Question: 11) From the statements given below, find out whether both of these statements are suitable to, which of the following research methods listed: Statement I:
11)
From the statements given below, find out whether both of these statements are suitable to, which of the following research methods listed: Statement I: This type of research contains mostly suitable and rare data which often exists only in single copy. Statement II: In this type of research the data is gathered and stored prior to the research intended for later use and huge amount of data is available in one place.
a.
Experimental research
b.
Diagnostic research
c.
Simulation research
d.
Archival research
12)
When any amount is withdrawn by the owner from KM hypermarket, the accountant shows this as personal drawings rather than as business expenditure. Which accounting concept is followed by KM hypermarket?
a.
Separate entity concept
b.
Revenue concept
c.
Matching concept
d.
Materiality concept
13)
Al Sakeena Enterprises while preparing their financial statements rounded off their amounts to the nearest Oman riyal. What would be the reason for this?
a.
To keep details secret from rival companies
b.
Because this is currently fashionable
c.
To show how big their company is
d.
They practice materiality concept
14)
Which one of the following factors is not relevant in evaluating the level of threats to compliance with fundamental principles?
a.
Corporate social responsibility requirements.
b.
An explicitly stated duty to report breaches of ethics requirements.
c.
Educational, training and experience requirements for the profession.
d.
Effective complaint systems which enable the professional accountant and the general public to draw attention to unethical behavior.
15)
Zenith company reviews the progress of its business every half yearly. This principle of corporate governance gives them lot of benefits EXCEPT one of the following:
a.
To explore make of opportunities
b.
To prepare the basic of financial statements
c.
To update business plan
d.
To find out whether the current business is responsive to market demands.
16)
Ethics are___________________.
a.
A set of moral principles or values.
b.
Always incorporated in laws.
c.
Not formed by life experiences.
d.
Needed in the professions, but is not needed for society in general.
17)
________ means that a person acts according to conscience, regardless of the situation.
a.
Integrity
b.
Fairness
c.
Respect
d.
Caring
18)
It is the usual practice of Fatima traders that during the lifetime of the business, accountants produce financial statements at arbitrary points of time. Which basic assumption of accounting best suits here?
a.
Economic entity.
b.
Periodicity assumption
c.
Monetary unit
d.
Going concern
19)
Which one of the following concept refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs?
a.
Convergence
b.
Harmonization.
c.
Corporate Social Responsibility
d.
Sustainability
20)
Which one of the following is not a rationale for regulating financial accounting information?
a.
To protect users from fraudulent or misleading information.
b.
Market for information without regulation is inefficient and may result in production of sub optimal amount of information.
c.
To ensure equal access to information by all interested parties, including those that have limited power to demand it.
d.
To assist management with better information and reports for use by management and parties within the organization.
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