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:

Area Representation

A system of electing representatives from specific geographical areas, typically used in legislative bodies.

Price

The expenditure necessary to secure a good or service.

Consumer Surplus

The discrepancy between the price consumers are ready to pay for a good or service and the price they end up paying.