Statement of Accounting Concept One (SAC1)
Authored by Rachael Symmons
Social Studies
9th Grade
Used 1+ times
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66 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following features is found in the Statement of Accounting Concept One (SAC1) for reporting entities?
Separation of management from the bulk of the owners and shareholders
High employee turnover rate
Low market share
Minimal financial transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of importance is associated with large oil companies or charitable agencies according to SAC1?
Financial importance
Economic or political importance
Social importance
Environmental importance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of financial importance in reporting entities as per SAC1?
High employee satisfaction
Employment and taxation contribution
Low operational costs
High customer satisfaction
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of general purpose financial reports according to SAC2?
To assist in discharging accountability
To increase company profits
To reduce tax liabilities
To attract more investors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of information should general purpose financial reports disclose?
Information about marketing strategies
Information relevant to performance, financial position, financing, and investing
Information about employee satisfaction
Information about future business plans
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are disclosing entities required to comply with?
International Financial Reporting Standards (IFRS)
Australian Accounting Standards Board (AASB)
Generally Accepted Accounting Principles (GAAP)
International Accounting Standards Board (IASB)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What assumption is made about small proprietary companies compared to public companies?
They have a larger number of parties involved
They have a limited number of parties and can satisfy their immediate need for information
They are required to disclose more information
They have more complex financial structures
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