AASB 101 Requires,as a Minimum,certain Line Items to Be Included

question 25

Multiple Choice

AASB 101 requires,as a minimum,certain line items to be included on the face of the balance sheet.Additional line items may be disclosed based on an assessment of:

• A) The nature and liquidity of assets.
• B) The functions of the assets within the entity.
• C) The amounts, nature and timing of liabilities.
• D) The nature and liquidity of assets and the amounts, nature and timing of liabilities.
• E) All of the given answers.

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Definitions:

Goods and Services

The physical objects (goods) and intangible benefits (services) that fulfill consumer needs and wants.

Unemployment Rate

The ratio of jobless individuals in the labor force who are not just unemployed but are actively pursuing employment opportunities.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.

Unemployment

The situation when individuals who are capable of working and are actively seeking work but are unable to find employment.