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1278838
ACC341 - Topic 3
Description
Quiz on ACC341 - Topic 3, created by mentor on 12/09/2014.
Quiz by
mentor
, updated more than 1 year ago
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Created by
mentor
almost 10 years ago
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Resource summary
Question 1
Question
Sombarts thesis in an example of which perspective of history?
Answer
Socially constructed
Socially constructing
Traditional
Professional
Question 2
Question
The perspective that accounting has developed to meet the needs of society is best described as:
Answer
Socially constructed
Traditional
Professional
Socially constructing
Question 3
Question
The industrial revolution was most closely associated with the development of which form of accounting?
Answer
Financial Accounting
Historical Cost
Management Accounting
Auditing
Question 4
Question
Which of the following statements is true about the regulation of accounting practice in its early period of development?
Answer
Accounting was largely determined by accounting theory.
Accounting was largely determined by accounting standards issued by the accounting profession.
Accounting was largely determined by the national Securities and Exchange Commissions and resulting legislation.
Accounting was largely determined by generally accepted practice.
Question 5
Question
Which of the following statements is true about early codification of accounting rules?
Answer
In the early part of the twentieth century, limited work was undertaken to codify particular accounting principles or rules.
Accountants used rules of which they were aware, and which they believed were most appropriate to the particular circumstances.
There was very limited uniformity between the accounting methods adopted by different organisations, thereby creating comparability problems.
All of the given options are correct.
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