A Class of Non-Current Assets as Defined by AASB 116

question 58

Multiple Choice

A class of non-current assets as defined by AASB 116 is a category of non-current assets that:

• A) Were all purchased at the same time by the reporting entity.
• B) All have a similar nature or function in the operations of the entity.
• C) Are disclosed as a single item without supplementary dissection in the financial report.
• D) All have a similar nature or function in the operations of the entity, and are disclosed as a single item without supplementary dissection in the financial report.
• E) All of the given answers.

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Definitions:

Traditional Values

Core principles or standards of behavior passed down within a society that uphold its cultural and social norms.

Attitudes

A consistent attitude or sentiment towards something, often shown in how a person acts.

Undue Interference

Unnecessary or improper involvement in the matters or decisions that rightly belong to another.

Evaluation

The systematic assessment of the performance, value, or quality of a project, program, or individual.