Disclosures Required by AASB 110 Relating to Subsequent Events That

question 8

Multiple Choice

Disclosures required by AASB 110 relating to subsequent events that impact on the going-concern status of the entity include:

• A) The period over which the entity is expected to be able to continue trading.
• B) Assets for which the going-concern basis is not appropriate, the carrying amounts and the amounts for which the assets are expected to be realised.
• C) The directors' proposal for action to address the difficulties that have emerged since reporting date.
• D) The period over which the entity is expected to be able to continue trading and assets for which the going-concern basis is not appropriate, the carrying amounts and the amounts for which the assets are expected to be realised.
• E) None of the given answers.

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Definitions:

Opportunity Cost

The financial sacrifice of the next preferable alternative when choosing.

Cell Phones

Electronic devices used for mobile telecommunications over a cellular network of specialized base stations.

Herring

A type of fish found in both the Atlantic and Pacific Oceans, commonly used for food.

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over others.