Which of the Following Statements Is Not Correct

question 9

Multiple Choice

Which of the following statements is not correct?

• A) Requirements for special purpose financial reports are contained in AASB accounting standards.
• B) The IASB's Conceptual Framework identifies potential investors as a primary user group of general purpose financial reports.
• C) All general purpose financial reports are prepared in accordance with accounting standards.
• D) SAC 1 Definition of the Reporting Entity defines a general purpose financial report as 'a report intended to meet the information needs of users who are unable to command the preparation of reports tailored to satisfy their information needs'.

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Definitions:

Pensions

Retirement plans that require an employer to make contributions into a pool of funds set aside for a worker's future benefit, which is then paid out to the worker upon retirement.

Retirement

The phase of life where an individual ceases full-time employment, typically associated with reaching a certain age or financial status.

Benefit Packages

A collection of non-wage compensations provided to employees on top of their normal salaries, which may include health insurance, retirement plans, vacation, and other perks.

Manufacturer

An individual, business, or entity that produces finished goods from raw materials through the use of tools, human labor, and machinery.