AASB 101 Requires Which of the Following Items to Be

question 3

Multiple Choice

AASB 101 requires which of the following items to be disclosed separately in the statement of profit or loss and other comprehensive income:
I. Cost of sales.
II. Revenue.
III. Finance costs.
IV. Share of the profit or loss from associates.
V. Tax expense relating to extraordinary events.

• A) I, II, and V
• B) II, III and V
• C) II, III, and IV
• D) III and V

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Definitions:

Cost of Goods Sold

The total cost associated with making the products that a company sells during a period, including labor, materials, and overhead.

Balance Sheet

A report detailing a business's liabilities, assets, and equity held by shareholders at a particular moment, offering a glimpse into its financial status.

Spreadsheet

A spreadsheet is a digital document consisting of rows and columns used to organize, calculate, and manage data, commonly via applications such as Microsoft Excel or Google Sheets.

Manufacturing Overhead

encompasses all manufacturing costs that are not directly associated with the cost of raw materials or direct labor, including rent, utilities, and salaries of managers.