company accounting testbank 3.docx
- 文档编号:22787780
- 上传时间:2023-04-27
- 格式:DOCX
- 页数:20
- 大小:33.78KB
company accounting testbank 3.docx
《company accounting testbank 3.docx》由会员分享,可在线阅读,更多相关《company accounting testbank 3.docx(20页珍藏版)》请在冰豆网上搜索。
companyaccountingtestbank3
Testbank
toaccompany
CompanyAccounting10e
by
KenLeo,JeffreyKnapp,SueMcGowan&JohnSweeting
Preparedby
PeterBaxter
©JohnWiley&SonsAustralia,Ltd2015
Chapter3:
Companyoperations
Multiple-choicequestions
1.AccordingtotheAASB’sConceptualFrameworkanassetisdefinedasa/an:
a.contingentitemdependingonanothereventoccursatsometimeinthefuture.
b.resourcecontrolledbytheentityasaresultoffutureeventsandfromwhichfutureeconomicbenefitsareexpectedtoflowtotheentity.
*c.resourcecontrolledbytheentityasaresultofpasteventsandfromwhichfutureeconomicbenefitsareexpectedtoflowtotheentity.
d.itemthathasaphysicalexistenceandcanbeconvertedintocashwithinthenextaccountingperiod.
Correctanswer:
c
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
2.Inthecontextofliabilities,presentobligationsmaybe:
a.constructive.
b.legal.
*c.bothaandb.
d.formative.
Correctanswer:
c
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
3.UndertheAASB’sConceptualFrameworkliabilitiesaredefinedas:
a.futureeconomicbenefitsunderthecontroloftheentity.
b.futuresacrificesofeconomicbenefitsthatarecontingentupontheoccurrenceofanunusualevent.
c.futuresacrificesofprofitspayabletoownersintheformofdividends.
*d.apresentobligationoftheentityarisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowfromtheentityofresourcesembodyingeconomicbenefits.
Correctanswer:
d
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
4.AASB137definesaprovisionasa:
a.presentobligationarisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowfromtheentityofresourcesembodyingeconomicbenefits.
*b.liabilityofuncertaintimingandamount.
c.possibleobligationthatarisesfrompasteventsandwhoseexistencewillbeconfirmedonlybytheoccurrence/non-occurrenceofoneormoreuncertaineventsnotwhollywithinthecontroloftheentity.
d.presentobligationthatarisesfromapasteventbutisnotrecognisedbecausetheamountoftheobligationcannotbemeasuredwithsufficientreliability.
Correctanswer:
b
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
5.Aswellasexpensesthatariseintheordinaryactivitiesofabusiness,whichofthefollowingisrecognisedasanexpenseofacompany?
*a.Losses
b.Dividends
c.Gains
d.Transfersoutofretainedearnings
Correctanswer:
a
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
6.Incomearisesbecauseofchangesin:
a.revenuesandexpenses.
*b.assetsandliabilities.
c.assetsandexpenses.
d.equityandliabilities.
Correctanswer:
b
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
7.TheAASB’sConceptualFrameworkdefinesincomeas:
*a.increasesineconomicbenefitsduringtheaccountingperiodintheformofinflowsorenhancementsofassetsordecreasesofliabilitiesthatresultinincreasesinequity,otherthanthoserelatingtocontributionsfromequityparticipants.
b.thegrossinflowofeconomicbenefitsduringtheperiodarisinginthecourseofordinaryactivitiesofanentitywhenthoseinflowsresultinincreasesinequity,otherthanincreasesrelatingtocontributionsfromequityparticipants.
c.incomethatarisesintheordinarycourseofbusinessandisreferredtobyavarietyofdifferentnames,includingsales,fees,interest,dividendsandroyalties.
d.increasesineconomicbenefitsduringtheaccountingperiodinthefromofoutflowsordecreasesinassetsorincreasesinliabilitiesthatresultinincreasesinequity,otherthanthoserelatingtocontributionsfromequityparticipants.
Correctanswer:
a
LearningObjective3.1~describethenatureoftheelementsoffinancialstatements,namelyassets,liabilities,equity,incomeandexpenses.
8.Informationhasthequalityofreliabilitywhenit:
a.cannotbereliedonbyfinancialstatementerrors.
b.isrelevanttodecisionsbeingmadebyusers.
c.containsmanymaterialerrors.
*d.isfreefrommaterialerror.
Correctanswer:
d
LearningObjective3.2~describetherecognitioncriteriaforrecordingtheelementsintheaccountingsystem.
9.Acompanyincurssignificantcostsinrelationtoaspeculativeminingprojectthatintendstoturnrocksintogold.InaccordancewiththeAASB’sConceptualFramework,thecostsofthisprojectwouldbean:
*a.expensebecausethereislittleprobabilitythatfutureeconomicbenefitswilleventuate.
b.expensebecausetherecognitioncriteriaforanassetisnotsatisfied.
c.assetbecausethedefinitionandrecognitioncriteriaforassetsaresatisfied.
d.assetbecausethecompanywillcontrolthefutureeconomicbenefits.
