32) The Corporations Actspecifically prohibits companies from sending a concise financial report to shareholders rather than the complete anrual report. 33) Relevance refers to the requirementthat the financial report information must be relevant to the information needs of users. 34) Qualitative characteristics are the attributesthat make information provided in financial reports useful to 35) Comparability implies that the information provided in finankial 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 itcontrols. 18) 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 3% Conceptual framseworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting. 40) A s nall 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 usefal tousers for the identification of instances of fraud within a company 42) The financial report,directors' report and auditor's report are usually presented as an integral part of the company's annual report 43) Accrual accounting involves the recognition of reveaes and expenses of a financial period as they are eaned 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 5) 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 bejustified for a public company with a large number of interested stakeholders ) The Corporations Act provides very detailed rules as to the required form and content of company financial 48) The statement of financial position is also known as the balance sheet 49) The publication offinancial 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 anentity with regard to its control over resources and financial structure. 32) The Corporations Actspecifically prohibits companies from sending a concise financial report to shareholders rather than the complete anrual report. 33) Relevance refers to the requirementthat the financial report information must be relevant to the information needs of users. 34) Qualitative characteristics are the attributesthat make information provided in financial reports useful to 35) Comparability implies that the information provided in finankial 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 itcontrols. 18) 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 3% Conceptual framseworks are designed to provide preparers, users, auditors and accounting standard setters with an explicit set of accounting concepts to guide financial reporting. 40) A s nall 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 usefal tousers for the identification of instances of fraud within a company 42) The financial report,directors' report and auditor's report are usually presented as an integral part of the company's annual report 43) Accrual accounting involves the recognition of reveaes and expenses of a financial period as they are eaned 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 5) 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 bejustified for a public company with a large number of interested stakeholders ) The Corporations Act provides very detailed rules as to the required form and content of company financial 48) The statement of financial position is also known as the balance sheet 49) The publication offinancial 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 anentity with regard to its control over resources and financial structure