economic business Essay

Submitted By cjhendry1991
Words: 1153
Pages: 5
Open Document
University of Aberdeen

Session 2010-2011

Examination for the Degree of MA
AC1009: Accounting and Accountability
Wednesday 26 January 2011, 15.00 – 17.00, Games Hall, Butchart Centre
Rubric:
Answer all questions from SECTION A, and two from the SECTION B.

SECTION A
(Answer all questions from this section)

Question 1 (20 sub questions 2 marks each, total 40 marks)
Select the correct answer (only one choice is correct)
1.1 The main purpose of a _______________ is to generate surpluses and use the wealth for social and community objectives.
a. partnership
b. sole proprietorship
c. not-for-profit organisation
d. private limited liability company
1.2 According to the Companies Act 2006, the _____________ are required to prepare a
_____________ report.
a. shareholders, business prospect
b. auditors, business review
c. stakeholders, business prospect
d. directors, business review
1.3 In a partnership, the partners make decisions collectively and are accountable to one another.
This is a form of ________________ accountability.
a. hierarchical
b. market
c. legal
d. participatory
1.4 The directors are responsible for filing the company’s accounts and reports with the
International Accounting Standards Board (IASB).
a. True
b. False

1.5 ___________________ is a network-based organisation which develops the framework for voluntary sustainability reporting.
a. Global Reporting Initiative
b. Global Sustainability Reporting
c. Global Environmental Reporting
d. Global Voluntary Reporting
Questions continued over…
Page 1 of 5

1.6 Which of these are the qualitative characteristics of financial information?
I. Comparability
II. Consistency
III. Accountability
IV. Understandability
a.
b.
c.
d.

I and II
I and III
I, II and IV all of the above

1.7 Functionalists believe that the accounting profession is here to make money.
a. True
b. False
1.8 The financial accounting information system involves two important sub-systems. They are:I. Transaction Processing Systems
II. Inventory management systems
III. Decision Support Systems
IV. Accounting training Systems
a.
b.
c.
d.

I and III
II and III
I and IV
II and IV

1.9 What does APB stand for?
a. Audit Practices Board
b. Auditing Practices Board
c. Accounting Practices Board
d. Accounting Practical Board
1.10 The Transaction Processing Systems (TPS) involves which three key activities?
I. Capturing transactions
II. Recording transactions
III. Classifying transactions
IV. Interpreting transactions
a.
b.
c.
d.

I, II and IV
II, III and IV
I, II and III
I, III and IV

1.11
a.
b.
c.

Which statement is correct regarding an accountability relationship.
Power wielder is the one who exercises the delegated power.
Accountability holder is the one who exercises the delegated power.
For an effective accountability relationship, power wielder should be able to keep the accountability holder accountable.
d. Normally, accountability holder is obliged to provide accounts to the power wielder.
Questions continued over…
Page 2 of 5

1.12

An accountability mechanism is
a.
Always a legal arrangement within which one party is held accountable to the other
b.
Necessarily an informal arrangement within which one party is held accountable to the other
c.
Any sort of social arrangement within which one party is held accountable to the other. d.
Necessarily a hierarchical arrangement within organisations to hold subordinates accountable to the superiors.

1.13

The primary job of the external auditor is to
a.
assess whether the board of directors have performed their legal duties and responsibilities b. assess whether the accountants are appropriately qualified to perform accounting activities in the company
c.
assess whether the financial statement are prepared in accordance with accounting standards and company law.
d.
assess whether the company has earned sufficient profit
Show More

Related Documents: economic business Essay

Economics and Business Essay

BTEC National Subsidiary Diploma/Diploma (Level 3) in Business Studies, UNIT 1 ASSIGNMENT – The Business Environment Student Name: Teacher: | Date assignment issued: Final Completion Date: | Welcome to your first assignment for BTEC Level 3 Business Studies. In order to make sure that you complete the unit on time and meet all your deadlines, you will find that the assignment is broken down into key tasks. Each…

Words 1647 - Pages 7

Economics and Business Essay

Business Environment Assignment - 3 P5: Describe the influence of two contrasting economic environments on business activities within a selected organisation. The business environment consists of a range of major influences that are outside a business. These include political, social and legal changes that affect a business. I will be looking at how two economic environmental problems influence a business. Political factors: The politicians make important decisions. At the national level the…

Words 664 - Pages 3

Questions On Business Economics

Assignment Brief Semester: Summer 2014 Module Code: PM101 Module Title: Business Economics Programme Business Management Business Management (Travel & Tourism) Management with Human Resource Management Business Management and Information Technology Human Resource Management with Information Systems BSc Accounting and Finance BA Accounting and Finance Oil and Gas Management Law with Management Business Studies Level: Level 4 Awarding Body: University of Plymouth Format: Individual…

Words 576 - Pages 3

The Dynamics Of Business And Economics

Business 101 – Spring 2015 Exam 1 Study Guide Chapters 1, 2, 14, 15 and 16 Chapter 1: The Dynamics of Business & Economics What is any business’s primary objective? Earn a profit Be able to articulate “the” primary success factor in a business’s ability to attain its primary objective. (3 words!) It is something you do better than your competitors and you continue doing it over time. Sustainable competitive advantage: doing something better than your competitors and continuing to do so time…

Words 1788 - Pages 8

Economics and Business Essay

Economics and Business Romania’s major industries are cement and construction, petrochemicals, automobiles, aircraft, textiles, food and beverages, metallurgy chemicals, mining, consumer durables, and tourism.- INDUSTRIAL PRODUCTION. Dacia is a major car company in Romania. Romania has a developing market economy. It is one of the most recent countries to enter the EU (European Union). The labor force consists of 9.35 million people. 37% of these people work in agriculture, 34% in industry…

Words 370 - Pages 2

Questions On Business Economics

FTICHI MOHAMED YOUNESS HOMEWORK 1 – BUSINESS ECONOMICS Question: Key words definition Trade-offs: resources are scarce, so trade-offs are a basic fact of life. Incentives: in making choices, decision makers respond to incentives. Exchange: people benefit from voluntary exchange, and in market economies, market exchanges lead to the efficient use of resources. Information: the structure that markets take and how well they can function depend critically on the information available to decision…

Words 1348 - Pages 6

Essay Modern Business Economics

Modern Business economics Business Economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs." Subject matter Business Economics…

Words 494 - Pages 2

E-Business Economic Impact

The economic impacts of e-Business Electronic business, also known as E-business, is the conduct of business on the internet and other computer networks. It doesn’t just involve buying and selling of products, but also customer services and collaborations with business partners. In recent years, e-business has developed rapidly and the e-purchasing system is becoming more popular all around the world. Electronic business (e-business) is a general concept covering any form of business transaction…

Words 1204 - Pages 5

Welcome To The School Of Business, Management And Economics

Welcome to the School of Business, Management and Economics The School of Business, Management and Economics is a research intensive organisation which combines a broad range of expertise that is highly relevant to the emerging agendas of the 21st century. The constituent departments are the Department of Economics, with its reputation for development economics and international trade; the Department of Business and Management, which spans all the main business disciplines including enterprise…

Words 4996 - Pages 20

Essay about Business Economics Introductory

Business Economics: Introductory Lecture MBAA 604 (Success is a Personal Choice) Treat a person as he is, and he will remain as he is. Treat him as he could be, and he will become what he should be. —Jimmy Johnson Primary Course Learning Objectives Students will • Analyze how demand and supply interact to determine prices and wage rates; • Demonstrate, based on an analysis of revenues and costs, how a firm determines production levels, when to hire and fire workers, and the timing of plant expansions…

Words 2203 - Pages 9