What is Financial Reporting?
Financial Reporting quiz

Quiz
•
Business
•
University
•
Medium
Ewan Daly
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability of a business to produce financial reports based upon customer surveys
The process of producing financial statements which discloses an organisations financial status to stakeholders
The process of using accounting information relevant to the reports
The process of examining financial information
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Who are the external users of Financial information?
Primary users
the owners use
Secondary users
Other users
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the objective of General purpose financial statements?
To determine potential future strategies in relation to the business
To understand areas for improvement within the business
To provide an overview of the inflows and outflows for the period so performance can be assessed
to provide a synopsis of performance, position and cash flow to assist users with evaluating how efficient and effective management has been.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Conceptual framework describe?
The framework describes the basis for the development of Accounting Standards.
The Framework describes the objective of, and the concepts for, general purpose financial reporting.
Lays down the foundation for concepts that preparers of financial statements follow.
Describes the general principles of financial accounting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the income statement?
An income statement is a financial statement that shows a company's debts, trophies, and net wins over a specific period, serving to illustrate its success.
An income statement is a financial statement that shows a company's liabilities, assets, and net losses over a specific period, serving to illustrate its poor performance.
An income statement is a financial statement that shows a company's revenues, expenses, and net income over a specific period, serving to illustrate its profitability.
An income statement is a financial statement that shows a company's criminal record, law suits, and net arrests over a specific period, serving to illustrate its credibility.
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What is included in the Annual report?
Financial snapshot
Five year history
chairman's message
profit and loss summary
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Who are the key figures in the financial reporting environment
Australian securities and investment commission
Financial reporting council
Pauline Hansen
Australian securities exchange
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