When Notice of a Special Meeting Is Defective,the Defect May

question 46

Multiple Choice

When notice of a special meeting is defective,the defect may be cured if:

• A)one non-attending director specifies another person to vote on matters in his/her place.
• B)all of the directors attend the meeting.
• C)the attending directors take action on all matters at hand.
• D)some of the directors attend the meeting.

Understand the process and requirements for authorizing financial statements for issue.

Identify and correct prior period errors in financial statements using retrospective restatement.

Evaluate and adjust financial statements for material post-reporting period events.

Differentiate between adjusting and non-adjusting events after the reporting period according to AASB 110.

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Definitions:

Loss on Disposal

The loss incurred when the selling price of an asset is less than its carrying amount at the time of disposal.

Plant Asset

A long-term tangible asset used in the operation of a business that is not intended for sale.

Book Value

The net value of a company's assets, subtracting liabilities from the total assets; also refers to the value of an asset as per accounting records.

Natural Resources

Materials or substances such as forests, minerals, and water that occur in nature and can be used for economic gain.