Which Statement Is Incorrect Regarding the Corporations Act 2001

question 22

Multiple Choice

Which statement is incorrect regarding the Corporations Act 2001?

• A) the accounting standards are deemed to be part of the Corporations Act
• B) financial reports must comply with the accounting standards
• C) the accounting standards need not be complied with if, in the opinion of the board of directors, this would not result in a true and fair view
• D) if the financial statements and notes prepared in compliance with accounting standards would not give a true and fair view, then additional information necessary to give a true and fair view must be included in the notes to the statements

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Definitions:

Manager

An individual responsible for directing and overseeing the work of a group of people, making decisions, and ensuring that goals are met.

Procedural Justice

The perceived fairness of the processes and methods used to make decisions and resolve disputes.

Decision-Making Process

A systematic approach involving the identification of a decision to be made, gathering information, assessing alternative resolutions, and choosing among them.

Diversity

The inclusion of individuals with a variety of characteristics, such as cultural background, ethnicity, gender, and skills, within a group or organization.