Small Pty Ltd Is a Small Proprietary Company

question 14

Multiple Choice

Small Pty Ltd is a small proprietary company.When would Small Pty Ltd have to prepare an annual financial report?

• A)If requested by one of its shareholders to do so
• B)If requested by the ICAA or CPA Australia to do so
• C)If requested by the AASB to do so
• D)If requested by ASIC to do so

---

Definitions:

Electric Items

Devices or appliances that operate using electrical power, ranging from household electronics to industrial machinery.

Beginning Inventory

The value of all the goods or materials held by a company at the start of an accounting period.

Net Sales

The total revenue generated from sales of goods or services, after deducting returns, allowances for damaged or missing goods, and discounts.

Inventory Value

The total cost or market value of all the goods and products held by a company intended for sale.