Which the basic financial statement required to be prepared

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Problem 1: The basic financial statement required to be prepared for external reporting purposes under the Corporations Act and the accounting standards are:

A. Income statement

B. Balance sheet

C. Cash flow statement

D. Statement of changes in equity

E. All of the above

Problem 2: It is true that:

A. Concise financial reports do not have to include a balance sheet

B. Shareholders who receive a concise report can also request a full report

C. The statements in the concise report must comply with the accounting standards

D. A copy of any qualification in the auditor's report must be included in the concise report

E. B, C and D are true

Reference no: EM133012319

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