A Class of Non-Current Assets as Defined by AASB 116

question 58

Multiple Choice

A class of non-current assets as defined by AASB 116 is a category of non-current assets that:

• A) Were all purchased at the same time by the reporting entity.
• B) All have a similar nature or function in the operations of the entity.
• C) Are disclosed as a single item without supplementary dissection in the financial report.
• D) All have a similar nature or function in the operations of the entity, and are disclosed as a single item without supplementary dissection in the financial report.
• E) All of the given answers.

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Definitions:

Incentives Necessary

The concept that motivation or behavior is influenced by a reward or incentive.

Ongoing Behavior

Behavior that is currently in process, continuing over a period of time.

Predictive Cues

Indicators or signals that suggest the likelihood of a future event or outcome.

Purposive Behavior

Behavior that is goal-directed or undertaken with a specific intention or objective in mind.