Student+Revision+Quiz+1SOLUTIONSFEEDBACK.doc - Student...

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Student Revision Quiz 1.1 (See related pages) Results Reporter Out of 16 questions, you answered 16 correctly with a final grade of 100% 16 correct (100%) 0 incorrect (0%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 CORRECT Which of the following is a characteristic of financial accounting? A) Minimal regulation B) External decision making C) Specific purpose D) All of the above Feedback: p.5: Management accounting focuses on internal users, is therefore specific purpose in nature and is largely unregulated. Financial accounting focuses on external users, is general purpose in nature and is highly regulated. 2 CORRECT Which of the following parties would not be considered to be a user of general purpose external financial reports? A) Employees B) Potential investors C) Managers D) Customers Feedback: p.5: Managers are in a position to demand special purpose reports. Other users are not normally able to demand special purpose reports, but require financial and other information to make decisions (continuing to work for the organisation, wage claims, investment in the business, continued patronage of the business). 3 CORRECT There are four principal bodies involved in formulating and/or enforcing accounting regulations within Australia. Which one of the following is not one of these bodies? A) Australian Securities and Investments Commission (ASIC) B) Financial Reporting Council (FRC) C) Australian Stock Exchange (ASX) D) Australian Taxation Office (ATO)
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Feedback: p.6: The ATO is not concerned with accounting regulations but, rather, with supporting and enforcing regulations related to taxable income. The tax rules may or may not parallel accounting requirements.The other three bodies have differing roles in relation to regulations and enforcement:-ASIC is responsible for corporate entities and requires adherence to AASB Accounting Standards.-The UIG issues advice in relation to topical issues not covered in the accounting standards.-The ASX focuses on the timely and efficient dissemination of financial (and other) information. 4 CORRECT Which of the following bodies had its role in formulating and/or enforcing accounting regulations in Australia significantly reduced from the start of 2000? A) Australian Securities and Investments Commission B) Australian Accounting Research Foundation C) Australian Accounting Standards Board D) Australian Stock Exchange Feedback: p.6: Prior to 2000, AARF was responsible for developing accounting standards for the non-corporate sector through the Public Sector Accounting Standards Board (PSASB). Additionally, it assisted the Australian Accounting Standards Board (AASB) to develop standards that applied to entities governed by the Corporations Act. The PSASB was disbanded at the beginning of 2000, and all responsibilities for developing accounting standards are now in the hands of the AASB.
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  • One '14
  • Financial Reporting, International Financial Reporting Standards, Australian Accounting Standards Board

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