Disclosures Required by AASB 110 Relating to Subsequent Events That

question 8

Multiple Choice

Disclosures required by AASB 110 relating to subsequent events that impact on the going-concern status of the entity include:

• A) The period over which the entity is expected to be able to continue trading.
• B) Assets for which the going-concern basis is not appropriate, the carrying amounts and the amounts for which the assets are expected to be realised.
• C) The directors' proposal for action to address the difficulties that have emerged since reporting date.
• D) The period over which the entity is expected to be able to continue trading and assets for which the going-concern basis is not appropriate, the carrying amounts and the amounts for which the assets are expected to be realised.
• E) None of the given answers.

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Definitions:

Sellers

Individuals or businesses that provide goods or services to consumers in exchange for payment.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund public expenditures.

Corporations' Profits

The financial earnings that remain for a corporation after all expenses, taxes, and costs have been deducted from total revenue.

Taxes

Mandatory financial charges or levies imposed by a government on its citizens and businesses as a source of revenue for the government, used to fund public services and goods.