SAC 2 (Objectives of General Purpose Financial Reporting)requires That General-Purpose

question 21

Multiple Choice

SAC 2 (Objectives of General Purpose Financial Reporting) requires that general-purpose financial reports disclose information that is:

• A)Relevant to the assessment of profit,funding and investing,and compliance.
• B)Relevant to the assessment of financial and social performance,financial position and funding and investing and includes information about compliance.
• C)Relevant to the assessment of performance,financial position and funding and investing,including information about compliance.
• D)Relevant to the assessment of performance,financial position and cash flows.
• E)None of the given answers.

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Definitions:

Reflexive

A property of binary relations where every element is related to itself; often discussed in mathematics and logic.

Transitive

A property in logic and mathematics where if relation A relates to B and B relates to C, then A must relate to C.

Utility Function

A utility function is an economic model that relates the satisfaction or utility a consumer derives from consuming specific quantities of goods and services.

Whisky Consumption

It refers to the amount of whisky that is consumed over a given period of time, indicating the demand for this specific alcoholic beverage.