AASB 102 Inventories Requires Separate Disclosure Of

question 7

Multiple Choice

AASB 102 Inventories requires separate disclosure of:

• A) the amount of inventories recognised as an expense.
• B) the carrying amount of inventories pledged as security for loans.
• C) the circumstances that led to a reversal of a previous write down of inventories.
• D) All of these options.

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Definitions:

Bank Statement

A bank statement is a summary of financial transactions that have occurred over a given period in a bank account, provided by the bank to the account holder.

Account Balance

The amount of money present in an account, representing the net of credits and debits at a particular point in time.

Liability

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other economic benefits.

Voucher

A document that serves as evidence of a business transaction and authorizes the recording of that transaction in an accounting system.