[2022] Verified Financial-Accounting-and-Reporting Dumps Q&As – 1 Year Free & Quickly Updates [Q11-Q27] – IT Certification Exam Questions & Answers

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[2022] Verified Financial-Accounting-and-Reporting Dumps Q&As – 1 Year Free & Quickly Updates

Latest 2022 Realistic Verified Financial-Accounting-and-Reporting Dumps – 100% Free Financial-Accounting-and-Reporting Exam Dumps

NEW QUESTION 11
XYZ Ltd is listed on the Australian Securities Exchange (ASX). Which one of the following reports is the company required to prepare as a part of its annual financial report?

sustainability report

chairman’s statement

management commentary

corporate governance statement

NEW QUESTION 12
Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?

Safeguard the environment.

Respect the rights of shareholders.

Remunerate fairly and responsibly.

Promote ethical and responsible decision-making.

NEW QUESTION 13
Which one of the following is not an advantage of accounting regulation?

It provides quality of information in and across financial statements.

It provides flexibility in the way accounting information is presented to users.

It provides the required accounting information to all necessary shareholders.

It instils public confidence in the accounting system employed in commerce and industry.

NEW QUESTION 14
Financial markets have achieved operational efficiency when

past records are used to predict the future prices of goods.

the costs of financial transactions are kept as low as possible.

the cost of transactions is a reflection of the actual cost incurred.

the price of stocks and shares are available accurately and quickly.

NEW QUESTION 15
Restrictions on the scope of a specific accounting standard are stated in

that specific standard.

the IASB’s Conceptual Framework.

the explanatory materials provided by the AASB.

various Statements of Accounting Concepts (SACs) issued by the AASB.

NEW QUESTION 16
Which one of the following describes the key advantage of the manual system of accounting?

The quality of output is not necessarily an issue.

A thorough understanding of the business can be gained through it.

Corrections are easily managed as updating or recreating the whole document is not difficult.

Processing is maintained at a reasonable speed even while dealing with large volumes of data.

NEW QUESTION 17
Which one of the following would be included in a statement of financial position?

cost of sales

finance costs

retained earnings

proceeds from long term borrowings

NEW QUESTION 18
Which one of the following statements is correct?

Australian accounting standards are based on the US GAAP.

Accounting standards prescribe the possible accounting treatments.

Accounting standards are developed and maintained using a consultative process with the OECD.

Accounting standards provide the basic knowledge upon which the conceptual framework is developed.

NEW QUESTION 19
Which one of the following would be included in the statement of financial position?

depreciation

deferred tax

distribution costs

gains on property valuations

NEW QUESTION 20
Historical cost accounting provides financial information that is

relevant for decision making.

relevant and reliable for decision making.

relevant but may not be reliable for decision making.

reliable but may not be relevant for decision making.

NEW QUESTION 21
A decrease in assets is most likely to be recognised in the financial report as

a liability.

an expense.

revenue earned.

a change in equity.

NEW QUESTION 22
Which one of the following statements is correct in relation to presenting the financial position of an entity?

Liquidity represents cash holdings, while solvency is long-term profitability.

Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.

Solvency is the availability of cash over the long-term, while liquidity is the availability of funds over the short-term to meet financial commitments as they fall due.

Solvency is the availability of total assets over a long-term, while liquidity is the availability of total assets over the short-term to meet financial commitments as they fall due.
.

NEW QUESTION 23
Which one of the following is an advantage of current purchasing power accounting?

It enables raw data to be just easily verifiable but not auditable.

It provides a stable monetary unit that values profit and capital.

It provides a clear use of indices which approximates the measurement of value.

It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.

NEW QUESTION 24
Financial information is reliable if it
I)prefers substance over legal form.
II)is neutral and without any material error.
III)is complete and has been made with prudence.
IV)is understandable to those with no knowledge of accounting.

I, II and III only

I, II and IV only

I, III and IV only

II, III and IV only

NEW QUESTION 25
The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of

investors.

suppliers.

tax agencies.

regulatory authorities.

NEW QUESTION 26
A statement of comprehensive income reports on

solvency.

financial position.

financial performance.

changes in financial position.

NEW QUESTION 27
Investors use the audited financial statements of a company to
I)evaluate the company’s current return on assets
II)predict the company’s market conditions for future years.
III)predict the company’s market conditions for future years.
IV)make a judgement on the liquidity and solvency of the company.

I and III only

I and IV only

II and III only

III and IV only

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