AASB 136 Defines the Smallest Identifiable Group of Assets That

question 42

Multiple Choice

AASB 136 defines the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets as a:

• A) class of assets.
• B) asset portfolio.
• C) value in use asset group.
• D) cash-generating unit.

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Definitions:

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.

Double-Entry Accounting

A system of bookkeeping where every entry to an account requires a corresponding and opposite entry to a different account.

Debits

Accounting entries that represent an increase in assets or expenses or a decrease in liabilities, equity, or revenue.

Credits

Recognition or acknowledgment for something received or accomplished, often used in finance to denote money received or a decrease in liabilities.