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Which of the following factors could weaken corporate governance? O Ensuring that the rotation of directors is such that the average incumbency ensures that all directors are appointed for a long period so as to enhance their familiarity with the company's policies and procedures O The appointment of independent directors to the audit committee O Ensuring the CEO is not the chairman of the board of directors O Stipulating the maximum number of directorships a director can commit to Question 30 1 pts Which of the following statements is incorrect? O The external auditors responsible for the preparation of a company's financial statements. O Corporate governance can provide assurances that management is accountable for their actions. O Audit committees are now compulsory for the top 500 companies. O An audit committee may be responsible for reviewing policies on internal control procedures. 0 Financial statement users assess a business' liquidity and solvency to see whether a business is generating enough cash to pay its debts. O True O False Question 28 1 pts The fundamental characteristic of the corporate form of business organisation that gives rise to the need for governance mechanisms is: the abuses by professional managers. O mutual agency. O the lack of separatida of ownership and control. O the separation of ownership and control. Historic cost refers to: O the cost of selling an item. O the purchase consideration of an item, plus incidental costs. O the cost to replace an item. O economic value. D Question 26 Which of the following transactions for July represents revenue for the month? O Collected $1000 in advance for architectural services to be provided in August. Borrowed $60 000 from the bank, repayable over two years. 4 O Completed architectural services for $30 000, payable in seven days. O Collected cash of $5000 from an account receivable outstanding since February. 1 pts Activities that involve the production or delivery of goods for sale or the providing of services for sale should be listed under which classification on a cash flow statement? O Business activities O Investing activities O Financing activities O Operating activities O Refunding activities Question 24 1 pts Current accounting practice in Australia is to initially record property, plant and equipment at: O economic value. O historical cost. O replacement cost. net realisable value. O as good as the base information on which the analysis is made. O All of the statements are correct. O targeted to the needs of the users of the analysis O viewed in the wider context of the industry and the political and social environments. Question 22 1 pts Which of the following is not recorded as a business transaction of a sole trader who uses an accrual accounting system? O Owner contributes cash to start the business O Owner wins the lobery and deposits winnings in the business bank account O Owner performs work for a customer but will not receive cash until next month O Owner agrees to hire a job applicant to start next month on a salary of $50,000 p.a. O Owner uses cash from the business to pay for a holiday GAAP provides rules for entities to follow when preparing financial statements which assist external users with: O making comparisons between the financial information of different entities. O making comparisons between an entity's budgeted and actual results. O analysing owner's personal transactions. O interpreting bank statements. Question 20 1 pts Which of the following can Tim not recognise as an expense assuming all relate to his business? O Use of water to which Tim will be invoiced in two months O A suspicion that Jon will not return the $26 that he borrowed from Tim O Payment of electricity for the month of $50 O Payment of interest on a loan of $100