ch01tbleo10e.docx

ch01tbleo10e.docx

《ch01tbleo10e.docx》由会员分享，可在线阅读，更多相关《ch01tbleo10e.docx（20页珍藏版）》请在冰点文库上搜索。

ch01tbleo10e

Testbank

toaccompany

CompanyAccounting10e

by

KenLeo,JeffreyKnapp,SueMcGowan&JohnSweeting

Preparedby

PeterBaxter

©JohnWiley&SonsAustralia,Ltd2015

Chapter1:

Natureandregulationofcompanies

Multiple-choicequestions

1.Theadvantagesofacompanyoverapartnershipandsoletraderdonotincludewhichofthefollowing?

a.Membersareabletoselltheirsharesatanytimetoanotherpersonwithouthavingtoobtainpermissionfromtheothermembers.

b.Membersareliableforonlyalimitedamountofthecompany’sdebts.

c.Acompanyhasalegalexistencedistinctfromitsowners.

*d.Acompanyisonlyentitledtoraisesmallamountsofcashbyissuingshares.

Correctanswer:

d

LearningObjective1.1~summarisethenatureandattributesofacompany

2.InAustralia,theCorporationsAct2001isadministeredbythe:

a.AustralianSecuritiesExchange.

b.AustralianAccountingResearchFoundation.

*c.AustralianSecuritiesandInvestmentsCommission.

d.SecuritiesandExchangeCommission.

Correctanswer:

c

LearningObjective1.1~summarisethenatureandattributesofacompany

3.ThetwomaintypesofcompaniespermittedtoberegisteredundertheCorporationsAct2001area:

a.privatecompany,andaproprietarycompany.

b.publiccompany,andatradeunion.

*c.proprietarycompany,andapubliccompany.

d.proprietarycompany,andapartnership.

Correctanswer:

c

LearningObjective1.2~discussthedifferenttypesofcompanieswhichmaybeformedundertheCorporationsAct2001

4.

AccordingtotheCorporationsAct2001,asmallproprietarycompanyisonewhichsatisfiesatleasttwoofthefollowingtests:

itmusthaveconsolidatedrevenueoflessthan$25million,consolidatedgrossassetsoflessthan$12.5millionand:

a.totalliabilitiesoflessthan$10million.

b.totalliabilitiesoflessthan$20million.

c.fewerthan100employeesattheendofthefinancialyear.

*d.fewerthan50employeesattheendofthefinancialyear.

Correctanswer:

d

LearningObjective1.2~discussthedifferenttypesofcompanieswhichmaybeformedundertheCorporationsAct2001

5.Aproprietarycompanymusthaveatleastoneshareholderandcannothavemorethan:

a.100shareholders.

*b.50shareholders.

c.20shareholders.

d.500shareholders.

Correctanswer:

b

LearningObjective1.2~discussthedifferenttypesofcompanieswhichmaybeformedundertheCorporationsAct2001

6.Adisclosingentityincludes:

a.acompanythatisnotareportingentity.

*b.anentitywhichhasitsshareslistedontheASX.

c.anentitywhichissuesitssharesonlytothecompanydirectors.

d.asmallproprietarycompany.

Correctanswer:

b

LearningObjective1.2~discussthedifferenttypesofcompanieswhichmaybeformedundertheCorporationsAct2001

7.ThecertificateofregistrationissuedbytheAustralianSecuritiesandInvestmentsCommissionisvalid:

a.for12monthsonlyandmustberenewedannually.

b.foramaximumperiodof5years.

c.for15years.

*d.untilthecompanyisderegistered.

Correctanswer:

d

LearningObjective1.3~describethenecessarydocumentationforformingacompany

8.ThereplaceablerulesbuiltintotheCorporationsActdealwithwhichofthefollowing?

*a.Appointment,powers,remunerationandterminationofdirectors.

b.Meetingsbetweentheexternalauditorsandthecompany’sauditcommittee.

c.Remunerationoftheexternalauditors.

d.Annualdividendpaymentstomembers.

Correctanswer:

a

LearningObjective1.3~describethenecessarydocumentationforformingacompany

9.Thereplaceablerulesthatapplytoacompanyhaveeffectasacontractbetween:

a.thecompanyandeachmember.

b.thecompanyandeachdirectorandcompanysecretary.

c.amemberandeachothermember.

*d.alloftheabove.

Correctanswer:

d

LearningObjective1.3~describethenecessarydocumentationforformingacompany

10.Thesharecapitalofacompanymayconsistof:

*a.ordinaryorpreferencesharesissuedbythecompanyeitherfullypaidorpartlypaid.

b.loansfrombanks.

c.securedandunsecurednotesissuedbythecompany.

d.debenturesissuedbythecompany.

Correctanswer:

a

LearningObjective1.5~compareandcontrastsharesanddebentures,anddiscussthereasonsforissuingdisclosuredocuments

11.Themainroleofthetrusteefordebentureholdersistoprotecttheinterestsof:

a.suppliers.

*b.debentureholders.

c.directors.

d.employees.

Correctanswer:

b

LearningObjective1.5~compareandcontrastsharesanddebentures,anddiscussthereasonsforissuingdisclosuredocuments

12.

Whichofthefollowingisnotspecificallyexcludedfromthedefinitionofadebentureunders.9oftheCorporationsAct2001?

a.Bankoverdraftsintheordinarycourseofbusiness.

