11)
From the statements given below, find out whether both of thesestatements are suitable to, which of the following research methodslisted: Statement I: This type of research contains mostly suitableand rare data which often exists only in single copy. Statement II:In this type of research the data is gathered and stored prior tothe research intended for later use and huge amount of data isavailable in one place.
a.
Experimental research
b.
Diagnostic research
c.
Simulation research
d.
Archival research
12)
When any amount is withdrawn by the owner from KM hypermarket,the accountant shows this as personal drawings rather than asbusiness expenditure. Which accounting concept is followed by KMhypermarket?
a.
Separate entity concept
b.
Revenue concept
c.
Matching concept
d.
Materiality concept
13)
Al Sakeena Enterprises while preparing their financialstatements rounded off their amounts to the nearest Oman riyal.What would be the reason for this?
a.
To keep details secret from rival companies
b.
Because this is currently fashionable
c.
To show how big their company is
d.
They practice materiality concept
14)
Which one of the following factors is not relevant in evaluatingthe level of threats to compliance with fundamental principles?
a.
Corporate social responsibility requirements.
b.
An explicitly stated duty to report breaches of ethicsrequirements.
c.
Educational, training and experience requirements for theprofession.
d.
Effective complaint systems which enable the professionalaccountant and the general public to draw attention to unethicalbehavior.
15)
Zenith company reviews the progress of its business every halfyearly. This principle of corporate governance gives them lot ofbenefits EXCEPT one of the following:
a.
To explore make of opportunities
b.
To prepare the basic of financial statements
c.
To update business plan
d.
To find out whether the current business is responsive to marketdemands.
16)
Ethics are___________________.
a.
A set of moral principles or values.
b.
Always incorporated in laws.
c.
Not formed by life experiences.
d.
Needed in the professions, but is not needed for society ingeneral.
17)
________ means that a person acts according to conscience,regardless of the situation.
a.
Integrity
b.
Fairness
c.
Respect
d.
Caring
18)
It is the usual practice of Fatima traders that during thelifetime of the business, accountants produce financial statementsat arbitrary points of time. Which basic assumption of accountingbest suits here?
a.
Economic entity.
b.
Periodicity assumption
c.
Monetary unit
d.
Going concern
19)
Which one of the following concept refers to meeting the needsof the present without compromising the ability of futuregenerations to meet their own needs?
a.
Convergence
b.
Harmonization.
c.
Corporate Social Responsibility
d.
Sustainability
20)
Which one of the following is not a rationale for regulatingfinancial accounting information?
a.
To protect users from fraudulent or misleading information.
b.
Market for information without regulation is inefficient and mayresult in production of sub optimal amount of information.
c.
To ensure equal access to information by all interested parties,including those that have limited power to demand it.
d.
To assist management with better information and reports for useby management and parties within the organization.
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