'Recognised' in Relation to Asset Disclosure May Be Defined as Meaning

question 58

Multiple Choice

'Recognised' in relation to asset disclosure may be defined as meaning:

• A) Disclosed in the notes to the accounts but not reported on, or incorporated in amounts reported on the face of the balance sheet.
• B) Classified according to nature or type within liquidity categories based on the operating cycle of the reporting entity.
• C) Reported on, or incorporated in amounts reported on, the face of the balance sheet.
• D) Familiar, of well-known usefulness.
• E) None of the given answers.

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Definitions:

Controller

A senior financial officer responsible for managing a company's accounting functions, including financial reporting, budgeting, and audits.

Vice President

A senior-level executive in a company who reports directly to the president or CEO, often responsible for a specific division or operation within the organization.

Treasurer

An executive or officer in a company or government agency responsible for managing financial assets, investments, and strategies for cash management.

Corporate Controller

A senior executive responsible for managing the accounting operations of a company, overseeing the financial reporting, and ensuring accuracy in accordance with accounting standards.