ACC 209 CBT PRACTICE

Phil 6 hours agoLast Updated: January 21, 2025

0 360 1 minute read

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 209 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

Join The General 200 Level Group

https://chat.whatsapp.com/CR3L5APyRwoJw9MEjO9o1m

Join Undergragra Campus Update Channel

Whatsapp: https://whatsapp.com/channel/0029VakX28dFi8xdORrhjI34

Telegram: https://t.me/ugchannel

I remain your favorite education blogger

❤️ Undergragra

ACC 209

1 / 40

1. Entities rounding off financial figures to the nearest significant unit demonstrate:

A. Application of materiality.

B. Equity-based calculations

C. Historical cost consistency.

D. Verifiable evidence provision

2 / 40

2. Developing countries benefit from IFRS through:

A. Improving corporate governance and transparency.

B. Increasing inconsistency in financial statements.

C. Minimizing international confidence.

D. Reducing access to international markets.

3 / 40

3. Separation of financial information for a business and its owner is mandated by:

A. Accrual recognition principle.

B. Verifiable evidence framework.

C. Full disclosure obligation.

D. Business entity concept.

4 / 40

4. One reason IFRS boosts comparability is:

A. Uniform reporting templates.

B. Transparency in accounting practices.

C. Emphasis on tax optimization

D. Decrease in disclosure requirements

5 / 40

5. Benefits of adopting IFRS include

A. Exclusive use by developed countries

B. Reduction in reporting quality.

C. Simplified auditing standards only.

D. Improved access to global capital markets

6 / 40

6. Qualitative characteristics making financial information useful include

A. Reduced focus on comparability

B. Uniform tax rules across entities

C. Predictive value and neutral representation

D. Simplicity and flexibility.

7 / 40

7. A key distinction between IFRS and GAAP is:

A. GAAP focuses on small entities; IFRS targets corporations.

B. IFRS is globally applied; GAAP is used only in the U.S.

C. IFRS uses a rules-based approach; GAAP uses a standards-based approach.

D. Both exclusively serve private companies.

8 / 40

8. The classification of assets into current and non-current categories depends on:

A. Measurement standards for fixed assets.

B. Revenue realization procedures

C. The intended time for realization or settlement.

D. Recognition criteria outlined in IFRS.

9 / 40

9. Fixed assets being listed at original purchase price relates to:

A. Inventory adjustment mechanism.

B. Modified cash basis method

C. Revenue generation principle

D. Historical cost concept.

10 / 40

10. Why is faithful representation crucial in financial statements?

A. To focus on hypothetical scenarios

B. To align with national accounting standards

C. To reduce transparency in reporting

D. To ensure accurate and unbiased presentation of financial data

11 / 40

11. The primary components of equity within financial statements encompass:

A. Share capital and retained earnings

B. Current liabilities and retained earnings.

C. Non-current assets and common stock.

D. Dividends and short-term loans.

12 / 40

12. What is required for faithful representation in financial statements?

A. Limited descriptions and selective disclosures

B. Bias and material errors

C. Emphasis on predictive value only

D. Completeness, neutrality, and absence of material errors

13 / 40

13. The goal shared by both IFRS and GAAP is:

A. Development of new accounting terminologies.

B. Assurance of financial clarity and honesty.

C. Restriction of stakeholder involvement.

D. Avoidance of accounting automation.

14 / 40

14. Why was the IFRS established?

A. To harmonize accounting treatments and ensure global comparability

B. To replace financial reporting globally

C. To focus solely on small enterprises

D. To eliminate the need for financial reporting in developing countries

15 / 40

15. What is a responsibility of the IFRS Interpretation Committee (IFRSIC)?

A. To manage national accounting standards

B. To oversee the IASB's funding

C. To review financial reporting issues not addressed by IFRS

D. To approve exposure drafts

16 / 40

16. Transparency and trust in global markets are promoted by:

A. Adoption of inconsistent standards.

B. Implementing IFRS standards.

C. Focus on local regulations only.

D. Removal of financial disclosures

17 / 40

17. How does adopting IFRS benefit developing countries?

A. It reduces the need for corporate governance

B. It eliminates the need for financial audits

C. It ensures access to global capital markets and enhances credibility

D. It focuses on domestic economic growth

18 / 40

18. What are the two major qualitative characteristics of financial statements?

A. Transparency and accuracy

B. Relevance and faithful representation

C. Predictive value and confirmatory value

D. Materiality and neutrality

19 / 40

19. How does IFRS promote global financial trust?

A. By eliminating the need for financial reporting

B. By focusing exclusively on small enterprises

C. By allowing different countries to maintain unique standards

D. By ensuring consistency, transparency, and comparability in financial statements

