1. Mitriki Ltd owns 80% of the shares in Thyga Ltd. In the context of preparing a...
Question:
1. Mitriki Ltd owns 80% of the shares in Thyga Ltd.
In the context of preparing a General Purpose Financial Report, Thyga Ltd's relationship to Mitriki Ltd is best described as that of a:
Group of answer choices
Shareholder
Parent
Subsidiary
Investment
Non-controlling interest
2. Which of the following is ultimately accountable for the preparation of a company’s General Purpose Financial Report (GPFR)?
Group of answer choices
The directors
The Australian Securities & Investments Commission (ASIC)
The auditors
The auditors and the accountant / chief financial officer (CFO)
The accountant / chief financial officer (CFO)
3. Which of the following statements relating to recognition and disclosure is correct?
Group of answer choices
None of these statements are correct.
Information that is separately disclosed may not be recognised
Information that is recognised must be separately disclosed, but not all information separately disclosed must be recognised.
Information that is separately disclosed is also recognised.
Information that is recognised is also separately disclosed.
4. Machina Ltd enters into a contract to pay $10 million to acquire a piece of equipment.
Under which of the following situations would Machina Ltd recognise a liability?
Group of answer choices
Machina Ltd has not received the equipment but has paid for it.
Machina Ltd has received the equipment and has paid for it.
Machina Ltd has not received the equipment and has not paid for it.
Machina Ltd has received the equipment but has not paid for it.
Regardless of whether Machina Ltd has received the equipment, it has not paid for it.
