AASB 101 Indicates That When Presenting a Statement of Financial

question 11

Multiple Choice

AASB 101 indicates that when presenting a statement of financial position,an entity should:

• A) present all assets and liabilities as two groups and disclose their specific classifications in notes as per paragraphs 57-67.
• B) only present items on the basis of liquidity if that information is reliable and more relevant. If this is the case, assets should be discretely grouped into current and non-current classifications.
• C) present items broadly in order of liquidity if that information is reliable and more relevant than following paragraphs 66-76.
• D) always classify items as current and non-current.

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Definitions:

Repetitious Verbal Mimicking

The act of consistently imitating speech sounds or words, often seen in developmental or neurocognitive disorders.

Autism Spectrum Disorder

A developmental disorder characterized by difficulties in social interaction and communication, along with restricted or repetitive patterns of thought and behavior.

Pervasive Developmental Disorder

A category of developmental disorders that involve delays in the development of many basic skills, often replaced by the term Autism Spectrum Disorder.

Tay-Sachs Disease

A genetic disorder that destroys nerve cells in the brain and spinal cord.