1. True or False: Reporting entities are companies that are required to apply accounting standards

2. True or False: Both financial accounting and managerial accounting are subject to many regulations.

3. Which organisation below is involved in formulating, interpreting and/or enforcing accounting regulations in Australia?

A. Australian Securities and Investments Commission

B. Australian Securities Exchange

C. Australian Accounting Standards Board

D. All of the above

4. IASB stands for International Assessment Standards Board.

5. Differential reporting requires small & large proprietary companies to comply with the same accounting standards.

6. The Conceptual Framework identifies two aspects to financial information that are 'relevant'. These are:

A. prudence and neutrality

B. neutrality and verifiability

C. predictability and verifiability

D. verifiability and understandability

7. The Conceptual Framework of Financial Reporting discusses:

A. general purpose financial reports

B. accounting theories

C. corporate social responsibilities

D. none of the above