Under IAS 1 the Classification of Assets into Current and Non-Current

question 68

Multiple Choice

Under IAS 1 the classification of assets into current and non-current will depend on the entity's:

• A)average operating cycle.
• B)current accounting period.
• C)ordinary course of business.
• D)normal operating cycle.

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Definitions:

Stockholders' Equity

The remaining interest in a company's assets after all liabilities have been subtracted, symbolizing ownership stake.

Bylaws

Regulations, rules, or laws adopted by an association or corporation to govern its actions and affairs.

Public Corporation

A Public Corporation is a company that has issued securities through an initial public offering and is traded on at least one stock exchange or in the over-the-counter market.

Stockholders' Equity

The residual interest in the assets of a corporation that remains after deducting its liabilities, often referred to as shareholders' equity or owners' equity.