The AASB Standards 1-99 Series Includes Those Standards

question 60

Multiple Choice

The AASB Standards 1-99 Series includes those standards:

• A) where the standard has been developed for domestic application and relates specifically to the public or not-for-profit sectors.
• B) where a standard equivalent to an existing or improved IAS is issued, with the number being used by the IASB being the same as that being used by the AASB (e.g. IAS 1 will be AASB 1).
• C) where a standard equivalent to an existing or improved IAS is issued, with the number being used by the AASB 100 on from that being used by the IASB(e.g. IAS 1 will be AASB 101).
• D) where a new IFRS has been issued by the IASB, with the number being used by the IASB being the same as that being used by the AASB(e.g. IFRS 1 will be AASB 1).

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Definitions:

Benchmarking

The process of comparing one's business processes and performance metrics to industry bests or best practices from other industries.

Financial Ratios

Quantitative measures derived from financial statements used to evaluate a company's financial performance and condition.

Cash Flow Management

The process of monitoring, analyzing, and optimizing the net amount of cash receipts minus cash expenses in a business.

Accounts Receivable

Funds that customers owe to a business for products or services already provided but not yet compensated for.