*b.Unsecurednotes.

c.Moneyorders.

d.Cheques.

Correctanswer:

b

LearningObjective1.5~compareandcontrastsharesanddebentures,anddiscussthereasonsforissuingdisclosuredocuments

13.Whichofthefollowingstatementsiscorrectinrelationtodisclosuredocuments?

a.Themostcompletedisclosuredocumentontheissueofsecuritiesisaprofilestatement.

b.ProspectiveinvestorsarenotentitledtoreceiveacopyoftheprospectuslodgedwiththeASIC.

*c.Informationinadisclosuredocumentmustbewordedandpresentedinaclear,conciseandeffectivemanner.

d.Whereacompanyofferstoissuesecuritieswhichwillraise$10millionorless,anofferinformationstatementcannotbeissuedinplaceofaprospectus.

Correctanswer:

c

LearningObjective1.5~compareandcontrastsharesanddebentures,anddiscussthereasonsforissuingdisclosuredocuments

14.WhichofthefollowingwasnotoneoftheobjectivesoftheCorporateLawEconomicReformProgram（CLERP）?

a.Tomakeaccesstocapitaleasierforsmallbusiness.

*b.Tomakeaccesstocapitaleasierforlargebusiness.

c.Toimprovetakeoverlegislation.

d.Tofacilitatethemorewidespreaduseofelectroniccommerce.

Correctanswer:

b

LearningObjective1.6~discussthebackgroundandpurposeoftheCorporationsAct2001bywhichcompaniesareformed,administeredanddissolved

15.

ThemainfunctionsoftheFinancialReportingCouncilinclude:

I.appointingmembersoftheAASBandAUASB.

II.determiningtheAASB’sbroadstrategicdirection.

III.establishingappropriateconsultativemechanisms.

IV.directingtheAASBinrelationtothedevelopmentormakingofaparticularstandard.

V.thepowertovetoastandardrecommendedbytheAASB.

a.I,II,IIIandVonly.

*b.I,IIandIIIonly.

c.I,II,IVandVonly.

d.II,III,IVandVonly.

Correctanswer:

b

LearningObjective1.7~evaluatethereasonsforthedevelopmentofaccountingstandardsanddescribethecurrentarrangementsforestablishingaccountingstandardsinAustralia,subjecttoglobalinfluencesinthestandard-settingprocess

16.ThefunctionsoftheAustralianAccountingStandardsBoardinclude:

I.developmentofaconceptualframeworkforthepurposeofevaluatingproposedaccountingstandards.

II.makingaccountingstandardsforthepurposeoftheCorporationsAct.

III.participatinginandcontributingtothedevelopmentofasinglesetofaccountingstandardsforworldwideuse.

a.Ionly.

b.IIandIIIonly.

c.IandIIIonly.

*d.I,IIandIII.

Correctanswer:

d

LearningObjective1.7~evaluatethereasonsforthedevelopmentofaccountingstandardsanddescribethecurrentarrangementsforestablishingaccountingstandardsinAustralia,subjecttoglobalinfluencesinthestandard-settingprocess

17.

WhichofthefollowingstatementsiscorrectinrelationtotheUrgentIssuesGroup（UIG）?

a.TheUIGisnowdefunct.Asaresult,previouslyissuedUIGinterpretationsarenolongerenforceable.

b.TheUIGhasbeenreplacedbytheInternationalAccountingStandardsBoard.

*c.Priortoceasingtoexist,theUIGprovidedconsensusviewsonarangeoftopicspeculiartotheAustralianpolitical,legalandeconomicsystems.

d.Priortoceasingtoexist,theUIGwasasubcommitteeoftheIFRSInterpretationsCommittee.

Correctanswer:

c

LearningObjective1.7~evaluatethereasonsforthedevelopmentofaccountingstandardsanddescribethecurrentarrangementsforestablishingaccountingstandardsinAustralia,subjecttoglobalinfluencesinthestandard-settingprocess

18.In2001,theInternationalAccountingStandardsBoardreplacedthe:

*a.InternationalAccountingStandardsCommittee.

b.FinancialReportingCouncil.

c.UrgentIssuesGroup.

d.AustralianAccountingResearchFoundation.

Correctanswer:

a

LearningObjective1.7~evaluatethereasonsforthedevelopmentofaccountingstandardsanddescribethecurrentarrangementsforestablishingaccountingstandardsinAustralia,subjecttoglobalinfluencesinthestandard-settingprocess

19.TheIFRSInterpretationsCommitteeisasubcommitteeofthe:

a.StandingInterpretationsCommittee.

b.AustralianAccountingStandardsBoard.

*c.InternationalAccountingStandardsBoard.

d.FinancialReportingCommittee.

Correctanswer:

c

LearningObjective1.7~evaluatethereasonsforthedevelopmentofaccountingstandardsanddescribethecurrentarrangementsforestablishingaccountingstandardsinAustralia,subjecttoglobalinfluencesinthestandard-settingprocess

20.

AccountingstandardsapprovedbytheAccountingStandardsReviewBoard（ASRB）had:

a.nolegalbackingundertheCompaniesAct,andtheirapplicationwasoptional.

b.nolegalbackingundertheCompaniesAct,althoughalmostallcompaniesfollowedtheirguidance.

*c.theforceoflawundertheCompaniesAct,unlessthecompaniescouldshowthat,bycomplyingwithanyparticularstandard,thecompa