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3.   Explain the personal qualities required in owning such a business e.g. long hours; tedious work; customer relationships; impact on family life etc.

1.15     What are the benefits of professional association membership for exam bank accounting graduates?

Benefits include:

·      further education through the CPA, CA and MIPA programs

·      technical assistance on accounting standards and the Framework

·      support for graduates through the resources on the web, seminars and continuing education programs

·      guidance in relation to the code of ethics for professional accountants

1.16     Give an example of the role accounting information plays in the investment planning for a retired cricketer and a retired public servant.

Accounting exam bank provides us with a language to help understand the decision making process associated with investment planning. A retired cricketer would use accounting to initially work out a strategy for investing earnings and then to help keep track of his/her investments which could include property, shares, luxury cars etc. A retired public servant would have a superannuation fund and possibly other investments. Accounting knowledge would assist in helping to interpret the annual returns and fees from a superannuation policy and the performance of the assets invested by the superannuation fund. It could also assist in choosing investments that would provide most benefits to the retiree

1.17     What are some of the opportunities and threats for the accounting profession resulting from the large number of corporate collapses in the early 2000s?

The large number of corporate collapses in the early 2000s and throughout the last decade provides many opportunities for the accounting profession. Such as:

·      employment in areas such as forensic accounting, insolvency, taxation, auditing

·      demand generally for accounting and audit services

·      demand for accountants with experience working with global accounting standards

·      job opportunities overseas with the Big 4 accounting exam bank firms and multinational entities

Threats

·      Accounting professions’ work under more scrutiny

·      There has been an increase in litigation against accountants question bank download and auditors

·      The demise of some accounting firms e.g. Arthur Andersen

1.18     Compare and contrast the roles of the Financial Reporting Council (FRC) and the Australian Securities Exchange (ASX).

The FRC is a statutory body made up of key stakeholders from the business community, the professional accounting question bank download bodies, governments and regulatory agencies. The FRC’s role is to oversee the accounting and auditing standard-setting process for both the public and private sectors in Australia. The ASX contributes to company regulation in Australia as it regulates listed entities on the stock exchange through its Business Rules and Listing Rules which are in addition to the regulations in the Corporations Act.

1.19     What is the difference between the Conceptual Framework's fundamental qualitative characteristics of relevance and faithful representation? Can you think of any trade-offs between relevance and faithful representation?

Relevance implies that the information should have predictive and confirmatory value for users in making and evaluating economic decisions. Faithful representation implies that the information fully represent the phenomena it purports to represent. This means that the financial information will be complete, neutral and free from question bank download.

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