Chapter 01 - Multiple choice quiz

Which change has not affected the role of the accountant?

The job of the modern accountant is a challenging one. The most critical requirement is:

Which of these is not an economic decision?

Economic decisions usually involve a flow of money. Which, if any, of the following is not an economic decision?

Accounting is a profession that has evolved in response to society's need for economic information to help people make:

The economic events which constitute the inputs into the accounting system are known as:

The recording stage of the accounting process involves:

Which of the four stages of the accounting process is considered to require the most extensive training, experience and judgement?

Who, if any, of the following is not an external decision-maker?

External decision-makers:

Which decision would be made by external as opposed to internal decision-makers?

'General purpose' in the term general-purpose financial reports refers to the fact that the reports are:

How many of the following decisions would be made by external as opposed to internal decision-makers? Investing funds in the business, assessing an application for a loan, expanding the product range, hiring staff.

The two broad branches into which accounting is divided are:

The area of accounting concerned with providing information within an organisation is known as:

Which of these is not a characteristic of financial accounting?

One of the two major professional accounting bodies in Australia is:

One of the two major professional accounting bodies in Australia is the:

In the accounting profession the initials CPA stand for:

The initials ICAA stand for:

The address of the website of CPA Australia, is:

The address of the website of the Institute of Chartered Accountants in Australia is:

Which of these is not a requirement for full membership of either of the two major Australian professional accounting bodies?

Accounting work involving the independent examination and verification of financial reports is known as:

The area of accounting concerned with the management of resources for federal state and local government is known as:

The area of accounting that deals with the preparation of plans and forecasts of future operations is called:

Traditional audit services are declining and the role of the auditor is becoming one of providing 'assurance services', i.e. services which improve the quality of information for decision making. Which of the following, if any, is not an example of assurance services?

To improve corporate governance and to ensure greater independence and monitoring of the audit process, companies are encouraged to set up:

The area of accounting that deals with the collection, allocation and control of costs is called:

To supplement the work of external auditors many larger organisations maintain an ___________________________ department to conduct ongoing reviews of accounting policies and procedures.

The distinguishing feature of accounting for not-for-profit organisations is the absence of:

Behaviour which conforms to established professional standards is said to be:

How many of these factors would make it more difficult to choose the 'right' or ethical course of action? Peer pressure, deadlines, personal financial problems, training in dealing with ethical issues.