Exam 5: Regulatory Framework for Companies

Assume the opening balance of equity (01/07/2014)is $1,400,000.During 2014/15,there was a share issue of $540,000,dividends declared of $280,000 and a profit for the year of $710,000,What is the equity balance on the 30/06/2015?

Currently worldwide,most major economies have either adopted IFRSs or:

Which of the following statements is incorrect?

Information if by its omission,misstatement or non-disclosure has the potential to influence economic decision-making,is regarded as:

Calculate the total comprehensive income for the year if operating profit is $456,000,the tax rate is 30%,finance charges are $88,200 and other comprehensive income for the year (net of tax)is $195,000.

In a statement of financial position,trade debtors would normally be classified as a:

Which of the following financial statements does not have to be prepared by a publicly listed company?

Consolidated accounts are:

An audit report that contains the opinion that the financial statements are true and fair and comply with the accounting standards is described as:

Which of the following statements is correct? Consolidated statements:

Organised stock exchanges provide which of the following benefits?

Which of the following comments in relation to the statement of cash flow is incorrect? The statement of cash flows:

The statement of comprehensive income differs from a traditional statement of financial performance in that:

Which of the following may be voluntarily disclosed in the annual report? 1)Human resource strategies. 2)Environmental initiatives. 3)Community contributions. 4)Financial forecasts.

Which statement in relation to a company is not correct?

Which of the following is not included in an audit report?

The statement of changes in equity includes: