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Vce BA3 Questions Latest

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Question 16

BCD has the following balances for the year ended 31 December 20X8:

What is the trade payables balance of BCD at 31 December 20X8? Give your answer to the nearest $"000.

Options:

Question 17

An accountant is taking on financial accounting responsibilities for company PQ. Which TWO of the following are NOT true of financial accounting?

Options:

A.

It's purpose is to provide financial information to an external source

B.

It's purpose is to provide information for internal use

C.

Performed without adherence to standard accounting rules

D.

Performed in accordance with legal requirements

Question 18

Which TWO of the following are responsibilities of the IFRS interpretations committee?

Options:

A.

Issuing draft interpretations of the standards for public comment

B.

Communicating the views of the wider public on the ongoing projects to the IASB

C.

Taking decisions on finalising an interpretation of the standards

D.

Preparing and publishing the international financial reporting standards

Question 19

A business may have thousands of transactions in any one accounting year. To trace the details of one of those transactions could be very difficult

Which of the following would be a way to make this easier?

Options:

A.

Efficient filing

B.

Effective coding

C.

Audit trail

D.

Complete record keeping

Page: 4 / 14
Exam Code: BA3
Exam Name: Fundamentals of Financial Accounting
Last Update: May 2, 2024
Questions: 393
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