Which of the Following Statements Concerning AASB 1052 'Disaggregated Disclosures

question 18

Multiple Choice

Which of the following statements concerning AASB 1052 'Disaggregated Disclosures' is not correct?

• A)AASB 1052 requires that where local governments are required to use fund accounting for grant purposes, they do not need to prepare general-purpose financial reports.
• B)AASB 1052 deems each local government to be a reporting entity.
• C)AASB 1052 requires local governments to use accrual accounting.
• D)AASB 1052 requires each local government to prepare general-purpose financial reports.

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Definitions:

Compounded Monthly

The process of applying interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.

Balance

The condition in which all influences or factors cancel each other out, leading to stability or equilibrium.

Composition

In mathematics, it refers to the operation of applying one function to the result of another, denoted as (f ∘ g)(x) = f(g(x)).

Function

A linkage among inputs and a range of suitable outputs, governed by the principle that every input is coupled with a unique output.