AASB 117 Defines the Benefits of Ownership to Include

question 22

Multiple Choice

AASB 117 defines the benefits of ownership to include:

• A) those obtainable from the insurance claims associated with it.
• B) those obtainable from gains in the realisable value of the asset.
• C) those obtainable from the profitable use of the asset.
• D) those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset.

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Definitions:

Geographical Adjustments

modifications made to policies, wages, or prices to reflect the cost of living or market conditions in different locations.

Warehouse Inventory

The stock of goods and materials held by a company in a warehouse for processing or distribution.

Transportation Costs

Expenses associated with moving goods or individuals from one location to another, including fuel, labor, and vehicle maintenance.

Promotional Allowance

A discount or financial incentive provided to retailers or wholesalers to encourage the promotion and sale of a product.