According to the Corporations Act 2001, a large proprietary company is one which satisfies at least two of the following tests:

a.

Consolidate Revenue: $50m or more; Consolidated Gross Assets: $25m or more; Employees in the Group: 100 or more

b.

Consolidate Revenue: $5m or more; Consolidated Gross Assets: $2.5m or more; Employees in the Group: 25 or more

c.

Consolidate Revenue: $10m or more; Consolidated Gross Assets: $5m or more; Employees in the Group: 50 or more

d.

Consolidate Revenue: $25m or more; Consolidated Gross Assets: $12.5m or more; Employees in the Group: 50 or more

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Question 10

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The tax expense related to the profit or loss for the period must be presented:

a.

on the face of the statement of cash flows.

b.

in the notes to the financial statements.

c.

on the face of the statement of profit or loss and other comprehensive income.

d.

on the face of the statement of cash flows.

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Question 11

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According to the Conceptual Framework, the primary users of general purpose financial statements are:

I.	existing and potential investors.
II.	lenders and other creditors.
III.	employees and trade unions.
IV.	customers, regulators and the general public.

a.

I. and II. only.

b.

I., II., III. and IV.

c.

I. only.

d.

I., II. and III. only.

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