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Questão 1
Questão
If historical cost profits are all distributed in dividends during times of rising inventory prices, this will lead to (assuming other things being equal):
Responda
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A reduction in financial capital
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An erosion of operating capacity
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No effect on capital
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None of the given options is correct.
Questão 2
Questão
Which of the following statements about holding gain (cost savings) in the CCA model is false?
Responda
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Unrealised savings include gains (cost saving) from holding inventory that has increased in price, which have yet to be realised.
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Realised savings relate to cost savings in inventory actually incurred, and gains (cost savings) relate to depreciation actually incurred.
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Unrealised savings include gains (cost savings) from holding depreciable assets (with higher replacement costs) not yet realised through the process of depreciation.
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All of the given options are correct.
Questão 3
Questão
Which of the following characteristics is not included in Continuously Contemporary Accounting (CoCoA), as proposed by Chambers?
Responda
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It provides information about an entity's capacity to adapt to changing circumstances using its cash and cash equivalents.
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All assets are valued in the Balance Sheet based on their exit (net selling) prices.
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Profit is defined as the amount that can be distributed while maintaining operating capacity intact.
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Unlike CCA, CoCoA does not make a distinction between realised and unrealised gains (cost savings).
Questão 4
Questão
Which of the following is not a perceived advantage in developing a conceptual framework project?
Responda
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Standard-setters will be less accountable for their decisions.
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Setting accounting standards will be more economical, despite the resources needed to develop the conceptual framework and standards.
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It will result in a reduced number of accounting standards where issues are covered by the conceptual framework.
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It will provide a defence and enhance the legitimacy of the accounting profession.
Questão 5
Questão
What does the political legitimacy argument, as outlined by Hines (1991), suggest?
Responda
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The accounting profession consists of experts in technical knowledge of accounting and should therefore be given authority to regulate accounting.
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The accounting profession used the development of the conceptual framework as a strategy to promote their self-regulation interests.
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The conceptual framework provides the authority to resolve technical issues with authority and legitimacy.
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As users are politically involved in developing the conceptual framework, the outcome has political legitimacy.
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