Tutorial 1
Universiti Tunku Abdul Rahman
Bachelor of Commerce (Hons) Accounting
Bachelor of Business Administration (Hons) Banking & Finance
Bachelor of Finance (Hons)
Year 1 Semester 1
Faculty of Business and Finance
Department of Commerce & Accountancy
UBAF1013 Financial Accounting Framework I
Tutorial 1
(1a)
Which of the following statements about users of accounting information is incorrect? (Weygandt, Kimmel & Kieso, 2008, p.31)
A Management is an internal user
B Taxing authorities are external users
C Present creditors are external users
D Regulatory authorities are internal users
(1b)
Which of the following is NOT a step in the accounting process? (Weygandt, Kimmel & Kieso, 2008, p.31)
A Identification
B Verification
C Recording
D Communication
(1c)
Which of the following is not a main qualitative characteristic of information reported in financial statements in accordance with the Framework? (Carlon, Mladenovic, Loftus, Palm, Kimmel, Kieso, and Weygandt, 2009, p.61)
A Comparability
B Understandability
C Relevance
D Confidentiality
(1d)
Management accounting is mainly concerned with: (Bendrey, p.35)
A Providing financial information to managers
B Recording information for tax purposes
C Communicating financial information to shareholders
D Auditing the accounts of a company
(1e)
An audit is a : (Bendrey, p.35)
A Method of recording financial information
B Examination of the financial records of an organization
C Process of constructing a profit statement
D Statement issued by the professional bodies of accountants
(1f)
The two main forms of accounting are: (Bendrey, p.35)
A Bookkeeping and auditing
B Taxation and investment appraisal
C Financial and management accounting
D Profit statement and balance sheet
(1g)
It is legal requirement that an audit is carried out on the financial records of: (Bendrey, p.35)
A A sole trader
B A partnership
C A limited liability company
D None of these
(1h)
The original role of the accounting function
Bachelor of Commerce (Hons) Accounting
Bachelor of Business Administration (Hons) Banking & Finance
Bachelor of Finance (Hons)
Year 1 Semester 1
Faculty of Business and Finance
Department of Commerce & Accountancy
UBAF1013 Financial Accounting Framework I
Tutorial 1
(1a)
Which of the following statements about users of accounting information is incorrect? (Weygandt, Kimmel & Kieso, 2008, p.31)
A Management is an internal user
B Taxing authorities are external users
C Present creditors are external users
D Regulatory authorities are internal users
(1b)
Which of the following is NOT a step in the accounting process? (Weygandt, Kimmel & Kieso, 2008, p.31)
A Identification
B Verification
C Recording
D Communication
(1c)
Which of the following is not a main qualitative characteristic of information reported in financial statements in accordance with the Framework? (Carlon, Mladenovic, Loftus, Palm, Kimmel, Kieso, and Weygandt, 2009, p.61)
A Comparability
B Understandability
C Relevance
D Confidentiality
(1d)
Management accounting is mainly concerned with: (Bendrey, p.35)
A Providing financial information to managers
B Recording information for tax purposes
C Communicating financial information to shareholders
D Auditing the accounts of a company
(1e)
An audit is a : (Bendrey, p.35)
A Method of recording financial information
B Examination of the financial records of an organization
C Process of constructing a profit statement
D Statement issued by the professional bodies of accountants
(1f)
The two main forms of accounting are: (Bendrey, p.35)
A Bookkeeping and auditing
B Taxation and investment appraisal
C Financial and management accounting
D Profit statement and balance sheet
(1g)
It is legal requirement that an audit is carried out on the financial records of: (Bendrey, p.35)
A A sole trader
B A partnership
C A limited liability company
D None of these
(1h)
The original role of the accounting function