AASB 116 Defines Property,plant and Equipment as Tangible Items That

question 6

Multiple Choice

AASB 116 defines property,plant and equipment as tangible items that:

• A)are held for rental to others and are expected to be used during the current period
• B)are held for use in the production or supply of goods or services and are expected to be used during the current period
• C)are held for use in the production or supply of goods or services and are expected to be used during more than one period
• D)none of the above

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Definitions:

Antihistamine

A type of medication used to relieve allergic reactions by blocking the action of histamine.

Schedule III

A classification for drugs that have a moderate to low potential for physical and psychological dependence, as defined by regulatory authorities.

Talbutal

A barbiturate derivative used as a sedative and hypnotic drug.

Paregoric

An opium tincture used historically to treat diarrhea by decreasing bowel movements and to alleviate pain with its sedative effects.