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According to the Corporations Act 2001, a small proprietary company is one which satisfies at least two of the following tests: it must have fewer than 100 employees at the end of the financial year, consolidated gross assets of less than $25 million and a.consolidated revenue of less than $50 million. b.total liabilities of less than $10 million c. total liabilities of less than $20 million d. more than 100 shareholders at the end of the financial year. A conceptual framework consists of a set of principles with the purpose to: a. assist users in the Interpretation of Information in financial statements. b. assist standard setters to develop accounting standards. C. assist preparers of financial statements in the application of accounting standards and in dealing with topics that are not the subject of existing accounting standards. d. all of the options are correct. Which of the following statements is incorrect? a. Equity is decreased by an entity's income. b. Equity is defined as the residual interest in the assets of the entity after deducting all its liabilities'. C. Equity can be sub-classified in the statement of financial position d. Equity is increased by profit and owner contributions. Which of the following statements about the going concem assumption is not true? a. It supports the use of assets such as Prepaid Expenses. b. It can justify the use of historical costs when measuring non-current assets. C. It is used when an entity goes into liquidation. d. It supports the systematic allocation of depreciation over an asset's useful life. Which of the following is not a relationship focused on by positive accounting theory? a.managerial contracts. b. debt contracts C. creditar contracts d. political contracts. Which of the following statements is true with regards to the political cost hypothesis? a. Political casts arise because of an entity's relationships with shareholders and lenders. b. Smaller entities are more likely to be the target of environmental groups. c. Managers af financial Institutions may prefer to increase profits to reduce governmepot pressure to pass on interest rate cuts. d. Managers of entities that are more politically visible are expected to choose accounting policies that reduce profit in der to avoid political costs. Which of the following is not an example of a separate class of property, plant and equipment? a. Inventory b. Office Equipment c. Motor vehicles d. Land and Huildings Property, plant and equipment includes items that: a held for rental to others. b. bave no plyskal substance c. are expected to be used up within one year from date of purchase. d. are held for resale