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1. Financial accounting can be considered a process involving the collection and processing of financial information to assist the decision-making needs of parties internal to an organisation. FALSE AACSB: Reflective Thinking Difficulty: Easy Learning Objective: 01-01 Understand the meaning of 'financial accounting' and its relationship to the broader areas of accounting and accountability. Section: Financial accounting defined Topic: Role of financial accounting 2. The regulation of accounting can be argued to be necessary to protect the information rights of parties not involved in the day-to-day operations of the organisation. TRUE AACSB: Reflective Thinking Difficulty: Easy Learning Objective: 01-02 Be able to explain who is likely to be a user of general purpose financial statements. Section: Financial accounting defined Topic: Users of financial accounting information 3. The financial statements and supporting notes included in an annual report presented to shareholders at a company's annual general meeting is an example of general-purpose financial statements. TRUE AACSB: Reflective Thinking Difficulty: Easy Learning Objective: 01-01 Understand the meaning of 'financial accounting' and its relationship to the broader areas of accounting and accountability. Section: Users demand for general purpose financial statements Topic: Role of financial accounting 4. There has been a trend by governments and government departments towards adopting specialised public-sector related standards. FALSE AACSB: Reflective Thinking Difficulty: Medium
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