18) Which of the following statements is incorrect A) intemal reports are provided to company managementfrom within the organisation for planning and control purposes B) published financial reports of companies are primarily designed to fulfil the information needs of users and to discharge the company's accountability requirements C) thepublished financial statements of companies are often referred to as external reports D) the published financial statements of companies are often referred to as internal reports 19) Potential users of company fi financial statements in include: A) special interest community groups B) suppliers and customers C) prospective investors and financial analysts D) all of the above 20) Which financial reports are designed to satisfy the common information needs of a wide rangeof users who are unable to command the preparation of reports tailored to their particular information needs? A) special purpose O particular purpose B) generalpurpose D) specific purpose TRUE/FALSE. 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 company or is classified as a small proprietary company 22) The ASX listing rules specify certain disclosure requirementsfor financial reports additional to those required by the Corporations Act and accountingstandards. 23) The Corporations Act requires the accounts of a company to convey a true and fair view. 24) Financial statements areprimarily directed towards the information needs of the shareholders of the company 25) Thestatement of cash flows reconciles the opening and closing balances of shareholders' equity 26) The accounting standards issued by the AASB aim to provide more detailed guidance, mainly by prescribing allowable accounting policies and requiring the disclosure of certain details of various transactions and balances. 27) Periodic disclosure involves the immediate public disclosure by acompany of any information that is not generally known and would have a material effect on the price or value of its securities. 28) 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 30) Companies listed on the Australian Securities Exchange must comply with the securities exchange listing rules. 31) SAC 1 requires non- reporting entities to prepare general purpose financial reports and specifies that these financial reports are to comply with statements of accounting concepts and accounting standards