Which of the Following Statements Is Not in Accordance with AASB

question 9

Multiple Choice

Which of the following statements is not in accordance with AASB 101 "Presentation of Financial Statements" with respect to the statement of comprehensive income?

• A) An entity shall not present any items of income or expense as extraordinary items, in the statement of comprehensive income or the separate income statement (if presented), or in the notes.
• B) An entity shall disclose the amount of income tax relating to each component of other comprehensive income, including reclassification adjustments, either in the statement of comprehensive income or in the notes.
• C) As a minimum, the statement of comprehensive income shall include line items of each component of other comprehensive income classified by nature.
• D) An entity shall recognise all items of income and expense in a period in profit or loss unless an Australian Accounting Standard requires or permits otherwise. For example, the financial effect of changes in accounting estimates.
• E) All of the given answers.

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Definitions:

Metabolic Activity

The set of life-sustaining chemical reactions in organisms, including digestion and the transport of substances into and between different cells.

Distal Tubule

A portion of kidney nephron between the loop of Henle and collecting duct system that plays a crucial role in the reabsorption of water, sodium, and calcium and in the secretion of potassium and hydrogen ions.

Ureter

One of two tubes that carries urine from a kidney to the bladder.

Bowman's Capsule

A cup-like sac at the beginning of the tubular component of a nephron in the kidney, which encases the glomerulus and is involved in the filtration of blood.