Which of the Following Statements Is Not in Accordance with IAS

question 29

Multiple Choice

Which of the following statements is not in accordance with IAS 1 Presentation of Financial Statements with respect to the statement of comprehensive income?

• A)All items of income and expense recognised in a period are to be presented in a single statement of comprehensive income.
• B)All items of income and expense recognised in a period are permitted to be presented in two statements: 1) a separate statement of profit and loss and 2) a statement beginning with profit or loss and displaying components of other comprehensive income.
• C)An entity shall present an analysis of expenses in profit or loss using a classification based on either the nature of expenses or their function within the entity, whichever provides information that is reliable and more relevant.
• D)Components of other comprehensive income include gain on sale of property plant and equipment.

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Definitions:

Prejudiced Minority Groups

Groups that face discrimination and negative stereotypes based on characteristics such as race, ethnicity, or sexual orientation.

Social Standing

The position or rank of a person or group within the hierarchy of society based on prestige, honor, respect, and wealth.

Scapegoating

The practice of blaming an individual or group for wrongs that they may not have committed, often to deflect responsibility.

Accentuation

The psychological tendency to exaggerate differences between stimuli or categories when they are perceived as being distinct or separate.