ACCT-5011 - The Best Definition of the Accounting System - Accounting & Finance Assignment Help

Assignment Task

1. The best definition of the accounting system is:
A. electronic collection, organisation and communication of business information of firms.
B. a means of collecting information.
C. the interconnected network of subsystems necessary to operate a business.
D. the system that identifies, records and communicates the economic events of an organisation to interested groups or individuals.
E. the means of calculating the amount of cash available to pay debts.

2. Financial reports intended to serve the diverse needs of a variety of external user groups who are unable to obtain their own accounting information are known as:
A. General-purpose financial reports
B. Specific-purpose financial reports
C. Management reports
D. Internal reports
E. None of the above

3. The content of management accounting reports is governed by:
A. the Australian Stock Exchange.
B. the Corporations Act.
C. CPA Australia and the Institute of Chartered Accountants of Australia.
D. All of the above.
E. There are no rules governing management accounting reports.

4. Which assumption is the basis upon which the personal assets of the owner are excluded from the businesses balance sheet?
A. Matching principle
B. Accounting entity
C. Limited liability
D. Accrual basis
E. Accounting period

5. An advantage of the company form of business is that
A. it has a limited life.
B. its owner’s personal resources are at stake.
C. its ownership is transferable through the sale of shares.
D. it is simple to establish.
E. none of the above.

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