Which Body Currently Has the Role of Supervising Real-Time Trading

question 60

Multiple Choice

Which body currently has the role of supervising real-time trading on the Australian Stock Exchange and enforcing laws against misconduct?

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

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Definitions:

Permanent Accounts

The balance sheet accounts whose balances are carried over into future accounting periods, not closed at the end of the fiscal year.

Posting

The process of recording financial transactions to the appropriate accounts in the general ledger.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update the accounts for any accruals and deferrals that were not recorded during the accounting period.

Accounting Cycle

A series of steps performed during an accounting period, starting with recording transactions and ending with the preparation of financial statements.