Online Quiz 1 - Opens 31st August - Closes 2nd September PDF

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28/10/2018

Online Quiz 1 - Opens 31st August - Closes 2nd September

My LMS Subjects > 2018-ACC2CRE(BU-2/DN-2) > Assessment Information

> Online Quiz 1 - Opens 31st August - Closes 2nd September

Started on

Sunday, 2 September 2018, 7:06 PM

State Finished Completed on Time taken

Sunday, 2 September 2018, 7:36 PM 29 mins 51 secs

Grade 5.00 out of 10.00 (50%) Feedback Good Effort!

Question

1

Correct Mark 1.00 out of 1.00

▼ Under the Corporations Act, which of the following types of companies must comply with Australian accounting standards? I. disclosing entities II. publicly listed companies III. large proprietary companies IV. small proprietary companies Select one: a. All of the given answers. b. II only. c. II and III only. d. I, II and III only.

correct The correct answer is: I, II and III only.

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28/10/2018

Online Quiz 1 - Opens 31st August - Closes 2nd September

Question

2

Incorrect Mark 0.00 out of 1.00

▼ 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. Select one: True False

incorrect The correct answer is 'False'.

Question

3

Incorrect Mark 0.00 out of 1.00

▼ Subsequent to the reporting date but before the authorisation date of the nancial reports, the dividend to be paid by Hannibal Ltd has been determined. How should this decision be recorded in the nancial statements according to AASB 110? Select one: a. The event should be disclosed in a note to the nancial statements. b. The event should be fully reected in the nancial statements. c. No reporting is required. d. The shareholders should be informed by separate letter.

incorrect The correct answer is: The event should be fully reected in the nancial statements.

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28/10/2018

Online Quiz 1 - Opens 31st August - Closes 2nd September

Question

4

Correct Mark 1.00 out of 1.00

▼

Digitor Industries Ltd accrues long-service leave as employees work towards their entitlement. For tax purposes, long-service leave is not deductible until it is paid. During the current period Digitor has accrued $50 000 in long-service leave expense and paid none. The tax rate is 30%. What is the journal entry to record the deferral? Select one: a.

b.

c.

d.

correct The correct answer is:

Question

5

Incorrect Mark 0.00 out of 1.00

▼

Components of 'other comprehensive income' would include: Select one: a. net prot reported in the statement of prot or loss and other comprehensive income. b. net operating cash ows reported on the statement of cash ows. c. changes in revaluation surplus. d. net operating cash ows reported on the statement of cash ows, plus total of all income and expenses recognised directly in equity.

incorrect The correct answer is: changes in revaluation surplus.

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28/10/2018

Online Quiz 1 - Opens 31st August - Closes 2nd September

Question

6

Correct Mark 1.00 out of 1.00

▼

Differential reporting is based on: Select one: a. small and large proprietary companies having the same requirements to comply with accounting standards in the preparation of nancial reports. b. the burden of additional reporting for some organisations in situations where there were questionable benets to report preparers. c. the difference between the ability of shareholders in 'small' and those in 'large' companies to request information to satisfy their specic needs. d. none of the given answers.

correct The correct answer is: the difference between the ability of shareholders in 'small' and those in 'large' companies to request information to satisfy their specic needs.

Question

7

Incorrect Mark 0.00 out of 1.00

▼

The choice of classication between nature and function of expenses from ordinary activities depends on: Select one: a. the size of the items that would be reported under the possible classications. b. the historical evidence about the probability of the items recurring. c. the classication that provides information that is reliable and more relevant. d. the classication that best reects the way expenses vary directly or indirectly with the entity's level of activity.

incorrect The correct answer is: the classication that provides information that is reliable and more relevant.

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28/10/2018

Online Quiz 1 - Opens 31st August - Closes 2nd September

Question

8

Incorrect Mark 0.00 out of 1.00

▼

Which of the following material after-reporting-date events is a non-adjusting event? Select one: a. Major disposal of assets before the reporting date. b. Expropriation of assets by government before the reporting date. c. Issue of preference shares shortly after the reporting date. d. Settlement before authorisation date of the nancial report of a lawsuit led by a customer three years ago.

incorrect The correct answer is: Issue of preference shares shortly after the reporting date.

Question

9

Correct Mark 1.00 out of 1.00

▼

AASB 112 uses what term to describe the method for accounting for taxes that it mandates? Select one: a. Net balances method. b. Financial position method. c. Asset and liability method. d. Balance sheet method.

correct The correct answer is: Balance sheet method.

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Online Quiz 1 - Opens 31st August - Closes 2nd September

Question

10

Correct Mark 1.00 out of 1.00

▼

Some of the costs of international convergence of accounting standards include: Select one: a. costs of educating accountants to adopt a new set of standards. b. costs associated with changing data collection systems. c. costs associated with changing data reporting systems. d. all of the given answers.

correct The correct answer is: all of the given answers.

https://lms.latrobe.edu.au/mod/quiz/review.php?attempt=7317770

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