Concise Financial Reports

question 21

Multiple Choice

Concise financial reports:

• A) must be drawn up in accordance with AASB's
• B) must achieve consistency with the changes in terminology contained in AASB 101
• C) must include a statement of comprehensive income, a statement of financial position, a statement of cash flows and a statement of changes in equity
• D) all of the above

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Definitions:

Dividends

Payments made by a corporation to its shareholders, usually derived from profits.

Research and Development

The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, having proprietary interests and rights in the corporation.

Software Business

A commercial activity involved in the development, production, and sale of software products or services.