The Body in Australia Which Issues Legally Enforceable Accounting Standards

question 17

Multiple Choice

The body in Australia which issues legally enforceable accounting standards that apply to companies is:

• A)Australian Accounting Standards Board
• B)Australian Securities and Investments Commission
• C)Australian Securities Exchange
• D)Financial Accounting Standards Board

---

Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Excise Tax

A tax levied on specific goods, services, or transactions, often specific types of products such as gasoline, cigarettes, or alcohol.

Equilibrium Price

The cost at which the amount of a good consumers want to buy matches the amount producers are willing to sell, achieving a state of equilibrium in the market.

Allocative Efficiency

A state of the economy in which production is in line with consumer preferences; every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.