Which of the Following Statements Is Correct in Terms of Revenue-Related

question 24

Multiple Choice

Which of the following statements is correct in terms of revenue-related disclosures on the face of the statement of profit or loss and other comprehensive income?

• A) AASB 101/IAS 1 Presentation of Financial Statements requires total revenue to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• B) AASB 15/IFRS 15 Revenue from Contracts with Customers requires total revenue to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• C) AASB 101/IAS 1 Presentation of Financial Statements requires revenue by category to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• D) AASB 15/IFRS 15 Revenue from Contracts with Customers requires revenue by category to be disclosed on the face of the statement of profit or loss and other comprehensive income.

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Definitions:

Signals Weakness

Indicates moments or actions that reveal a lack of strength, confidence, or effectiveness.

Overt Display

A conspicuous or obvious exhibition of behavior, emotions, or characteristics that is easily observable.

Ownership Of Property

The legal right or interest that an individual or entity has in an object, land, or real estate.

Class Position

An individual's or group's location within a society's stratification system, often determined by wealth, occupation, and education.