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ACC201 Financial Accounting - 2026 Semester 1

ACC201 Financial Accounting - 2026 Semester 1

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What is recoverable amount?

Estimated selling price minus expected early settlement fees

Higher of fair value less costs of disposal and value in use

Present value of tax deductible amounts attached to assets

Lower of cost and net realisable value of inventory

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What is the indirect method of operating cash flow reporting?

Measuring operating cash solely from changes in equity balances

Adjusting profit for non cash items and working capital changes to derive cash

Recognising only realised gains and losses through direct cash receipts

Reporting only gross receipts and payments without accrual adjustments

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What characterises a derivative under AASB 9?

Value changes with an underlying variable, requires no initial investment, settled in the future

It must be backed by tangible collateral and settled at inception

Its value is constant regardless of market changes during the period

It can be recognised only when cash settlement has occurred

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_______ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past event'.

Income

Asset

Liability

Expense

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A company holds large superannuation funds on behalf of customers. Why must it follow Tier 1 requirements?

It prepares budgets instead of formal regulated statements

It operates solely for internal users without external reliance

It has minimal public interactions and limited reporting needs

It has public accountability involving broad external stakeholders

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Materiality and aggregation require:

Offsetting of revenues and related expenses always

Excluding one-off transactions from reporting

Combining all items that appear dissimilar in nature

Separate presentation for items considered material

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Tier 2 under AASB 1053 requires entities to apply:

Only disclosure rules without recognition rules

Recognition and measurement with reduced disclosures

Taxation standards instead of accounting standards

Cash basis accounting for all listed transactions

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According to AASB 16, the date on which a lessor makes an underlying asset available for use by a lessee is known as the:

commencement date

ownership date

None of the options are correct

closing date

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The ASX Listing Rules primarily emphasise:

Tax reconciliation and documentation filings

Continuous disclosure and periodic reporting

Audit partner independence requirements

Measurement changes for non-current assets

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A business wants to improve transparency for investors. What presentation practice best achieves this?

Presenting only aggregate totals in notes to the accounts

Combining items to simplify the appearance of statements

Showing material items separately to improve clarity

Using only cash basis reporting to reduce adjustments

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