AASB 8 Suggests That an Entity Should Consider Whether a Practical

question 20

Multiple Choice

AASB 8 suggests that an entity should consider whether a practical limit to the number of reportable segments has been achieved when that number exceeds:

• A)10 segments
• B)50 segments
• C)5 segments
• D)20 segments

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.

Consumer

An individual who purchases goods or services for personal use and not for manufacture or resale.

Statute of Limitations

Legislation that defines the ultimate deadline for initiating legal action, varying by the specifics of the claim or case involved.

UCC

All kinds of commercial dealings within the United States fall under the regulations of the expansive Uniform Commercial Code.