享霸是底闪按菠嗓捣潮小砍跑
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起止时间:2020-02-21到2020-06-30
更新状态:已完结
Chapter1-introduction to accounting The context and purpose of financial reporting
1、 Which groups of people are most likely to be interested in the financial statements of a sole trader?1. Shareholders of the company2. The business’s bank manager3. The tax authorities4. Financial analysts
A:1 and 2 only
B:2 and 3 only
C:2, 3 and 4 only
D:1, 2 and 3 only
答案: 2 and 3 only
2、 Which of the following are advantages of trading as a limited liability company?1 Operating as a limited liability company makes raising finance easier because additional shares can be issued to raise additional cash.2 Operating as a limited liability company is more risky than operating as a sole trader because the shareholders of a business are liable for all the debts of the business whereas the sole trader is only liable for the debts up to the amount he has invested.
A:1 only
B:2 only
C:Both 1 and 2
D:Neither 1 or 2
答案: 1 only
3、 Which of the following are TRUE of partnerships?1 The partners’ individual exposure to debt is limited.2 Financial statements for the partnership by law must be produced and made public.3 A partnership is not a separate legal entity from the partners themselves.
A:1 and 2 only
B:2 only
C:3 only
D:1 and 3 only
答案: 3 only
Chapter3-the qualitative characteristics of financial information The qualitative characteristics of
1、 Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
A:The substance over form concept
B:The accruals concept
C:The going concern concept
D:The business entity concept
答案: The business entity concept
2、 Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received.Which accounting concept governs the above?
A:The substance over form concept
B:The materiality concept
C:The accruals concept
D:The duality concept
答案: The accruals concept
3、 According to the lASB’s Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful representation?1 It is neutral 2 It is relevant3 It is presented fairly4 It is free from material error
A:1 and 2
B:2 and 3
C:1 and 4
D:3 and 4
答案: 1 and 4
4、 Listed below are some comments on accounting concepts.1 In achieving a balance between concepts, the most important consideration is satisfying as far as possible the economic decision-making needs of users.2 Materiality means that only items having a physical existence may be recognised as assets.3 The substance over form convention means that the legal form of a transaction must always be shown in financial statements, even if this differs from the commercial effect.Which, if any, of these comments is correct, according to the lASB’s Conceptual Framework for Financial Reporting?
A:1 only
B:2 only
C:3 only
D:None of them
答案: 1 only
5、 Which, if any, of the following statements about accounting concepts and the characteristics of financial information are correct?1 The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.2 Information is not material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.3 It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
A:1 and 2 only
B:2 and 3 only
C:1 and 3 only
D:None of these statements are correct
答案: None of these statements are correct
6、 Which one of the following is not a qualitative characteristic of financial information according to the Conceptual Framework for Financial Reporting?
A:Faithful representation
B:Relevance
C:Timeliness
D:Accruals
答案: Accruals
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