According to AASB 108/IAS 8, Omissions or Misstatements Are Material

question 38

Multiple Choice

According to AASB 108/IAS 8, omissions or misstatements are material if they:

• A) are greater than 50% of the relevant base amount.
• B) are as a result of fraud.
• C) could influence the economic decisions that users make on the basis of the financial statements.
• D) are less than 10% of the relevant base amount.

Analyze the impact of social movements on policy and social change.

Identify stages in the process of social change and the influence of technology and media.

Understand the sociological perspectives on rumors, urban legends, and collective behavior.

Examine the role of discontent, social conditions, and theories of participation in the formation and mobilization of social movements.

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Definitions:

Past Consideration

Something of value that has been given or promised in the past and cannot serve as consideration for a current contract due to its occurrence before the contract was made.

Present Promise

A vow or commitment to take action or uphold terms at the current time.

Moral Obligation

A duty or responsibility that is perceived as ethically required, even though it is not legally enforceable.

Requirements Contract

A contractual agreement in which one party agrees to supply as much of a product or service as the other party needs during a specified period.