Which of the Following Is Not Within the Scope of AASB

question 10

Multiple Choice

Which of the following is not within the scope of AASB 1023 "General Insurance Contracts"?

• A) Motor vehicle insurance;
• B) Home and contents insurance;
• C) Third party liability insurance;
• D) Bush fire insurance;
• E) Life insurance

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Definitions:

Equity Accounts

Accounts that represent the owner's claim or interest in the assets of a business, reflected in the equity section of the balance sheet.

Operating Activities

The day-to-day actions that are involved in running a business, which are reflected in the cash flows from operating activities section of the cash flow statement.

Direct Method

A method for creating a cash flow statement that itemizes the principal categories of gross cash inflows and outflows.

Cash Dividends

A portion of a company's earnings that is paid out to shareholders, typically in the form of cash.