Acf 5956 Advanced Financial Accounting – Exam – jiangxiaotong88
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Acf 5956 Advanced Financial Accounting
ACF5956 Advanced financial accountingImmediate Feedback Assessment TaskWeek 2INSTRUCTIONS: Record your responses to the following questions on the card provided. You should scratch the answer you think is correct. If a star appears in the scratched box you have the correct answer. You should continue on with further attempts until you see the star.Please provide the name and student number for each member of your group on the sheet attached to your scratch card.Allocation of Points: The points awarded for each question reduces for each attempt. Correct on the 1st try = 5 points; 2nd try = 2 points; 3rd try = 1 point; 4th try = 0 points. Question 1 Answer = BWhich of the following statements regarding the Conceptual Framework and accounting standards is correct?The Conceptual Framework takes precedence over accounting standards.Principles-based accounting standards strongly rely on the Conceptual Framework.An example of principles-based accounting standards is the Conceptual Framework.C. Accounting standards are rules-based, whereas the Conceptual Framework is principles-based.Question 2 Answer = DWhich of the following is a disadvantage for principles-based accounting standards?They supply broad guidelines that can be applied to many situations. They are complex. They allow accountants to use professional judgement. They allow managers to select accounting policies that may not reflect the substance of a transaction. Question 3 Answer = CWhich of the following is not a method of lobbying?PublicityPetitionBriberyCommenting on exposure draftQuestion 4 Answer = AAccording to public interest theory, why are regulations introduced?Companies fail to self-regulate as the market is not free and perfect.To maximize regulators wealth.Accounting information is a private good that triggers free rider issues.Accounting information is a public good with optimal production of information.Question 5 Answer = AWhich if the following is an advantage of rules-based accounting standards?Reduced opportunities for earnings management through judgementsReduced complexity of standards Can cover most situations Improve representational faithfulness of financial statementsQuestion 6 Answer = BWhich of the following is not a disadvantage of regulation?A. It can be difficult to reverseB. It leads to standardisationC. It can restrict communication
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By: jiangxiaotong88
Submitted: August 16, 2016
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