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

question 56

Multiple Choice

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

• A) Entities engage in extractive operations should adopt AASB 116 "Property, Plant and Equipment" in the amortisation of capitalised costs.
• B) Entities engage in extractive operations should adopt AASB 6 in accounting for its inventories.
• C) The obligations of entities engage in extractive operation with respect to restoration costs are outlined in AASB 6.
• D) All of the given answers.
• E) Entities engage in extractive operations should adopt AASB 116 "Property, Plant and Equipment" in the amortisation of capitalised costs and entities engage in extractive operations should adopt AASB 6 in accounting for its inventories.

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Definitions:

Primary Management Function

The foundational tasks or responsibilities that managers undertake to plan, organize, lead, and control organizations effectively towards achieving goals.

Planning

The process of making detailed proposals for doing or achieving something in the future.

Concept To Reality

Involves transforming abstract ideas into tangible outcomes or products through planning, development, and execution.

Planning

The process of defining objectives, deciding on strategies, and outlining tasks and schedules to achieve the desired outcomes.