Balance Sheet and Accounting Standards
ANSWER SHEET
STUDENT’S SURNAME...........................................
OTHER NAMES.......……….........................................
STUDENT NUMBER....………..................................
TUTORIAL DAY & TIME........………...................
TUTOR’S FULL NAME.........................................
Test 1 – Version 2
Session 2, 2012
Course Code:
ACCG 224
Course Name:
INTERMEDIATE FINANCIAL ACCOUNTING
Time allowed:
55 minutes plus 5 minutes reading time
Total No. of questions: Three Questions
Instructions
1. You must answer ALL questions in the test booklet. No separate booklet will be provided to answer the questions.
2. This is a closed-book test. You are not allowed to refer to any text material for the test. 3. Show all workings. Handwriting must be legible.
4. Non-programmable and non-text retrieval calculators may be used, but dictionaries are not to be used.
Question No.
Marks
1
/15
2
/15
3
/10
Total
/40
Question 1 – Multiple Choice (15 marks)
(Please circle the correct answer)
1. The main functions of the Financial Reporting Council include:
I.
II.
III.
IV.
V.
a.
b.*
c.
d.
overseeing the process for the setting of accounting standards of the AASB. determining the AASB’s broad strategic direction. monitoring and reviewing the level of funding for the AASB. directing the AASB in relation to the development or making of a particular standard. the power to veto a standard recommended by the AASB.
I, II, III and V only
I, II, and III only
I, II, IV and V only
II, III, IV and V only
2. The role of the Australian Securities and Investments Commission is to:
I.
II.
III.
IV.
a.
b.
c.*
d.
3.
I, II, III and IV
I, III and IV only
I, II and IV only
II, and III only
Regulatory capture is said to occur in which of the following situations?
a.
b.
c.
d.*
4.
Enforce and administer the Corporations Act.
Inform the public about Australian companies,
STUDENT’S SURNAME...........................................
OTHER NAMES.......……….........................................
STUDENT NUMBER....………..................................
TUTORIAL DAY & TIME........………...................
TUTOR’S FULL NAME.........................................
Test 1 – Version 2
Session 2, 2012
Course Code:
ACCG 224
Course Name:
INTERMEDIATE FINANCIAL ACCOUNTING
Time allowed:
55 minutes plus 5 minutes reading time
Total No. of questions: Three Questions
Instructions
1. You must answer ALL questions in the test booklet. No separate booklet will be provided to answer the questions.
2. This is a closed-book test. You are not allowed to refer to any text material for the test. 3. Show all workings. Handwriting must be legible.
4. Non-programmable and non-text retrieval calculators may be used, but dictionaries are not to be used.
Question No.
Marks
1
/15
2
/15
3
/10
Total
/40
Question 1 – Multiple Choice (15 marks)
(Please circle the correct answer)
1. The main functions of the Financial Reporting Council include:
I.
II.
III.
IV.
V.
a.
b.*
c.
d.
overseeing the process for the setting of accounting standards of the AASB. determining the AASB’s broad strategic direction. monitoring and reviewing the level of funding for the AASB. directing the AASB in relation to the development or making of a particular standard. the power to veto a standard recommended by the AASB.
I, II, III and V only
I, II, and III only
I, II, IV and V only
II, III, IV and V only
2. The role of the Australian Securities and Investments Commission is to:
I.
II.
III.
IV.
a.
b.
c.*
d.
3.
I, II, III and IV
I, III and IV only
I, II and IV only
II, and III only
Regulatory capture is said to occur in which of the following situations?
a.
b.
c.
d.*
4.
Enforce and administer the Corporations Act.
Inform the public about Australian companies,