An Entity Shall Recognise All Items of Income and Expense

question 71

True/False

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.

---

Definitions:

Genetically Modified

Organisms whose genetic material has been altered using genetic engineering techniques.

Pesticides

Chemicals used to kill or control pests in agriculture, such as insects, weeds, or fungi, to protect crops and enhance productivity.

Environmental Degradation

The deterioration of the natural environment due to human activity, leading to the depletion of natural resources and loss of biodiversity.

Agriculture

The act of working the land, growing food plants, and breeding animals for human needs and dietary purposes.