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

question 29

Multiple Choice

According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of a statement of financial position is:

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

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Definitions:

Months

units of time in the calendar, typically used to measure periods of about 30 days long, which together constitute a year.

Simple Reflexes

Basic, automatic motor responses to specific stimuli, present from birth, illustrating the foundational aspects of human neurology.

Sensorimotor Thought

The first stage in Piaget's theory of cognitive development, where infants understand the world through their sensory experiences and motor actions.

Tertiary Circular Reactions

Repeated experimental behaviors in infants aged 12 to 18 months, part of their cognitive development, showing purposeful adaptation to new situations.