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ACC341 - Topic 4

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Quiz on ACC341 - Topic 4, created by mentor on 15/09/2014.
mentor
Quiz by mentor, updated more than 1 year ago
mentor
Created by mentor over 9 years ago
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Resource summary

Question 1

Question
The ranking of items in a balance sheet by liquidity is an example of what type of scale?
Answer
  • Ordinal
  • Nominal
  • Interval
  • Ratio

Question 2

Question
What is the key advantage a ratio scale has over an interval scale?
Answer
  • Equal units
  • Equal gaps between units
  • A neutral zero point
  • Rank order

Question 3

Question
Which of the following is a characteristic of fiat measurement:
Answer
  • Consistency
  • Arbitrary definitions
  • Accuracy
  • Reliability

Question 4

Question
Accounting is best described as a form of:
Answer
  • Fundamental measurement
  • Derived measurement
  • Ratio measurement
  • Fiat Measurement

Question 5

Question
Reliability in measurement is best exhibited by which of the following accounting methods:
Answer
  • Continuously Contemporary Accounting
  • Historical Cost Accounting
  • Fair values
  • Present values
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