Multiple Choice
According to s. 224 of the ASIC Act 2001, accounting standards should result in financial information which has which of the following characteristics?
I. Allows users to make and evaluate decisions about allocating scarce resources.
II. Assists directors in discharging their obligations in relation to financial reporting.
III. Is relevant to assessing performance, financial position, financing and investment.
IV. Is readily understandable.
V. Facilitates comparability.
VI. Is relevant and reliable.
A) I, IV and VI only.
B) I, III, IV and VI only.
C) I, II, IV, V and VI only.
D) all of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: From March 2010, the principal objectives of
Q19: In terms of the numbering of AASB
Q20: The definition of a reporting entity in
Q21: People cannot be appointed as members of
Q22: The main functions of the Financial Reporting
Q24: The certificate of registration issued by the
Q25: The replaceable rules that apply to a
Q26: The role of the Australian Securities and
Q27: All company registers must be kept at
Q28: The functions of the Australian Accounting Standards