Contemporary Issues in Accounting Quiz

What is the main learning objective (LO2) for the module "Contemporary Issues in Accounting"?

• Describe the history of accounting

• Explain the value of financial and management accounting processes to a business

• Analyze the impact of technology on accounting

• Discuss ethical issues in accounting

What is one of the objectives of the lesson?

• To learn about marketing strategies

• To understand the importance of financial reporting

• To explore historical events

• To study environmental science

Which process is discussed in the lesson objectives?

• The process of financial reporting

• The process of scientific research

• The process of language acquisition

• The process of artistic creation

What structure is part of the lesson objectives to understand?

• The structure of a novel

• The structure of corporate financial reporting

• The structure of a scientific experiment

• The structure of a government

What is an annual report?

• A document detailing a company's yearly financial performance

• A monthly newsletter

• A daily sales report

• A quarterly earnings summary

How often does a company need to produce a financial report?

• Annually

• Monthly

• Weekly

• Daily

Why does a company need to produce an annual report?

• To comply with legal requirements and inform stakeholders

• To increase daily sales

• To hire new employees

• To launch new products

What does the Companies Act 2006 require companies to do for each financial year?

• Prepare accounts

• Hire new employees

• Increase profits

• Reduce expenses

Who must companies send a copy of the accounts to, according to the Companies Act 2006?

• Every shareholder

• The CEO

• The government

• The employees

What additional information must companies report on according to the Act?

• Legislative and professional requirements

• Marketing strategies

• Employee satisfaction

• Product development