Under the Framework and AASB 101

question 8

Multiple Choice

Under the Framework and AASB 101

• A)revenue arises in the course of ordinary activities
• B)there is no test to distinguish ordinary activities from non-ordinary
• C)gains are other items of income that may or may not arise from ordinary activities
• D)all of the above

---

Definitions:

Labor Standards

Predetermined measures for the amount of labor time and cost expected for a certain task or production process.

Last Month Data

Information or statistics gathered in the previous month, often used in comparisons or forecasting.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours allowed for the actual production achieved, reflecting labor efficiency.

Direct Labor-hours

Direct Labor-hours represent the total time spent by workers directly involved in the manufacturing process or providing a service.