Which Statement Is Not Correct

question 70

Multiple Choice

Which statement is not correct?

• A)In accounting for mineral resources, IFRS 6 applies for the exploration and evaluation phase.
• B)In accounting for mineral resources, IAS 38 applies for the development phase.
• C)A mineral site entering the development phase would normally satisfy the six criteria required for capitalization.
• D)In accounting for mineral resources, IAS 38 is not applicable for any phase.

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Definitions:

Utility Function

A mathematical representation in economics that portrays an individual's preference ranking for different bundles of goods or outcomes.

Expected Utility

A theory in economics that calculates the utility expected from different choices to assess risk and make decisions.

Income

The financial gain that an individual or business receives, usually from employment, business activities, or investments.

Utility Function

A mathematical representation of how a particular good or set of goods generates satisfaction or utility for an individual or consumer.