ACCY 231 WK 1-5 Exam Actual
Questions and Answers 2026
Companies act 1993 -
correct answer ✅Key regulatory source of financial reporting.
Mandates that NZ companies prepare FS annually.
Sets out rules for who prepares FS, Audit requirements & filing and
disclosure obligations
Large company definition CA1993 -
correct answer ✅A company that in the two preceding accounting
periods meets at least one of the following thresholds: Total Assets
> $66mil OR Total Revenue > $33mil
Large overseas company definition CA1993 -
correct answer ✅Company incorporated outside of NZ but
operating within. Meets at least one of the following thresholds:
Total Assets >$22mil OR Total Revenue $11mil
Public Benefit Entities (PBE) CA1993 requirement -
correct answer ✅Required to prepare General Purpose Financial
Reports (GPFR)
, ACCY 231 WK 1-5 Exam Actual
Questions and Answers 2026
Companies with 10+ shareholders CA1993 requirement -
correct answer ✅Must prepare FS unless opted out through
shareholder resolution (Section 207I)
Companies with <10 shareholders CA1993 requirement -
correct answer ✅Not required to prepare FS unless opted in by
shareholders (section 207K)
Companies required to audit CA1993 -
correct answer ✅Large companies, Large overseas companies,
Public entities, Companies required by constitution or shareholders,
FMC reporting entities
Financial reporting Act 2013 -
correct answer ✅Defines who must prepare FS, Which NZGAAP
standards apply and how compliance is enforced
Role of XRB -
correct answer ✅Determines NZGAAP & issues
accounting/auditing standards, sets multi-tier reporting framework
Questions and Answers 2026
Companies act 1993 -
correct answer ✅Key regulatory source of financial reporting.
Mandates that NZ companies prepare FS annually.
Sets out rules for who prepares FS, Audit requirements & filing and
disclosure obligations
Large company definition CA1993 -
correct answer ✅A company that in the two preceding accounting
periods meets at least one of the following thresholds: Total Assets
> $66mil OR Total Revenue > $33mil
Large overseas company definition CA1993 -
correct answer ✅Company incorporated outside of NZ but
operating within. Meets at least one of the following thresholds:
Total Assets >$22mil OR Total Revenue $11mil
Public Benefit Entities (PBE) CA1993 requirement -
correct answer ✅Required to prepare General Purpose Financial
Reports (GPFR)
, ACCY 231 WK 1-5 Exam Actual
Questions and Answers 2026
Companies with 10+ shareholders CA1993 requirement -
correct answer ✅Must prepare FS unless opted out through
shareholder resolution (Section 207I)
Companies with <10 shareholders CA1993 requirement -
correct answer ✅Not required to prepare FS unless opted in by
shareholders (section 207K)
Companies required to audit CA1993 -
correct answer ✅Large companies, Large overseas companies,
Public entities, Companies required by constitution or shareholders,
FMC reporting entities
Financial reporting Act 2013 -
correct answer ✅Defines who must prepare FS, Which NZGAAP
standards apply and how compliance is enforced
Role of XRB -
correct answer ✅Determines NZGAAP & issues
accounting/auditing standards, sets multi-tier reporting framework
