The Practice by Woolworths Ltd of Presenting Their Financial Statements

question 7

Multiple Choice

The practice by Woolworths Ltd of presenting their financial statements in millions of dollars is an application of the concept of:

• A) relevance.
• B) materiality.
• C) understandability.
• D) disclosure.

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Definitions:

Risk Reduction

Strategies and actions undertaken to decrease the likelihood of losses or damage from various risks and threats.

Obligations of Bailees

The duties or responsibilities imposed on a bailee (a person or entity temporarily holding property for another, called the bailor) such as safeguarding the property and returning it in good condition.

Environmental Damage

Harm caused to the natural environment due to human actions or natural disasters.

Liability

The state of being legally responsible for something, particularly for any losses or damages that may result.