The Body in Australia Which Issues Legally Enforceable Accounting Standards

question 29

Multiple Choice

The body in Australia which issues legally enforceable accounting standards that apply to companies is:

• A) Financial Accounting Standards Board.
• B) Australian Accounting Standards Board.
• C) CPA Australia.
• D) Australian Securities and Investments Commission.

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Definitions:

Performance Report

A performance report is a document that compares actual results to planned or expected results, analyzing variances to understand performance and guide future decision-making.

Budgeted Amounts

planned financial values or targets for revenues, expenses, assets, liabilities, and equity accounts.

Direct Materials

Raw materials that are directly traceable to the production of a specific product or service.

Direct Labor

The wages and benefits of employees who are directly involved in the production of goods or services.