AASB 102 Requires Disclosure of Which of the Following? I

question 20

Multiple Choice

AASB 102 requires disclosure of which of the following? I. The carrying amount of inventories by class.
II. The accounting policy adopted by the entity in relation to inventories valuation.
III. Separate disclosure of the carrying amount of inventories carried at cost and those carried at net realisable value.
IV. Details of reversals of prior year write-downs.

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

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Definitions:

Tires

Rubber components mounted on wheel rims, providing traction and absorbing shocks from the road surface for vehicles.

Absolute Advantage

The ability of an individual, company, or nation to produce a good or service more efficiently than competitors, using the same amount of resources.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade benefits.

Computers

Electronic devices capable of processing, storing, and communicating information according to a set of instructions called programs.