AASB 8 Operating Segments Requires an Entity to Report a Measure

question 57

True/False

AASB 8 Operating Segments requires an entity to report a measure of segment liabilities and particular income and expense items,if such measures are regularly provided to the chief operating officer.

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Definitions:

NSF Check

A check that cannot be processed because the drawer's account does not have sufficient funds, standing for Non-Sufficient Funds.

Deposit In Transit

Funds that have been deposited by a company but not yet credited to its bank account.

Ledger

A comprehensive collection of a company's financial accounts.

Petty Cash Fund

A small amount of cash kept on hand by a business for making immediate payments for miscellaneous small expenses.