According to AASB 101/IAS 1 Presentation of Financial Statements, a Required

question 43

Multiple Choice

According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

• A) prescribed by the Corporations Act.
• B) not prescribed and no guidance is provided in the standard for a suitable format.
• C) not prescribed but guidance is provided in the standard for a suitable format.
• D) prescribed by the standard and further details are found in the Corporations Act.

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Definitions:

Interest

A fee, usually charged for the use of money.

Check Register

A record of checks written, deposits made, and current balances within a checking account.

Deposits

Money placed into an account or given to a third party as a pledge for the fulfilment of an agreement.

Cash Balance

The amount of money in cash or cash equivalents that a company or individual has available at any given time.