AASB 102 Provides That Not-For-Profit Entities

question 41

Multiple Choice

AASB 102 provides that not-for-profit entities:

• A) must value their assets at the lower of cost or net realisable value to allow reports to be compared.
• B) should only report inventories at cost for simplicity.
• C) should value their assets at either cost or current replacement cost, whichever is more beneficial.
• D) will record the inventories at the lower of cost or current replacement cost.

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Definitions:

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome.

Social Anxiety Disorder

A chronic mental health condition in which social interactions cause irrational anxiety, fear, embarrassment, or concern about being judged or viewed negatively by others.

Inhibited

Characterized by a restraint or suppression of action, feeling, or expression.