Under AASB 133, If an Entity Presents Both Consolidated and Separate

question 10

Multiple Choice

Under AASB 133, if an entity presents both consolidated and separate financial statements, the necessary disclosures need only be determined on the basis of:

• A) parent entity only.
• B) subsidiary entities only.
• C) consolidated information.
• D) the entity has choice of either parent entity or consolidation.

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Definitions:

Opponent Process Theories

A group of theories, often applied to color vision and emotional responses, suggesting that elements are paired in a system where the activation of one element inhibits the activity of the opposite element.

Trichromatic Theory

A theory of color vision proposing that the human eye perceives color through the relative rates of response by three types of cones, each sensitive to different wavelengths of light.

Afterimage

A visual image or illusion that continues to appear in one's vision after the exposure to the original image has ceased.

Opponent Process Theory

A psychological and neurological model that explains how the perception of colors is the result of opposing responses between two sets of color receptors in the eyes.