Acca paper F1 fia diploma in Accounting and Business Accountant in Business (AB/fab) exam kit

Is this statement TRUE or FALSE? 
A True 
B False 
(1 mark) 
153 
Committees may fail to recommend decisive action where needed, due to the need for 
compromise between members. 
Is this statement TRUE or FALSE? 
A True 
B False 
(1 mark) 
LAW AND REGULATION GOVERNING ACCOUNTING 
154 When submitting annual financial statements to be available for inspection by third 
parties, a company should send them to: 
A Stock 
exchange 
B Tax 
authorities 
C Shareholders 
D Companies 
house
 (2 
marks) 
155 The preparation and filing of accounts by companies each year is normally required by 
which of the following? 
A 
Codes of corporate governance
B National 
legislation 
C 
International Accounting Standards
D IFAC 
(2 marks)
156 L Co has recently prepared its draft financial statements for the last financial year. It has 
been informed by its auditors that these financial statements are not ‘true and fair’. 
Which of the following would NOT have caused this? 
A 
L failed to follow generally-accepted practice in the preparation of its financial 
statements 
B 
L’s financial statements did not set out relevant information in sufficient detail 
C 
L failed to follow all appropriate accounting standards in the preparation of its 
financial statements 
D 
L’s financial statements contained minor errors 
(2 marks)
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PRA CTICE OBJE CTIVE TEST QUESTIONS : 
SECTION 1 
K APLA N PUBLISH ING 
35 
157 
FVF Co is a listed company in country N. Regulators have recently discovered that the 
company has failed to maintain proper accounting records, meaning that the financial 
statements in recent years have not been true and fair.