The AASB's Responsibilities Include

question 51

Multiple Choice

The AASB's responsibilities include:

• A) developing accounting standards that have the force of law under the Corporations Act.
• B) setting ethical guidelines for the accounting profession.
• C) formulating standards to be used by the entities in the public sector.
• D) developing accounting standards that have the force of law under the Corporations Act and formulating standards to be used by the entities in the public sector.

---

Definitions:

Advanced

Pertaining to a higher or more complex level of features, functions, or capabilities, often in software or technical skills.

Financial Statements

Documents that provide an overview of a company's financial condition in both short and long term.

Statement of Cash Flows

A financial report that provides aggregated data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Profit & Loss Statement

A financial report that shows a company's revenues, expenses, and profits or losses over a specific period of time.