17 Which of the following statements regarding the directors declaration is incorrect? A) it must be signed by a disector B) it must specify the date on which the dedaration is made Q) it must be madein accordanoe with a resolution ed directors D) it must be signed by the auditor IS) Which of the following stabements is incorrect A) intemal reports are provided to company management from within the organisation for B) published financial repoets of companies are primarily designed to fulfil the information needs of users and to discharge the company's accountability requiremments ) the published financial statements of companiesare often referred to as external reports D) the published financial statements of companies areoften referred to as internal reports 19) Potential users of company financial statements indlude A) special inberest community groups B) suppliers and customers C) prospective investors and financial analysts D) all of the above Which financial reports are designed to satisfy the common information needsof a wide rangeof users who are unable to command the preparation of reports tailoned to their particular information needs? A) special purpose O) particular purpose B) generalpurpose D) specifk purpose TRUE/TALSE Write T if the statement is true and F if the statement is false. 21) A company will generally be required to prepare financial reports and have them audited and lodged with ASIC if it is a public compary or is classified as a small proprietary company. 22) The ASX listing rales specify ts for financial reports additional to those required by the Coeporations Act and accounting standards 23 The Corporations Act requires the accounts of a company to convey a true and fair view 24) Financial statements are primarily directed towards the information needs of the shareholders of the company. 25) The statement of cash flows reconciles the opening and closing balances of shareholders equity 26) The accounting standards issued by the AASB aim to provide more detailled guidance, mainly by prescribing allowable accountin policies and requiring the disdosure of certain details of various transactions and balances 27) Periodie disclosure involves the immediate public disclosure by acompany of any indormation that is not generally known and would have a material effect on the peice oe value of its securities. 25) Financial reports must comply with various legislative and other requirements and guidelines 29) An extemal report is a report provided to management for use within the organisation for planning and control purposes 0) Companies listed on the Australian Securities Exchange must comply with the securities exchange listing rules 31) SAC 1 equires non- reporting entities to prepare general parpose financial reports and specifies that these financial reports are to comply with statementsof accounting concepts and accounting standards 32, The Corporations Act specifically prohibits companies from sending a concise financial report to shareholders rather than the commplete annual report 33) Relevance refers tothe requirement that the Einancial report information must be relevant to the information