Small Claims Tribunals and Consumer Claims Tribunals Have Been Set

question 35

Multiple Choice

Small Claims Tribunals and Consumer Claims Tribunals have been set up in all jurisdictions in Australia.Their main purpose is to:

• A)resolve disputes between businesses and consumers in a way that is quick,flexible,fair,inexpensive and non- legalistic.
• B)deal with claims involving parties who live in different states.
• C)deal with claims that are too small in value to come under the Australian Consumer Law.
• D)satisfy all of the above purposes.

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Definitions:

Net Cash Inflow

The difference between the cash received and cash expended in a given period, resulting in an increase in cash holdings.

Financing Activities

Cash flows related to actions that alter the equity or borrowings of an entity, reflecting how a business funds its operations and investments.

Issue of Shares

The issue of shares refers to the process by which a company distributes new shares to shareholders, which can raise capital for the company.

AASB 101

An Australian Accounting Standard Board regulation that sets out the overall requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content.