In Accordance with Corporations Act,which of the Following Companies Will

question 46

Multiple Choice

In accordance with Corporations Act,which of the following companies will be required to conform to the Australian Accounting Standards in the preparation of their financial reports?
I.proprietary company with gross operating revenues of $12 million,gross assets of $4 million and number of employees totalling 80
II.proprietary company with gross operating revenues of $6 million,gross assets of $4 million and number of employees totalling 60
III.company listed on the stock exchange
IV.company that issued a public debt
V.reporting entities

• A) I, II, III, and IV only
• B) I, III, IV and V only
• C) I, III and IV only
• D) III, IV and V only

---

Definitions:

Journal

A record where all financial transactions are initially noted in chronological order before being transferred to accounts in the ledger.

Transaction

A financial event or agreement that results in a change to the balance of two or more accounts within a company's financial records.

Accounts

Recordings within financial accounting that track specific types of transactions, such as assets, liabilities, equity, expenses, and income.

Journal

A comprehensive record of all financial transactions of a business, listed in chronological order.