Which of the Following Statements Is Not in Accordance with AASB

question 4

Multiple Choice

Which of the following statements is not in accordance with AASB 101 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 income statement 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:

Severn River

A major river in the United Kingdom, notable for being the longest in Great Britain, flowing through Wales and England.

Grand Tour

A traditional trip through Europe undertaken by mainly upper-class European young men of means, to finish their education in the 17th to 19th centuries.

Veduta

A highly detailed, usually large-scale painting or, more often, print of a cityscape or some other vista.

Canaletto

An 18th-century Venetian painter known for his highly detailed landscapes and cityscapes, particularly of Venice, capturing the city's beauty and architectural splendor.