Which one of the following examples would not represent an agency cost?

• A.the cost of engaging an external auditor
• B.the cost of employing an internal auditor
• C.the cost of preparing a cost-benefit report for a new project
• D.the cost of preparing a financial report for shareholders

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Which one of the following countries has the view that Generally Accepted Accounting Principles (GAAP) refers to accounting practices which are regarded as permissible by the accounting profession?

• A.Canada
• B.United States of America
• C.Australia
• D.United Kingdom

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Which one of these is a key principle of good corporate governance?

• A.effective management of the employees of the company
• B.restriction of shareholders' rights in decision-making
• C.non-disclosure of directors' agency relationship with the company
• D.effective communication with shareholders

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A statement of generally accepted theoretical principles which form the frame of reference for financial reporting refers to the

• A.Conceptual Framework.
• B.International Financial Reporting Standards.
• C.Regulatory Framework.
• D.Generally Accepted Accounting Principles.

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An example of voluntary reporting in Australia is a

• A.statement of financial position.
• B.statement of comprehensive income.
• C.statement of cash flows.
• D.sustainability report.

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