Under IAS 1,Presentation of Financial Statements,which of the Following Is

question 29

Multiple Choice

Under IAS 1,Presentation of Financial Statements,which of the following is NOT a definition of a current liability:

• A)It is a liability that is expected to be settled in an entity's normal operating cycle.
• B)It is a liability primarily held for the purpose of trading.
• C)It is a liability that does not have the right to defer until 18 months after the balance sheet date.
• D)It is a liability that is expected to be settled within 12 months of the balance sheet date.

---

Definitions:

Primitive Bacteria

Ancient or early forms of bacteria often characterized by simpler structures and fundamental survival mechanisms.

Fossil Record

The collection of fossils, which are the preserved remains or traces of animals, plants, and other organisms from the remote past.

Cellular Respiration

The metabolic process by which cells produce energy, typically in the form of ATP, by oxidizing organic compounds, primarily glucose, using oxygen.

Electron Transport Chain

A sequence of electron carriers in the mitochondria that transfers electrons from donors to acceptors, releasing energy used to produce ATP.