Which of the Following Is Not Listed in AASB 101

question 16

Multiple Choice

Which of the following is not listed in AASB 101 to determine if a liability should be classified as current?

• A) If the liability is guaranteed to be settled within 12 months.
• B) If the liability is held primarily for the purpose of being traded.
• C) If the entity does not have an unconditional right to defer settlement of the liability for at least 12 months.
• D) If the liability is expected to be settled in the entity's normal operating cycle.
• E) None of the given answers.

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Definitions:

Scorned

Felt or expressed contempt or disdain towards someone or something.

Artists

Creative individuals who produce art, such as paintings, sculptures, music, and literature.

Puncture

A small hole made by a sharp object such as a needle or nail.

Needles

Thin, sharp objects typically made of metal, used for sewing or as part of medical instruments to inject or draw fluids.