The AASB Standards 1-99 Series Includes Those Standards

question 30

Multiple Choice

The AASB Standards 1-99 Series includes those standards:

• A) where the standard has been developed for domestic application and relates specifically to the public or not-for-profit sectors.
• B) where a standard equivalent to an existing or improved IAS is issued, with the number being used by the IASB being the same as that being used by the AASB .
• C) where a standard equivalent to an existing or improved IAS is issued, with the number being used by the AASB 100 on from that being used by the IASB .
• D) where a new IFRS has been issued by the IASB, with the number being used by the IASB being the same as that being used by the AASB .
• E) where a new IFRS has been issued by the IASB, with the number being used by the AASB 100 on from that being used by the IASB .

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Definitions:

Domestic Quantity

Refers to the total amount of a good or service produced within a country's borders, irrespective of the production entity's nationality.

Demanded

Describes the quantity of a good or service that consumers are willing and able to purchase at a given price at a specific time.

U.S. Tariff

Taxes imposed by the United States on imported goods to protect domestic industries and generate revenue.

Steel

A hard, strong alloy made primarily of iron and carbon, used extensively in construction and manufacturing.