Which Statement Is Not True

question 42

Multiple Choice

Which statement is not true?

• A) AASB 1039 Concise Financial Reports has an equivalent international standard.
• B) Shareholders who receive a concise report can request a full report.
• C) The concise report must comply with the accounting standards.
• 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:

Break-Even Sales

The amount of revenue required to cover both the variable and fixed costs of a business, indicating no profit and no loss.

Contribution Margin

The amount by which the sale of a product exceeds its variable costs, contributing to covering fixed costs and generating profit.

Commercial Segment

A portion of a market composed of businesses and organizations, as opposed to individual consumers.

Wholesale Division

A segment of a company that deals with selling goods in large quantities at lower prices, typically to retailers or other businesses rather than direct to consumers.