Following Are the Items of Income and Expense Recognised During

question 34

Multiple Choice

Following are the items of income and expense recognised during the period by Gordon Field PlC: $$\begin{array} { | l | l | } \hline \text { I }&\text { Gains and losses arising from translating the financial statements of a foreign } \\&\text { operation }\\\hline \text { II } & \text { Gains and losses on re-measuring available-for-sale financial assets } \\\hline \text { II } & \text { Gain on sale of property, plant and equipment } \\\hline V & \text { Actuarial losses on defined benefit pension plans } \\\hline V & \text { Prior period errors discovered } \\\hline V & \text { Prospective adjustment resulting from a change in accounting estimates } \\\hline\end{array}$$ Which of the following combinations identify all items permitted in IAS 1 Presentation of Financial Statements to be presented under other comprehensive income?

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Definitions:

Consumption And Investment

Components of an economy where consumption refers to the use of goods and services for immediate satisfaction, and investment involves spending on capital goods to yield future returns.

Production Possibilities Curve

A graphical representation showing the maximum combinations of goods or services that can be produced with a fixed amount of resources.

Operating Inefficiently

Conducting business in a manner that does not maximize output or profits relative to input and resources.

Technological Advance

The development and application of innovative tools, machines, systems, and methods to improve processes, productivity, and efficiency.