Every Company Is Required by S 286 of the Corporations

question 24

Multiple Choice

Every company is required by s 286 of the Corporations Act to keep financial records that must:

• A)correctly record and explain its transactions and financial position and performance.
• B)enable true and fair financial statements to be prepared and audited.
• C)be sent to shareholders as evidence of the company's financial position.
• D)achieve all of the above.
• E)achieve A and B only.

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Definitions:

Creativity

The ability to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.

Novel Idea

A new, original, or innovative concept that has not been thought of before.

Unique Approach

A distinctive method or way of dealing with problems, carrying out tasks, or achieving objectives that sets it apart from others.

Anchoring and Adjustment Bias

A cognitive bias where an initial piece of information (anchor) significantly influences subsequent judgments or decisions.