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34) Qualitativecharacteristics are the attributesthat makeinformation provided in financial reports useful to 35) Comparability implies that the information provided in financial reports is readily understandable by users 36) Pursuant to the Corporations Act, directors must ensure that the company's financial reports are made out in accordance with applicable accounting standards approved by the Australian Accounting Standards Board. 37) A consolidated group comprises a parent entity and the entities it controls 38) The directors' declaration is a declaration by directors whether, in their opinion, there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable 39) Conceptual frameworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting 40) A small proprietary company will be required to prepare financial reports if shareholders holding at least 5% of votes in the company request. 41) SAC2 considers that general purpose financial reports should provide information useful tousers for the identification of instances of fraud within a company 2) Thefinancial report, directors' report and auditor's report areusually presented asan integral part of the company's annual report. 43) Accrual accounting involves the recognition of revenues and expenses of a financial period as they are eamed or incurred, irrespective of the time at which any cash is received or paid. 44) An entity subject to disclosure requirements arising from the issue of certain types of securities is known as a reporting entity 45) An auditor is required to form an opinion about the truth and faimess of the company's financial statements and then report that opinion to company shareholders 46) The costs of providing detailed financial information and disclosures may be justified for a public company with a large number of interested stakeholders 47) The Corporations Act provides very v detailed rules as to the required form and contentof company financial statements. 48) The statement of financial position is also known as the balance sheet. 49) The publication of financial statements is one of the major means by which companies and company directors are made accountable 50) The statement of comprehensive income shows the economic condition of an entity with regard to its oontrol over resources and financial structure. 34) Qualitativecharacteristics are the attributesthat makeinformation provided in financial reports useful to 35) Comparability implies that the information provided in financial reports is readily understandable by users 36) Pursuant to the Corporations Act, directors must ensure that the company's financial reports are made out in accordance with applicable accounting standards approved by the Australian Accounting Standards Board. 37) A consolidated group comprises a parent entity and the entities it controls 38) The directors' declaration is a declaration by directors whether, in their opinion, there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable 39) Conceptual frameworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting 40) A small proprietary company will be required to prepare financial reports if shareholders holding at least 5% of votes in the company request. 41) SAC2 considers that general purpose financial reports should provide information useful tousers for the identification of instances of fraud within a company 2) Thefinancial report, directors' report and auditor's report areusually presented asan integral part of the company's annual report. 43) Accrual accounting involves the recognition of revenues and expenses of a financial period as they are eamed or incurred, irrespective of the time at which any cash is received or paid. 44) An entity subject to disclosure requirements arising from the issue of certain types of securities is known as a reporting entity 45) An auditor is required to form an opinion about the truth and faimess of the company's financial statements and then report that opinion to company shareholders 46) The costs of providing detailed financial information and disclosures may be justified for a public company with a large number of interested stakeholders 47) The Corporations Act provides very v detailed rules as to the required form and contentof company financial statements. 48) The statement of financial position is also known as the balance sheet. 49) The publication of financial statements is one of the major means by which companies and company directors are made accountable 50) The statement of comprehensive income shows the economic condition of an entity with regard to its oontrol over resources and financial structure

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