12) With the separation of ownership from control arises the potential of a conflict of interest between: A) managers and auditors C) owners and shareholders B) owners and managers D) creditors and managers 13) The main benefits to accrue from the adoption of international accounting standards include A) increasing comparability of financial reports B) removing barriers to international capital flows C) improving the quality of financial reporting in Australia to best international practice D) all of the above 14) Which of the following is NOT a common perspective on companies? A) political B) ethical C) legal D) financial 16) The organisation in Australia charged with enforcing and administering the Corporations Act is A) AASB B) FRC C ASX D) ASIC 18) 19) One of the major goals of developing economies is to A) discourage investmentby international companies B) discourage investment by multinational companies C) encourage investment by company directors D) encourage investment by international or multinational companies 20) A share in the profits of an entity distributed in proportion to the shareholders' shareholdings is referred to as: A) equity B) interest C) dividends D) drawings