The Corporations Act Does Not Require the Audit of Which

question 27

Multiple Choice

The Corporations Act does not require the audit of which of the following type of entity, except in specified circumstances?

• A)A small proprietary company.
• B)A public company.
• C)A government company.
• D)A large proprietary company.

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Definitions:

Inelastic

describes a situation where the demand or supply for a good is not significantly affected by changes in price.

Relatively Elastic

Describes a situation where demand for a product is sensitive to changes in its price, meaning consumers will significantly reduce or increase their demand based on price changes.

Sensitive

Responsive or easily affected by external conditions or stimuli.

Economic Theory

A concept or principles developed to explain how economies work and how economic agents interact.