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:

Earth's Atmosphere

The layer of gases surrounding Earth, vital for life, retaining heat, and protecting organisms from ultraviolet solar radiation.

Gases

States of matter consisting of particles that have neither a defined volume nor shape, expanding freely to fill the container they are in.

Composition

The way in which various components or elements are arranged and combined to form a whole, applicable in art, literature, and science.

Fossilized Form

A process where organic material is replaced by minerals, turning remains of organisms into stone-like replicas.