Which of the Following Is Not a Disclosure Requirement of AASB

question 57

Multiple Choice

Which of the following is not a disclosure requirement of AASB 111?

• A) The amount of contract revenue recognised as revenue must be disclosed either on the face of the income statement or in the accompanying notes.
• B) Contract costs incurred must be disclosed either on the face of the income statement or in the accompanying notes.
• C) A liability being the gross amount due to customers for contract work.
• D) The gross amount of work progress must be disclosed in the balance sheet.
• E) For contracts in progress, the amount of advances received, must be disclosed either on the face of the income statement or in the accompanying notes.

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Definitions:

Acetyl Groups

Organic functional groups consisting of a methyl group single-bonded to a carbonyl. The formula is CH3CO-, significant in metabolic processes.

Histones

Proteins that package and order the DNA into structural units called nucleosomes, playing a critical role in gene regulation.

Transcription

The process of synthesizing RNA from a DNA template, a key step in gene expression and protein production.

Flowering Plants

Plants that produce flowers for reproduction, belonging to the angiosperm group, which includes a vast majority of the world's plant species.