Question 1

According to AASB 1039,in order to provide clear information to shareholders,the concise financial report must disclose how many of the following?
-Gross profit
-Dividends per share
-Earnings per share
-The capitalisation ratio
-Changes in accounting policies

Accepted Answer

A) 2 
B) 3 
C) 4 
D) 5

Question 2

Under IAS 1/AASB 101,which format is subscribed for the statement of financial position?

Accepted Answer

A) No one format is prescribed 
B) Assets = equity + liabilities 
C) Equity = assets - liabilities 
D) Assets - liabilities = equity

Question 3

Under the Corporations Act 2001,the financial statements included in the annual report are specified as:

Accepted Answer

A) a balance sheet,profit and loss statement,statement of cash flows and note 1 to the statements. 
B) those required by the accounting standards. 
C) a balance sheet,profit and loss statement,statement of cash flows and a director's report. 
D) a balance sheet,profit and loss statement,statement of cash flows,director's report,an audit report and a statement of comprehensive income.

Question 4

Which of these is not an expense item that requires separate disclosure under the accounting standards in the statement of profit or loss and other comprehensive income or in the notes attached to the statement?

Accepted Answer

A) Rent expense 
B) Bad and doubtful debts 
C) Impairment expenses of non-current assets 
D) Interest paid

Question 5

How many of these 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?
-Cleaning
-Repairs and maintenance
-Salaries and wages
-Telephone expense

Accepted Answer

A) 1 
B) 2 
C) 3 
D) 4

Exam 17: Presentation of Financial Statements

According to AASB 1039,in order to provide clear information to shareholders,the concise financial report must disclose how many of the following? -Gross profit -Dividends per share -Earnings per share -The capitalisation ratio -Changes in accounting policies

Under IAS 1/AASB 101,which format is subscribed for the statement of financial position?

Under the Corporations Act 2001,the financial statements included in the annual report are specified as:

Which of these is not an expense item that requires separate disclosure under the accounting standards in the statement of profit or loss and other comprehensive income or in the notes attached to the statement?