a. management
Learning Objective1.4 Explain the role of accounting information in the business planning process
The global accounting standards that are being followed by more than 120 countries worldwide to prepare their financial statements are known as ___________________.
a. International Financial Reporting Standards (IFRSs)
Learning Objective 1.5 Discuss the globalisation of financial reporting
The _________________ Act 2001 is the most important Act under the authority of the Australian Securities and Investments Commission.
a. Corporations
Learning Objective 1.6 Identify the sources of company regulation in Australia
Entities that issue securities that are quoted on a stock market or made available to the public via a prospectus are known as _____________ entities.
a. disclosing
Learning Objective 1.7 Explain the current standard-setting framework
The Financial Reporting Council is responsible for overseeing the accounting and auditing _________________ process for all accounting sectors in Australia.
a. standard-setting
Learning 1.7 Explain the current standard-setting framework
Accounting reports that do not cater to the general needs common to most users are known as ____________________ purpose financial reports.
a. special
Learning Objective 1.8 Evaluate the role of the Conceptual Framework
The major constraint on the preparation of financial information is ______________ .
a. cost
Learning Objective 1.8 Evaluate the role of the Conceptual Framework
The financial reports that meet the information needs of a range of users unable to demand accounting information are called ____________ purpose financial statements.
a. general
Learning Objective 1.8 Evaluate the role of the Conceptual Framework
____________ is the accounting element defined as ‘increases in economic benefits during the accounting period in the form of inflows or enhancements of assets, or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants’.
a. Income
Learning Objective 1.8 Evaluate the role of the Conceptual Framework
The information provided in financial statements is the result of past transactions and does not provide information.
a. forecast
Learning Objective 1.9 ~ Limitations of accounting information
Corporate ______________ principles include appropriate auditing, board independence, corporate responsibility, financial transparency and information disclosure.
a. governance
Learning Objective 1.9 Limitations of accounting information
The area of accounting that helps to solve crimes such as computer hacking and the theft of large amounts of money through hoax schemes on the internet is referred to as _____________________ accounting.
a. Forensic
Learning Objective 1.10 Opportunities for careers in accounting