Ethical Issues Related to Financial Reports (HSC SSCE Business Studies): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is creative accounting?
What is creative accounting?
Manipulating info to show inaccurate picture
How is working capital calculated?
How is working capital calculated?
Current assets minus current liabilities
Which is NOT a director's legal duty under the Corporations Act 2001?
Which is NOT a director's legal duty under the Corporations Act 2001?
Maximise profit at all costs
Which audit type is conducted by independent external accountants?
Which audit type is conducted by independent external accountants?
External audit
A large company must meet 2 of 3 criteria. Which is NOT a criterion?
A large company must meet 2 of 3 criteria. Which is NOT a criterion?
Market share over 15%
How long must financial records be kept by law?
How long must financial records be kept by law?
Minimum of five years
When were International Financial Reporting Standards (IFRS) adopted?
When were International Financial Reporting Standards (IFRS) adopted?
Since 2005
What is the primary purpose of an audit?
What is the primary purpose of an audit?
Independent check of financial records
What ethical issue arises from overestimating expenditures in budgets?
What ethical issue arises from overestimating expenditures in budgets?
Distorts true expected business performance
How does extensive debt funding create ethical considerations?
How does extensive debt funding create ethical considerations?
It increases financial risk for shareholders