Multiple choice... thanks

Question 3)

Machina Ltd enters into a contract to pay $10 million to acquire a piece of equipment.

Under which of the following situations would Machina Ltd recognise a liability?

A. Machina Ltd has not received the equipment but has paid for it.

B. Machina Ltd has not received the equipment and has not paid for it.

C. Regardless of whether Machina Ltd has received the equipment, it has not paid for it.

D. Machina Ltd has received the equipment but has not paid for it.

E. Machina Ltd has received the equipment and has paid for it.

Question 4)

According to the Corporations Act (CA 2001), which of the following statements regarding a public company's financial report is incorrect?

A. The financial report must be prepared at least annually.

B. The financial report must show a true and fair view.

C. None - all the other alternatives are correct.

D. The financial report must comply with accounting standards.

E. The financial report must be audited.

Question 5)

Mitriki Ltd owns 80% of the shares in Thyga Ltd.

In preparing its consolidated financial statements, Mitriki Ltd would:

A. Consolidate 100% of Thyga Ltds assets, liabilities, income and expenses.

B. Disclose Thyga Ltds financial statements in the Notes.

C. Consolidate 80% of Thyga Ltds assets, liabilities, income and expenses.

D. Consolidate 20% of Thyga Ltds assets, liabilities, income and expenses.

E. Recognise its shares in Thyga Ltd as an asset.

Question 6)

Which of the following would be considered a breach of the qualitative characteristic of faithful representation?

A. Omitting the recognition of transactions of insignificant dollar amounts.

B. Incorporating estimations in the measurement of assets.

C. None of these would be considered a breach of the qualitative characteristic of faithful representation.

D. Disclosing information that could influence a decision.

E. Applying judgement in determining the existence of a liability.