An Area of Interest Is Defined in AASB 6 As

question 33

Multiple Choice

An area of interest is defined in AASB 6 as:

• A) A specific type of exploration activity as defined by either the production process, type of mineral or gas extracted, or expected future pattern of cash inflows.
• B) A cost centre as defined for the purposes of tracking expenses and revenues and which is also used as a basis for completing taxation returns.
• C) A specific geological area as defined by the initial geological surveys or as grouped according to the nature of the natural substance to be extracted.
• D) An individual geological area which is considered to constitute a favourable environment where there may be a mineral deposit or natural gas field, or which has been proved to contain such a deposit or field.
• E) None of the given answers.

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Definitions:

Payment Plan

An agreement to pay back a sum of money owed over a period of time in a series of installments.

Account Earning

Interest or returns generated from an investment account or savings account over a period.

Retirement Plan

A financial strategy that outlines savings and investments to provide income during retirement, possibly including pensions, 401(k) plans, and IRAs.