof #rfthe
#rfprofessional #rfaccounting #rfassociations #rfin #rfthe #rfstandard-setting #rfprocess
Q6, #rfQ7, #rfQ8, #rfQ9, #rfQ10, #rfQ50, #rfQ51
3. Evaluate #rfthe #rfrole #rfof #rfthe #rfConceptual #rfFramework #rfand #rfillustrate #rfthe
#rfqualitative #rfcharacteristics #rfof #rffinancial #rfstatements
Q11, #rfQ12, #rfQ13, #rfQ14, #rfQ15, #rfQ16, #rfQ17, #rfQ18, #rfQ19, #rfQ20, #rfQ21, #rfQ22, #rfQ23, #rfQ52,
#rfQ53, #rfQ54, #rfQ55
4. Explain #rfthe #rfconcept #rfof #rfcorporate
#rfgovernance #rfQ24, #rfQ25, #rfQ56, #rfQ57
5. Outline #rfcorporate #rfgovernance #rfguidelines #rfand
#rfpractices #rfQ26, #rfQ27, #rfQ28, #rfQ58, #rfQ59
6. Outline #rfthe #rfrole #rfof #rfethics #rfin #rfbusiness #rfand #rfcompare #rfethical #rfphilosophies
#rfrelevant #rfto #rfbusiness #rfdecision #rfmaking
Q29, #rfQ30, #rfQ31, #rfQ32, #rfQ33, #rfQ34, #rfQ35, #rfQ36, #rfQ37, #rfQ38, #rfQ60
7. Explain #rfthe #rfuse #rfof #rfcodes #rfof #rfethical #rfconduct #rfand #rfapply #rfethical
#rfdecision-making #rfmethods #rfto #rfbusiness #rfsituations
Q39, #rfQ40, #rfQ41, #rfQ42, #rfQ43, #rfQ44, #rfQ61, #rfQ62, #rfQ63
8. Give #rfexamples #rfof #rfthe #rflimitations #rfof #rfaccounting
#rfinformation #rfQ45, #rfQ46, #rfQ47, #rfQ48, #rfQ64, #rfQ65
SCHOLARVAULT
, Multiple-choice questions
1. Primarily, which body enforces the Corporations Act 2001?
a. Australian Accounting Standards Board
*b. Australian Securities and Investments Commission
c. Financial Reporting Council
d. Australian Securities Exchange
Correct answer: b
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
2. Which body issues legally enforceable accounting standards that apply to Australian
companies?
a. Australian Securities and Investments Commission
b. Financial Reporting Council
*c Australian Accounting Standards Board
d. Australian Professional Accounting bodies
Correct answer: c
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
3. The Australian Securities and Investments Commission has many roles. Which of the
below is not one of ASIC’s roles?
a. To promote confident and informed participation in the financial system by
investors and consumers.
*b. To ensure financial institutions honour their commitments.
c. To uphold the law uniformly, effectively and quickly.
d. None of the above; all the listed options are roles of ASIC.
Correct answer: b
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
4. What is the acronym for the regulatory body that oversees the operations of financial
institutions such as banks and building societies in Australia?
a. ASX
b. ATO
*c. APRA
d. ASIC
Correct answer: c
Learning objective 2.1 ~ Identify the sources of company regulation in Australia
SCHOLARVAULT
