Business Decision-Making and Accounting Essay

Solutions to Spiel Activities

ACCT 1046 Preliminary Accounting

Semester 1, 2010

Lecture one particular Unit 1 – Organization Decision Making and Accounting

Spiel Activity you

1 . The accounting information system comprises four main procedures: examination, recording, credit reporting and identification. The buy in which they occur is usually: a) Reporting, analysis, saving, identification b) Identification, evaluation, recording, confirming c) Analysis, identification, saving, reporting d) Identification, saving, analysis, credit reporting e) Evaluation, recording, reporting, identification Source: Workbook to accompany Accounting an Introduction, 3 rd edition, Jenner & Silvester, Pearson Prentice Hall 06\

Lecture Activity 1 (continued)

2 . Which of the next phrases best describes the important thing qualitative characteristic of ‘relevance'? a) Relevance means that accounting reports should be expressed with as much clarity as possible b) Relevance infers the same accounting treatment to get similar products c) Relevance means that accounting information must not contain any kind of undue prejudice or error of a materials nature d) Relevance signifies that accounting info should have the cabability to influence decisions e) non-e of the previously mentioned Source: Workbook to accompany Accounting an intro, 3rd model, Jenner & Silvester, Pearson Prentice Area 2006

Spiel Activity you (continued)

a few. When accounting information is usually free from material bias or perhaps error, you are able to to be: a) Comparable b) Reliable c) Relevant d) Understandable e) Material Source: Workbook to accompany Accounting an Introduction, third edition, Jenner & Silvester, Pearson Prentice Hall 06\

Lecture Activity 1 (continued)

4. A specific thing of accounting information that is relevant to a particular decision, and reliable, comparable and understandable by decision makers, may well still not really be developed because: a) Nobody would be interested anyhow; b) The expense of producing the knowledge do not outweigh the recognized benefits; c) Unless an accounting common states the fact that item has to be produced, there is no need to do so; d) The costs of producing the information outweigh the recognized benefits; e) non-e from the above. Supply: Workbook to accompany Accounting an Introduction, 3rd edition, Jenner & Silvester, Pearson Prentice Hall 2006

Lecture Activity 1 (continued)

5. Which of the next phrases greatest describes ‘reliability' as it pertains to accounting data? a) Accounting information should be free from any material problem or prejudice; b) Accounting reports must be expressed because clearly as is possible; c) Accounting information will need to have the ability to effect decisions; d) Items which will be essentially comparable should be provided the same accounting treatment; e) None in the above. Origin: Workbook to accompany Accounting an Introduction, 3 rd edition, Jenner & Silvester, Pearson Prentice Hall 06\

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Lecture Activity 1 (continued)

6. Accounting information is built to meet the needs of a) Potential investors only b) Management c) Government agencies just d) Internal and external users Source: Accounting Organization Reporting pertaining to Decision Making Study Guide, second edition, Boland, Wiley Publishing 2008

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Lecture 2 Product 2 – Different Accounting Entities

Spiel Activity one particular

1 . A benefit of a singular trader is that the owner has a) endless liability b) a variety of abilities available to tap into c) successful control over her or his business strategy d) the Australian stock exchange to help when ever in financial difficulty Adapted from Accounting Organization Reporting for Decision Making Analyze Guide, next edition, Boland, Wiley Publishing 2008

Address Activity one particular (continued)

installment payments on your Which from the following is definitely not an advantage for a relatively fresh partnership? a) Resources may be shared amongst one another b) Each partner has an endless liability c) The partnership entity is definitely on a low tax price of 35 per cent d) The government imposes a high level of regulations on a new relationship...

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