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:

First Amendment

A change to the U.S. Constitution that safeguards rights related to religious practices, speech, gathering, and the ability to petition.

Rational-basis Test

A standard of review used by courts to evaluate government statutes and regulations, where the law is presumed constitutional as long as it is rationally related to a legitimate government interest.

Commerce Clause

The Commerce Clause refers to a provision in the United States Constitution that grants Congress the power to regulate commerce with foreign nations, among the several states, and with the Indian tribes.

Civil Remedy

Legal means through which a court enforces a right, imposes a penalty, or makes another court order to impose its will.