Which of the Following Statements Is Incorrect

question 5

Multiple Choice

Which of the following statements is incorrect?

• A) The concise report must comply with the accounting standards.
• B) Shareholders who receive a concise report can request a full report.
• C) AASB 1039 Concise Financial Reports has an equivalent international standard.
• D) Except for concise reports prepared for listed companies each financial statement must be accompanied by some discussion and analysis.

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Definitions:

General Journal

A primary accounting record used to record all non-specific financial transactions of a business in chronological order.

Sales Tax

A consumption tax imposed by the government on the sale of goods and services, collected by the retailer at the point of sale.

Full Payment

Completion of payment for a product or service in total, settling all owed amounts without remaining balances.

General Journal

A fundamental accounting ledger where all financial transactions are initially recorded, employing a double-entry system.