Started on Thursday, 5 October 2023, 2:07 PM

State Finished

Completed on Thursday, 5 October 2023, 2:11 PM

Time taken 4 mins 50 secs

Marks 19.00/20.00

Grade 1.90 out of 2.00 (95%)

Question 1

Correct Mark 1.00 out of 1.00

Click here to read PDF article

Read the article and choose whether true (T) or false (F).
1. The European changeover to International Financial Reporting Standards went as expected.
Select one:

True

False 

The correct answer is 'False'.

Question 2

Correct Mark 1.00 out of 1.00

2. CEOs need to fully understand how these accounting and reporting changes could affect the way their financial results
look to outsiders.

Select one:

True 

False

The correct answer is 'True'.

Question 3

Correct Mark 1.00 out of 1.00

3. The changeover to IFRS only involved changing a few numbers in the accounts of the companies concerned.
Select one:

True

False 

The correct answer is 'False'.

Question 4

Correct Mark 1.00 out of 1.00



4. Once companies had understood which accounting policies they had to change, the major problems were over.
Select one:

True

False 

The correct answer is 'False'.

Question 5

Correct Mark 1.00 out of 1.00

5. The changeover experience was the same for each of the companies involved.
Select one:

True

False 

The correct answer is 'False'.

Question 6

Correct Mark 1.00 out of 1.00

6. Many European countries' old reporting standards had been designed mainly with their respective tax authorities
in mind.

Select one:

True 

False

The correct answer is 'True'.

Question 7

Correct Mark 1.00 out of 1.00

Find words or phrases in the article which fit these meanings and write in the spaces.
1. people who make an official record of all the money paid into and paid out of businesses (paragraph B)
.......................

Answer: bookkeeper 

The correct answer is: bookkeeper

Question 8

Correct Mark 1.00 out of 1.00


2. person who is in charge of the way a company reports its accounts to the outside world (paragraph D)
...........................

Answer: Director of External Reporting 

The correct answer is: Director of External Reporting

Question 9

Correct Mark 1.00 out of 1.00

3. a synonym for profitability (paragraph B) .............................

Answer: financial performance 

The correct answer is: financial performance

Question 10

Incorrect Mark 0.00 out of 1.00

4. the documents that are produced for investors at the end of the accounting process (paragraph C)
.......................

Answer: final financial statements 

The correct answer is: reported accounts/final financial statements

Question 11

Correct Mark 1.00 out of 1.00

5. a synonym for the 'main methods of accounting' (paragraph C) ................

Answer: key accounting policies 

The correct answer is: key accounting policies

Question 12

Correct Mark 1.00 out of 1.00

6. things which do not 'fit' in a company's accounts (paragraph C) ................

Answer: anomalies 

The correct answer is: anomalies



Question 13

Correct Mark 1.00 out of 1.00

7. rules which force companies to publish a specific piece of information in their accounts (paragraph D)
.......................

Answer: disclosure requirements 

The correct answer is: disclosure requirements

Question 14

Correct Mark 1.00 out of 1.00

8. the title of the manager with the greatest authority in the normal everyday management of a company
(paragraph B) ......................

Answer: Chief Executive Officer 

The correct answer is: Chief Executive Officer

Question 15

Correct Mark 1.00 out of 1.00

Complete the sentences with words or phrases in the article and write in the spaces.
1. Companies had to assess how they would have to ........ their accounting and reporting processes.

Answer: alter 

The correct answer is: alter

Question 16

Correct Mark 1.00 out of 1.00

2. They had to start by adjusting their ........ ........ ........ .

Answer: key accounting policies 

The correct answer is: key accounting policies

Question 17

Correct Mark 1.00 out of 1.00

 3. The ........ of ......... .......... has responsibility for how the company presents its accounts to the public.

Answer: Director of External Reporting 

The correct answer is: Director of External Reporting

Question 18

Correct Mark 1.00 out of 1.00

4. The public will use the .......... ........... to get a picture of the company's financial performance.

Answer: reported accounts 

The correct answer is: reported accounts

Question 19

Correct Mark 1.00 out of 1.00

5. Companies need to fulfil all of the ........... ........... in their reported accounts in order to comply with IFRS.

Answer: disclosure requirements 

The correct answer is: disclosure requirements

Question 20

Correct Mark 1.00 out of 1.00

6. They must be careful not to publish any ........ in their accounts.

Answer: anomalies 

The correct answer is: anomalies

Finish review

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