Which of the Following Statement(s)is/are Correct

question 21

Multiple Choice

Which of the following statement(s) is/are correct?

• A) AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures.
• B) AASB 137 "Provisions, contingent liabilities and contingent assets" provides guidance on obligations of an entity for restoration costs.
• C) Exploration and evaluation assets are required in AASB 6 to be classified as intangible assets.
• D) All of the given answers.
• E) AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures and AASB 137 "Provisions, contingent liabilities and contingent assets" provides guidance on obligations of an entity for restoration costs.

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Definitions:

Accrued Revenues

Revenues that have been earned but not yet received in cash or recorded, representing assets on the balance sheet.

Cash Received

The amount of money that an entity collects, typically from operating activities such as sales of goods or services.

Liability Recorded

Recording a business's liabilities or money owed in its financial statements.

Prepaid Expenses

Expenses paid in advance for goods or services, which are recorded as assets on a balance sheet until they are consumed or used.