Which of the Following Is Not Listed in IAS 1

question 21

Multiple Choice

Which of the following is not listed in IAS 1 to determine if a liability should be classified as current?

• A)If the liability is guaranteed to be settled within 12 months.
• B)If the liability is held primarily for the purpose of being traded.
• C)If the entity does not have an unconditional right to defer settlement of the liability for at least 12 months.
• D)If the liability is expected to be settled in the entity's normal operating cycle.

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Definitions:

Excise Tax

A tax charged on specific goods and services, such as alcohol, tobacco, and fuel.

Government Revenue

The income received by the government from taxes, non-tax sources, and other fiscal policies.

Latte

A latte is a coffee drink made with espresso and steamed milk, often enjoyed in various flavors and styles across coffee shops globally.

Tax Incidence

The study of who bears the final burden of a tax, including how it is distributed between producers and consumers.