Under AASB 101 Additional Line Items,headings and Subtotals

question 20

Multiple Choice

Under AASB 101 additional line items,headings and subtotals:

• A) are precluded as they provide unnecessary information that may confuse the user.
• B) shall be presented on the face of the statement when such presentation is relevant to an understanding of the entity's financial performance.
• C) shall be presented on the face of the statement when such items can be measured reliably and it is probable these events will occur.
• D) will only be included in the notes to the income statement if they are relevant to an understanding of the entity's financial performance.

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Definitions:

Equal Importance

A principle that all elements or aspects under consideration are given the same level of significance.

Abstract Words

Terms that represent ideas, qualities, or conditions that cannot be directly perceived by the senses, often requiring interpretation.

Interpretation

The process of explaining the meaning of something, especially within a specific context.

Experiences

The knowledge or practical wisdom gained from direct participation in events or activities.