THE ACCOUNTING FRAMEWORK
Student Number: __________________________
Pages: 12
Questions- Section A: 6
Section B: 15
UNIVERSITY OF TASMANIA
EXAMINATIONS FOR DEGREES AND DIPLOMAS
October- November 2008
BFA707 THE ACCOUNTING FRAMEWORK
Examiner: Mrs Debbie Wills
Time Allowed: THREE (3) hours
Instructions:
This examination paper is to be marked out of 100. It has two sections.
Write your student number clearly at the top of this examination paper.
Hand in the examination paper. Do not remove any part of the examination paper from the examination room.
Section A:
• There are six (6) questions in this section. You must answer ALL questions.
• Start each answer on a new page.
• You may use a calculator. No other materials may be taken into the examination room.
• Calculations are considered to be part of your answers and must be written down clearly.
Section B:
• This section contains FIFTEEN (15) multiple-choice questions worth a total of 10 marks.
• All questions are worth equal marks.
• Select the BEST answer in each case by circling the appropriate letter on the fold out answer sheet attached at the end of this paper.
• You will not be penalised for an incorrect answer.
• Write your student number on the answer sheet where indicated and place the complete examination paper inside your examination answer booklet BEFORE leaving the examination room.
____________________________________________________________
BFA707 – The Accounting Framework
SECTION A
There are six (6) questions in this section. You must answer ALL questions.
Question 1
Answer the following questions: a Why would you choose just one point to recognise revenue even though the process of earning that revenue may take a long time? What is the most common point chosen for recognition of revenue? Why would you choose this particular point?
b.
What are the two essential characteristics of a liability? What are the two recognition criteria for a liability?
[Total marks
Pages: 12
Questions- Section A: 6
Section B: 15
UNIVERSITY OF TASMANIA
EXAMINATIONS FOR DEGREES AND DIPLOMAS
October- November 2008
BFA707 THE ACCOUNTING FRAMEWORK
Examiner: Mrs Debbie Wills
Time Allowed: THREE (3) hours
Instructions:
This examination paper is to be marked out of 100. It has two sections.
Write your student number clearly at the top of this examination paper.
Hand in the examination paper. Do not remove any part of the examination paper from the examination room.
Section A:
• There are six (6) questions in this section. You must answer ALL questions.
• Start each answer on a new page.
• You may use a calculator. No other materials may be taken into the examination room.
• Calculations are considered to be part of your answers and must be written down clearly.
Section B:
• This section contains FIFTEEN (15) multiple-choice questions worth a total of 10 marks.
• All questions are worth equal marks.
• Select the BEST answer in each case by circling the appropriate letter on the fold out answer sheet attached at the end of this paper.
• You will not be penalised for an incorrect answer.
• Write your student number on the answer sheet where indicated and place the complete examination paper inside your examination answer booklet BEFORE leaving the examination room.
____________________________________________________________
BFA707 – The Accounting Framework
SECTION A
There are six (6) questions in this section. You must answer ALL questions.
Question 1
Answer the following questions: a Why would you choose just one point to recognise revenue even though the process of earning that revenue may take a long time? What is the most common point chosen for recognition of revenue? Why would you choose this particular point?
b.
What are the two essential characteristics of a liability? What are the two recognition criteria for a liability?
[Total marks