AASB 118 Revenue Requires a Number of Disclosures,including Information About

question 29

Multiple Choice

AASB 118 Revenue requires a number of disclosures,including information about:

• A) rents, interest, royalties and dividends.
• B) accounting policies adopted for the recognition of revenues.
• C) methods adopted to determine the stage of completion of contracts involving the rendering of services.
• D) all of the given answers.

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Definitions:

Position

The role or job someone holds within an organization, or an individual’s stance or viewpoint on a particular issue.

Control Of Inside Information

The regulation and management of sensitive information that is not publicly available and is held within an organization or a select group.

System

An organized set of interrelated elements or components that work together as part of a complex whole.

Authority Structure

Pertains to the systematic arrangement of power, roles, and responsibilities within an organization or society, determining how decisions are made and enforced.