Quiz 1 Opens 1st March and closes 4th March @ 12midnight PDF

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ASSESSED QUIZZES ...

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3/18/2019

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight

▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

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Saturday, 3 March 2018, 8:02 AM Finished Saturday, 3 March 2018, 8:05 AM 2 mins 57 secs 8.00 out of 10.00 (80%) Excellent effort, keep it up!

1

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Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select one: a.

It cannot be calculated independently of assets and liabilities.

b. It ranks after liabilities as a claim on assets. c. It is diminished by unprofitable operations. d. It must be controlled by the entity. 

Your answer is correct. The correct answer is: It must be controlled by the entity.

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

2

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

Which statement relating to a trial balance is incorrect? Select one: a. A trial balance may be prepared at any time to test the equality of debits and credits in the ledger. b. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger.

c. A trial balance is a list of all the accounts in the ledger with their current balances. d. A trial balance reports the financial position of a business.



Your answer is correct. The correct answer is: A trial balance reports the financial position of a business.

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

3

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

Liz, after qualifying at university and having several years experience decides to set up her own dental practice. On 1 March she deposits $25,000 into a bank account she has opened for the practice. The effect of this transaction on the accounting equation is: Select one: a. Increase in assets of $25 000; decrease in equity of $25 000. b. Decrease in assets of $25 000; increase in equity of $25 000 c. Increase in assets of $ 25 000; increase in equity of $ 25 000

 d. Decrease in assets of $25 000; decrease in equity of $25 000.

The correct answer is: Increase in assets of $ 25 000; increase in equity of $ 25 000

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

4

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

A listing of the complete ledger account titles and their related numbers is known as a/an:

Select one: a. chart of accounts  b. master file c. index d. general ledger

Your answer is correct. The correct answer is: chart of accounts

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

5

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

Which of these is not an expense recognition criteria in the Conceptual Framework? I The probability of a decrease in economic benefits II Reliability of measurement III Matching costs with revenue Select one: a. III b. 0 c. I d. II 

Your answer is incorrect. Learning objective 17.7 ~ describe the recognition criteria, established in the Conceptual Framework, for assets, liabilities, income and expenses. The correct answer is: III

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5/10

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

6

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

Under the Conceptual Framework, which of these is not a characteristic of a liability?

Select one: a. It is expected to result in an outflow of economic resources. b. It must be a present obligation of the entity. 

c.

It must be a legal debt.

d. It must result from a past transaction or event.

Your answer is incorrect. The correct answer is:

It must be a legal debt.

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6/10

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

According to the Conceptual Framework which of these is not an essential characteristic of an asset?

Select one: a. It must have a re-sale value.

 b. The entity must have control over the future economic benefits.

c. There must be future economic benefit d. The future economic benefits can be reliably measured.

Your answer is correct. The correct answer is: It must have a re-sale value.

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

The primary reason for developing a conceptual framework is to: Select one: a. enable regulators to develop accounting standards that are consistent Yes that is correct! and logically formulated.  b. provide guidance to accountants in areas where no standard exists.

c. provide an alternative view to the accounting standards.

d. reduce the number of accounting standards needed.

Your answer is correct. The correct answer is: enable regulators to develop accounting standards that are consistent and logically formulated.

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8/10

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

According to the Conceptual Framework which statement concerning the recognition of liabilities is not true? Select one: a.

Liabilities that do not satisfy the recognition criteria can be

recognised in the notes attached to the accounts. b. A recognition criteria is that it is probable that a sacrifice of future economic benefits will be required.

A recognition criteria is that the amount of the liability must be able to be measured reliably. c.

d. All liabilities that meet the definition of a liability should be recognised in the accounting records. 

Your answer is correct. The correct answer is: All liabilities that meet the definition of a liability should be recognised in the accounting records.

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Quiz 1: Opens 1st March and closes 4th March @ 12midnight Question

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▶ AF101_201801_F ▶ Quiz 1: Opens 1st Ma...

Jane is an osteopath operating as a sole proprietor. In January she purchases for $540 some new furniture for her waiting room. The purchase is made on credit. The effect of this transaction on the accounting equation is: Select one: a. Increase in the asset furniture $540 increase in the asset accounts receivable $540 b. Increase in the asset furniture $540 decrease in the asset accounts receivable $540 c. Increase in the asset furniture $540 increase in equity $540 d. Increase in the asset furniture $540 increase in the liability accounts payable $540

The correct answer is: Increase in the asset furniture $540 increase in the liability accounts payable $540

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