Which of the Following Statements Is Incorrect

question 10

Multiple Choice

Which of the following statements is incorrect?

• A) Trade debtors and trade creditors are treated as unconditional financial assets and financial liabilities.
• B) Forward contracts covered by AASB 9 are recognised as financial assets or financial liabilities at the commitment date.
• C) Option contracts covered by AASB 9 are recognised as financial assets or financial liabilities when the holder or writer becomes a party to the contract.
• D) Planned future transactions are to be recognised as asset or liabilities at the date the plan is finalised.

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Definitions:

United States

A country located primarily in North America, comprised of 50 states, a federal district, and other territories.

Serum

Plasma minus fibrinogen and other clotting agents.

Plasma

The liquid component of blood that carries cells and proteins throughout the body, consisting mostly of water, electrolytes, and proteins.

Proteins

Large biomolecules consisting of one or more long chains of amino acid residues, crucial for the structure, function, and regulation of the body's tissues and organs.