Exam 5: Regulatory Framework for Companies

The collapse of several companies earlier this century led to the establishment of a Royal Commission to investigate the contributing issues.Which of the following was not an identified issue?

The organisation that is currently the sole standard-setting body in Australia is the:

Which of the following statements relating to the ASX Corporate Governance Principles is incorrect?

The system by which businesses are controlled and directed is known as:

Three key groups associated with companies are directors,shareholders and auditors. a.Explain the relationship between these three groups. b.Define a reporting entity and a disclosing entity.

Auditors report to the:

An auditor's report does not provide the users of the report with:

Use the data below to calculate MNB Ltd's share issue made in 2014. Equity balance (01/07/2014)- $690,000 Equity balance (30/06/2015)- $1,070,000 Retained Earnings (30/06/2015)- $230,000 There were no dividends declared in the current year and no other reserve accounts.

If you were asked to loan money to a company that you feared may be getting into financial difficulties,which of these courses of action would provide you with the most protection from default on the loan?

The statement that is true about the order of repayment for a company in liquidation is:

Each of the following companies collapsed in the early 2000s.Which one is not an Australian company?

Which of the following statements is incorrect? Under ASX Listing Rules,companies must:

Which of these is a reason why companies are more heavily regulated than sole proprietorships or partnerships?

Which of the following organisations would be most likely to elect to order their assets on the statement of financial position according to liquidity?

If a company's investment in another company is between 20% and 50%,the company invested in is typically known as a/an:

The directors of a public company have a responsibility to:

For information in financial reports to be material,it must:

The harmonisation of accounting standards in Australia refers to:

In 2005,Australia adopted which set of accounting standards?

Major Ltd pays $5,000,000 for a 70% share in Minor Ltd.The net assets acquired in Minor Ltd are valued at $4,500,000.The $500,000 difference will appear in Major Ltd's statement of financial position as: