Exam 17: Presentation of Financial Statements

Which of the following entities would be classified as Tier 2 under AASB 1053 Application of Tiers of Australian Accounting Standards, and thus be given relief from some reporting requirements? I. Not-for-profit private sector entities II. Most public sector entities III. Small proprietary companies

An interim financial report prepared by a disclosing entity is required to include which of the following statements? I. Condensed statement of cash flows II. Condensed statement of changes in equity III. Condensed statement of financial position IV. Condensed statement of profit or loss and other comprehensive income

The correct heading on a statement of financial position prepared for 30 June 2019 is:

AASB 115 suggests which of the following as appropriate categories for the aggregation of revenues? I. Geographical region II. Type of goods or services III. Duration of contract IV. Type of customers

Which of the following statements is incorrect?

Which statement concerning AASB 1053 Application of Tiers of Australian Accounting Standards is not true?

Which of the following categories of revenue do not require separate disclosure under IAS 18/ AASB 118?

Which of the following areas have a major difference in accounting treatment by sole traders and partnerships and accounting treatment by companies? I. Accounting for GST II. Accounting for equity III. Distributions to owners IV. Accumulation of profits V. Accounting for inventory VI. Accounting for income tax

Under the accounting standards, which of the following is not typically included in other comprehensive income?

The Corporations Act 2001 requires the annual report to include the financial statements that are specified as:

How many of the following expenses that would normally appear in an internally prepared profit and loss statement are required to be separately disclosed in an external statement prepared to conform to the requirements of the accounting standards? $\bullet$ Cleaning $\bullet$ Salaries and wages $\bullet$ Telephone expense $\bullet$ Repairs and maintenance

IAS 34/AASB 134 Interim Financial Reporting specifies that an interim report required to be prepared by a disclosing entity is for:

According to AASB 1039, how many of the following disclosures must be made in a concise financial report in order to provide clear information to shareholders? $\bullet$ Graphs of profits for the last five years $\bullet$ Details of any changes in accounting policies or estimates $\bullet$ The amount of dividends paid and dividends declared $\bullet$ That the report is an extract only from the full financial report

Under the Corporations Act, a 'disclosing entity' must prepare a half-yearly financial report in addition to an annual report. Which of the following are 'disclosing entities'? I. A borrowing corporation II. A company listed on the securities exchange III. A company raising funds through a prospectus

Which accounting standards are specific to the nature and disclosure of income?

AASB 1039 suggests that some discussion and analysis should accompany concise reports. Which of the following is a suggested discussion item for the statement of cash flows?

Under IAS 1/AASB 101, the statement of changes in equity is:

AASB 1039 specifies the minimum contents required for:

In the heading for a statement of financial position made up to 31 December 2020 the date must be stated as:

The most commonly preferred term used for owner's equity in a company balance sheet is: