A Geographical Segment Is Defined in Part by AASB 8

question 42

True/False

A geographical segment is defined in part by AASB 8 as being a distinguishable component of an entity engaged in providing products and services within a particular social and cultural environment.

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Definitions:

Journal

A book or digital record used in accounting to record each financial transaction as it occurs in chronological order.

Ledger

A book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Transposition

The accidental rearrangement of digits of a number. Example: 152 → 125.

Error

A mistake in recording transactions or in financial statements, often requiring adjustments or corrections.