The Corporations Act 2001 Requires the Annual Report to Include

question 10

Multiple Choice

The Corporations Act 2001 requires the annual report to include the financial statements that are specified as:

• A) a balance sheet, profit and loss statement, statement of cash flows and note 1 to the statements.
• B) those required by the accounting standards.
• C) a balance sheet, profit and loss statement, statement of cash flows and a director's report.
• D) a balance sheet, profit and loss statement, statement of cash flows, director's report, an audit report and a statement of comprehensive income.

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Definitions:

Total Liabilities

The aggregate of all debts and financial obligations owed by a company to external entities at any point in time.

Owner's Equity

The residual interest in the assets of a business after deducting its liabilities, representing the owner's claim against the company's assets.

Total Assets

The sum of all assets owned by a company, including current, non-current, tangible, and intangible assets, reflected on the balance sheet.

Period Of Time

A period of time is a specified duration or a length of time during which events, processes, or conditions occur or continue.