Which of the Following Is Not a Disclosure Requirement of AASB

question 57

Multiple Choice

Which of the following is not a disclosure requirement of AASB 111?

• A) The amount of contract revenue recognised as revenue must be disclosed either on the face of the income statement or in the accompanying notes.
• B) Contract costs incurred must be disclosed either on the face of the income statement or in the accompanying notes.
• C) A liability being the gross amount due to customers for contract work.
• D) The gross amount of work progress must be disclosed in the balance sheet.
• E) For contracts in progress, the amount of advances received, must be disclosed either on the face of the income statement or in the accompanying notes.

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Definitions:

Visible Spectrum

The portion of the electromagnetic spectrum that is visible to the human eye, comprising wavelengths from approximately 380 to 740 nanometers.

Primary Colours

Fundamental colors (usually red, green, and blue for light; cyan, magenta, and yellow for pigments) that can be combined to create a full spectrum of colors.

Trichromatic Process

A theory of color vision that proposes three types of color receptors in the eye, each sensitive to red, green, or blue.

Opponent Process

A theory suggesting that emotions are regulated by mechanisms that operate in opposition to each other.