Advanced Financial Accounting Essay 2

BAO3309 Advanced Financial Accounting
Semester 2011
Non-Graded Assessment
There are 1 Multiple Choice Questions and you have 13 minutes to complete this assessment

1) Which of the following is true about theories in general? A. Theories can include any coherent set of ideas or statements to explain, or provide guidance in respect of, certain phenomena B. Theories must be empirically based to describe what is, rather than what should be C. Theories must be based on inductive reasoning to provide a generalisation or prediction D. All of the given options are correct

2) Which of the following is not an example of a normative accounting theory or research? A. Conceptual frameworks of accounting B. Critical perspectives of accounting practice C. Capital markets based (security price) research D. True income theories

3) What is the minimum level of accounting knowledge that readers of financial statements are assumed to possess, according to most professional accounting bodies around the world? A. None B. Some level of knowledge sufficient to understand the financial reports properly C. A sound working knowledge D. Expert level of knowledge

4) Which of the following is a criticism of the double-entry financial accounting system? A. Its general inability to take social and environmental consequences of a reporting entity's existence into account B. Its use of a system of debts and credits to account for increases and decreases, instead of positive and negative numbers C. Its initial development in a generally unregulated environment has resulted in a lack of uniformity and comparability D. All of the given options are correct

5) Advocates of which theory would argue that the government is best able to develop accounting standards because it has greater enforcement powers, and is more likely to be less responsive to pressures

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