Test Bank For Australian Financial Accounting 7th Edition by Deegan
ISBN-10 : 0071012400, ISBN-13 : 978-0071012409
Chapter 01
| 1. | Financial accounting can be considered a process involving the collection and processing of financial information to assist the decision-making needs of parties internal to an organisation.
True False |
| 2. | The regulation of accounting can be argued to be necessary to protect the information rights of parties not involved in the day-to-day operations of the organisation.
True False |
| 3. | The financial statements and supporting notes included in an annual report presented to shareholders at a company’s annual general meeting is an example of general-purpose financial statements.
True False |
| 4. | There has been a trend by governments and government departments towards adopting specialised public-sector related standards.
True False |
| 5. | Directors could elect not to comply with an accounting standard on the grounds that applying the particular accounting standard would cause the accounts not to present a ‘true and fair view’.
True False |
| 6. | The Australian Securities and Investment Commission (ASIC) has the responsibility, among other things, to monitor and regulate various investment products and superannuation.
True False |
| 7. | The Australian Accounting Standards Board (AASB) issues only one set of accounting standards which have general applicability to the private, public and not-for-profit sectors.
True False |
| 8. | The role of the Financial Reporting Council is to provide broad oversight of the process for setting standards in Australia, including the authority to direct the AASB to develop, amend or revoke a particular standard.
True False |
| 9. | Accounting cannot be considered to be ‘culture free’ because the value systems of accountants may be expected to be related to and derived from the values of the society with special reference to work related values and, as such, impacts on accounting systems.
True False |
| 10. | The Corporations Act is very specific about what must, and must not, be included in the Directors’ Report that is attached to a company’s financial statements.
True False |
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