BT9.1

BT9.1

Professional Development

10 Qs

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BT9.1

BT9.1

Assessment

Quiz

Professional Development

Professional Development

Medium

Created by

Timur Ananyev

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the purposes of budgets?

responsibility for expenditure

motivation of employees

co-ordination of staff

costing of units

Answer explanation

The purpose of budgets includes responsibility for expenditure, motivation of employees, and co-ordination of staff. However, costing of units is not a primary purpose of budgets, making it the correct answer.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements regarding integrated reports is correct?

They involve the merging of the other financial statements to produce an overall view of company performance

They are designed to show the organisation’s profitability more clearly

They include information on anything that is felt to be of interest to the users of the financial statements

They include only relevant financial information for the users of the financial statements

Answer explanation

Integrated reports provide a holistic view by including diverse information that interests users, not just financial data. This makes the correct choice about including all relevant information for users.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'true and fair view' in financial statements imply?

The statements must follow all appropriate accounting standards

The statements must be audited by external parties

The statements must be approved by the shareholders

The statements must be prepared in a specific format

Answer explanation

The term 'true and fair view' implies that financial statements must adhere to all relevant accounting standards, ensuring accuracy and reliability in reporting.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An important advantage of using loans to finance investment is:

loan interest payments can usually be suspended if profits are low

the timing of loan payments is often at the company’s discretion

loan interest is tax deductible

banks will often not require security for loan advances

Answer explanation

The directors are responsible for producing financial statements under company legislation, as they oversee the company's financial reporting and ensure compliance with legal requirements.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main role of the IFRS Foundation?

To prepare financial statements

To develop and promote financial reporting standards

To enforce tax regulations

To manage corporate finance

Answer explanation

The IFRS Foundation's main role is to develop and promote financial reporting standards, ensuring consistency and transparency in financial statements globally. This is crucial for investors and stakeholders.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which function is primarily concerned with internal management and planning?

Financial accounting

Management accounting

Treasury management

Regulatory compliance

Answer explanation

Management accounting focuses on internal management and planning by providing relevant financial and non-financial information to help managers make informed decisions, unlike financial accounting which is more external.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key benefit of preparing budgets in management accounting?

They eliminate the need for financial audits

They are used to prepare financial statements

They provide a basis for management appraisal

They ensure compliance with tax laws

Answer explanation

A key benefit of preparing budgets in management accounting is that they provide a basis for management appraisal, allowing for performance evaluation against set financial goals.

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