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Quiz on ACC341 - Topic 4, created by mentor on 15/09/2014.

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ACC341 - Topic 4

Question 1 of 5

1

The ranking of items in a balance sheet by liquidity is an example of what type of scale?

Select one of the following:

  • Ordinal

  • Nominal

  • Interval

  • Ratio

Explanation

Question 2 of 5

1

What is the key advantage a ratio scale has over an interval scale?

Select one of the following:

  • Equal units

  • Equal gaps between units

  • A neutral zero point

  • Rank order

Explanation

Question 3 of 5

1

Which of the following is a characteristic of fiat measurement:

Select one of the following:

  • Consistency

  • Arbitrary definitions

  • Accuracy

  • Reliability

Explanation

Question 4 of 5

1

Accounting is best described as a form of:

Select one of the following:

  • Fundamental measurement

  • Derived measurement

  • Ratio measurement

  • Fiat Measurement

Explanation

Question 5 of 5

1

Reliability in measurement is best exhibited by which of the following accounting methods:

Select one of the following:

  • Continuously Contemporary Accounting

  • Historical Cost Accounting

  • Fair values

  • Present values

Explanation

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