Correctanswer:
a
LearningObjective3.2~describetherecognitioncriteriaforrecordingtheelementsintheaccountingsystem.
10.AccordingtoAASB111ConstructionContracts,revenueandexpensesrelatingtolong-termconstructioncontractsarerecognisedonthebasisofthe:
a.effectiveinterestmethod.
b.discountedcashflowsmethod.
c.receiptofcashflows.
*d.percentageofcompletionmethod.
Correctanswer:
d
LearningObjective3.2~describetherecognitioncriteriaforrecordingtheelementsintheaccountingsystem.
11.Whichofthefollowingstatementsiscorrectinrelationtotherecognitionofexpenses?
a.UndertheConceptualFramework,therecognitionofexpensesisbasedonthematchingprocess.
b.Therecognitionofexpensesisnotsubjecttothesamedegreeofregulationasrevenue.
*c.UndertheConceptualFramework,recognitionofexpensesisnottiedtothematchingprocess.
d.Individualaccountingstandardsdonotneedtobeconsultedtodeterminetheappropriatetreatmentforparticulartypesofexpenses.
Correctanswer:
c
LearningObjective3.2~describetherecognitioncriteriaforrecordingtheelementsintheaccountingsystem.
12.AccordingtoAASB101,anentitywillclassifyaliabilityascurrentwhen:
a.itexpectstosettletheliabilityoutsideitsnormaloperatingcycle.
*b.itexpectstosettletheliabilitywithinitsnormaloperatingcycle.
c.theentityhasanunconditionalrighttodeferthesettlementoftheliabilityforatleast12monthsafterthereportingdate.
d.theliabilityisduetobesettledmorethan12monthsafterthereportingdate.
Correctanswer:
b
LearningObjective3.3~describehowtheelementsaretobemeasuredintheentity’saccountingrecordsandclassifiedinthefinancialstatements.
13.AASB101requireswhichofthefollowinginrelationtotheclassificationofexpenses?
*a.Expensestobeclassifiedbyeithernatureorfunction.
b.Expensestobeclassifiedbynature,unlessclassificationbyfunctionismorerelevant.
c.Expensestobeclassifiedbyfunction,unlessclassificationbynatureismorerelevant.
d.Expensestobeclassifiedbybothnatureandfunction.
Correctanswer:
a
LearningObjective3.3~describehowtheelementsaretobemeasuredintheentity’saccountingrecordsandclassifiedinthefinancialstatements.
14.Inrelationtothemeasurementofanasset,theamountofconsiderationgiventoacquiretheassetatitsacquisitiondateisknownasits:
*a.historicalcost.
b.currentcost.
c.realisablevalue.
d.presentvalue.
Correctanswer:
a
LearningObjective3.3~describehowtheelementsaretobemeasuredintheentity’saccountingrecordsandclassifiedinthefinancialstatements.
15.WhichofthefollowingcategoriesofrevenueisnotincludedinAASB118Revenue?
a.Revenuesfromservicesrendered
*b.Gainsfromassetrevaluations
c.Royalties
d.Dividends
Correctanswer:
b
LearningObjective3.3~describehowtheelementsaretobemeasuredintheentity’saccountingrecordsandclassifiedinthefinancialstatements.
16.Whichofthefollowingstatementsiscorrectinrelationtothepaymentofdividends?
a.Dividendscanonlybepaidifacompanyhasgeneratedaprofitinthecurrentperiod.
*b.ThepaymentofdividendsisregulatedbytheCorporationsAct.
c.Acompanycanonlypayaninterimdividendifitsconstitutionallowsit.
d.Preferencedividendsmustbepaidonacumulativebasis.
Correctanswer:
b
LearningObjective3.4~explainthenatureofdividendsandhowtoaccountforthedeclarationandpaymentofdividends,includingbonusshareissues.
17.AccordingtotheCorporationsAct,dividendsmay:
a.onlybepaidtoshareholdersonceayear.
b.onlybepaidoutofthecurrentyear’sprofitsofacompany.
c.bedeclaredandpaidtoshareholdersirrespectiveofwhetheracompanyhasaccumulatedlosses.
*d.bepaidifthecompanyhasanexcessofassetsoverliabilities.
Correctanswer:
d
LearningObjective3.4~explainthenatureofdividendsandhowtoaccountforthedeclarationandpaymentofdividends,includingbonusshareissues.
18.TheappropriateaccountingentrytorecordthedeclarationofabonusdividendoutoftheRevaluationSurplusaccountiswhichofthefollowing?
a.DRBonusdividend
CRAssetrevaluationsurplus
b.DRAssetrevaluationsurplus
CRCash
*c.DRAs
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- company accounting testbank