Accounting standards are seen to be political because:

Select one:

They can influence perceptions about organisations.

They can create wealth transfers between different groups in society.

They can affect the competitiveness of organisations.

All of the above.

When fair valuing a motor vehicle which of the following is least likely to be important?

Select one:

Make and model.

Age.

Colour.

Kilometres travelled.

Legitimacy theory argues that:

Select one:

Consumers are only interested in minimising costs to themselves.

Organisations can only continue to exist if they demonstrate values consistent with society at large.

The business of business is business.

Organisations should focus on wealth maximisation for their owners.

A key political benefit that may arise from a conceptual framework in accounting is:

Select one:

All of the above.

Individuals and groups are able to influence the standard setters.

Prevention of political interference in setting accounting standards.

Protection of the professional status of accountants and accounting.

Agency theory concentrates on:

Select one:

two agency relationships.

one agency relationships.

multiple agency relationships.

three agency relationships.

The accounting conceptual framework is what kind of theory?

Select one:

Normative

Positive

Abstract

Emergent

Which of the following information must be provided in the financial report about level 3 fair valuations?

Select one:

Quantitative information on the inputs used in the model.

A description of the valuation technique used.

If the asset is not being used for its highest and best use why this is the case.

All of the above.