Which of the Following Statements Is Not in Accordance with AASB

question 70

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) An entity shall not present any items of income or expense as extraordinary items, in the statement of comprehensive income or the separate income statement (if presented), or in the notes.
• B) An entity shall disclose the amount of income tax relating to each component of other comprehensive income, including reclassification adjustments, either in the statement of comprehensive income or in the notes.
• C) As a minimum, the statement of comprehensive income shall include line items of each component of other comprehensive income classified by nature.
• D) An entity shall recognise all items of income and expense in a period in profit or loss unless an Australian Accounting Standard requires or permits otherwise, for example, the financial effect of changes in accounting estimates.

Understand the concept and importance of sustainable practices in organizational buying.

Identify different types of service businesses within the industrial market.

Recognize the composition and characteristics of service markets and their significance.

Understand the diverse types of firms involved in the industrial market.

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Definitions:

Compounded Semi-Annually

The process of calculating and adding interest to the principal sum of a loan or deposit twice a year.

9 Years

A period of time equivalent to nine cycles of 365 (or 366 in leap years) days, commonly used in reference to durations or time frames in various contexts.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights of those involved.

Compounded Annually

Interest that is calculated once a year and added to the principal, which then earns interest the following year.