A Geographical Segment Is Defined in Part by AASB 8

question 42

True/False

A geographical segment is defined in part by AASB 8 as being a distinguishable component of an entity engaged in providing products and services within a particular social and cultural environment.

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Definitions:

Liability

Any financial debt or obligation that a company owes, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of shareholders in a company.

Balance Sheet

A financial statement that presents a company’s financial position, showing assets, liabilities, and equity at a specific point in time.

Bookkeeper

A person responsible for recording the financial transactions and maintaining the financial records of a business.