The Functions of the Australian Accounting Standards Board Include

question 16

Multiple Choice

The functions of the Australian Accounting Standards Board include:
I.Development of a conceptual framework for the purpose of evaluating proposed accounting standards.
II.Making accounting standards for the purpose of the Corporations Act.
III.Formulating accounting standards for non-companies,the public sector and the not-for-profit sector.

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

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Definitions:

Point Estimate

A single value estimation derived from a sample that serves as the best guess of a population parameter.

Interval Estimate

Interval Estimate is a range of values used to estimate a population parameter, typically expressed through confidence intervals.

Population Parameter

A value, such as a mean or standard deviation, that describes a characteristic of an entire population.

Normal Distribution

A distribution pattern in probabilities that is balanced around the mean, signifying that data points near the mean have a higher frequency of occurrence compared to those far from the mean.