20 / 40

20. What is the primary objective of the IASB?

A. To audit financial statements

B. To develop and approve International Financial Reporting Standards

C. To enforce national accounting standards

D. To fund the IFRS Foundation

21 / 40

21. Verification of financial information's independence ensures:

A. Increased predictive value.

B. Faithful representation through independent verification.

C. Elimination of errors in reporting

D. Simplified presentation and disclosure.

22 / 40

22. The purpose of general-purpose financial statements includes providing insights on:

A. Industry benchmarks for the business.

B. Investment potential of stakeholders.

C. Tax compliance of an entity.

D. Financial position, performance, and cash flows of an entity.

23 / 40

23. When was the International Accounting Standards Board (IASB) formed?

A. 2010

B. 1990

C. 2001

D. 1973

24 / 40

24. Revenue is recognized during the period a sale occurs under:

A. Cash basis methodology.

B. Accrual basis approach.

C. Historical cost approach.

D. Revenue realization concept.

25 / 40

25. One reason IFRS boosts comparability is:

A. Uniform reporting templates.

B. Decrease in disclosure requirements

C. Transparency in accounting practices.

D. Emphasis on tax optimization

26 / 40

26. The accrual concept allows transactions to be recorded:

A. When expenses are settled

B. During the period in which they occur, regardless of payment timing.

C. Only upon receiving payment

D. After a fiscal review by management.

27 / 40

27. The number of countries that have adopted IFRS includes:

A. Only European Union members.

B. Over 160 countries.

C. Less than 100 countries.

D. 120 countries.

28 / 40

28. The guideline ensuring every transaction impacts two accounts is identified as:

A. Money measurement rule

B. Historical cost approach

C. Full disclosure policy

D. Dual aspect principle.

29 / 40

29. The fundamental goal of the Conceptual Framework for Financial Reporting is to:

A. Simplify tax reporting for global entities.

B. Establish a coherent foundation for IFRS development and application.

C. Compare performance between entities.

D. Highlight flaws in existing accounting standards.

30 / 40

30. Who appoints members of the IASB?

A. Shareholders of global corporations

B. Trustees of the IFRS Foundation

C. National governments

D. International financial institutions

31 / 40

31. Financial reporting under IFRS enhances global reputation by:

A. Increasing foreign investment and credibility.

B. Ensuring financial secrecy.

C. Restricting international collaborations

D. Avoiding standardized processes.

32 / 40

32. Why do developing countries benefit from adopting IFRS?

A. It eliminates corporate governance requirements

B. It replaces all local accounting standards

C. It improves financial reporting quality and enhances credibility

D. It restricts access to global capital markets

33 / 40

33. Which committee was replaced by the IFRS Interpretation Committee (IFRSIC) in 2010?

A. IFRS Foundation

B. International Financial Accounting Standards Board

C. Standards Advisory Council (SAC)

D. International Financial Reporting Interpretation Committee (IFRIC)

34 / 40

34. Information aiding the confirmation or change of past predictions relates to:

A. Verifiability

B. Comparability

C. Confirmatory value.

D. Predictive value

35 / 40

35. What is one of the main roles of the IFRS Advisory Committee?

A. To provide financial reporting templates

B. To manage the financial affairs of companies

C. To advise the IASB on financial reporting issues

D. To enforce IFRS compliance globally

36 / 40

36. Financial statements assuming operational continuation over the foreseeable future follow:

A. Accrual basis principle.

B. Going concern assumption.

C. Materiality concept.

D. Dual aspect guideline.

37 / 40

37. Information necessary for financial decisions by investors and creditors adheres to:

A. Verifiability requirement.

B. Historical value representation

C. Full disclosure principle.

D. Accrual and timing guidelines.

38 / 40

38. What does neutrality in financial statements imply?

A. Financial statements must favor creditors over shareholders

B. Information must not be manipulated to influence decisions

C. Financial statements should exclude external review

D. Bias in favor of management decisions

39 / 40

39. The robust internal controls required under IFRS primarily enhance:

A. Corporate governance.

B. Investment secrecy.

C. Financial secrecy.

D. Audit delay mechanisms

40 / 40

40. What does completeness in financial statements require?

A. Exclusion of irrelevant data

B. All necessary information for understanding financial performance

C. Biased representation of financial data

D. Only basic financial data inclusion

Your score is

The average score is 65%

Phil 6 hours agoLast Updated: January 21, 2025

0 360 1 minute read

ACC 209 CBT PRACTICE

Phil

Read Next

STA 111 CBT PRACTICE

TMA/THA 103 CBT PRACTICE

MAC 201 CBT PRACTICE

FIN 201 CBT PRACTICE

BIO 207 CBT PRACTICE

MTH 201 CBT PRACTICE

ECN 213 CBT PRACTICE

ANA 203 CBT PRACTICE

BUS 201 CBT PRACTICE

ECN 207 CBT PRACTICE