Test Bank for Financial Reporting, 4th Australian Edition by Janice Loftus
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Course
Accounting
Institution
Accounting
Test bank for Financial Reporting 4e 4th Australian Edition by Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes.
ISBN-13: 6413
Full Chapters test bank included
Chapter 1. Accounting regulation and the conceptual framewo...
, Chapter 1: Accounting regulation and the Conceptual Framework
Chapter 1: Accounting regulation and the Conceptual Framework
Multiple choice questions
1. The Corporations Act requires the preparation of a financial report and directors' report each financial
year by all:
a. small proprietary companies.
b. non-disclosing entities.
*c. public companies.
d. private companies.
General Feedback:
Learning objective 1.1 understand the major sources of regulation of financial reporting in
Australia.
2. The New Zealand External Reporting Board (XRB) accounting framework classify Tier 1 not-for-
profit public benefit entities (PBEs) as:
a. entities allowed by law to use cash accounting.
b. non-large.
c. expenses <= $2m.
*d. publicly accountable, or large.
General Feedback:
Learning objective 1.3: Identify the roles of the key bodies involved in the financial reporting
framework in New Zealand.
3. Which of the following statements is false?
*a. The IFRS Advisory Council is directly accountable to the Monitoring Board.
b. Australia adopted international accounting standards issued on or after 1 January 2005.
c. The IASB and IFRS Interpretations Committee are appointed and overseen by a
geographically and professionally diverse group called the IFRS Foundation Trustees.
d. The IASB is an independent standard-setting board that develops and approves International
Financial Reporting Standards.
General Feedback:
Learning objective 1.4: explain the structure, role and processes of the International Accounting
Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC).
4. Which of the following is not a chapter in the IASB's Conceptual Framework?
1.2
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