AASB 101 Requires,as a Minimum,certain Line Items to Be Included

question 63

Multiple Choice

AASB 101 requires,as a minimum,certain line items to be included on the face of the statement of financial position .Additional line items may be disclosed based on an assessment of:

• A) the nature and liquidity of assets.
• B) the functions of the assets within the entity.
• C) the amounts, nature and timing of liabilities.
• D) all of the given answers.

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Definitions:

B2C Buying Process

The series of steps that a consumer goes through when deciding to purchase a product or service from a business directly.

Order Specification

Detailed information provided by customers regarding the requirements, characteristics, and quantities of the products they wish to purchase.

Prices

The amount of money required to purchase goods or services.

Delivery Dates

The specific days on which products or services are scheduled to be delivered to the customer.