AASB Requires Companies to Use The

question 28

Multiple Choice

AASB requires companies to use the:

• A)allowance method to evaluate bad debts.
• B)amortisation method to evaluate bad debts.
• C)direct write- off method to evaluate bad debts.
• D)360- day method to evaluate bad debts.

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Definitions:

Virtual Size

The conceptual or calculated dimension that represents an aspect of an object, often used in manufacturing or engineering to refer to tolerances or ideal dimensions.

Geometric Tolerance

A set of standards that defines the allowable shape, orientation, and positioning variations for features on manufactured parts.

MMC

Maximum Material Condition; a feature size where it contains the maximum amount of material yet still meets the part's tolerance specifications.

LMC

Least Material Condition, a feature of size symbol that denotes the tolerance condition of a part when it contains the least amount of material within specified limits.