It Is Important That Disclosure Be Made of the Accounting

question 19

Multiple Choice

It is important that disclosure be made of the accounting policies adopted in preparing a financial report:

• A)because they have to be disclosed under AASB 108
• B)because they can have a significant effect on the items recognised, how they are measured and the disclosure made about them
• C)only to the extent that they are material in understanding the financial report
• D)even if they are not material, they are necessary to explain the events and transactions of the entity

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Definitions:

Social Exchange Theory

A conceptual framework suggesting that social behavior is the result of an exchange process, aiming to maximize benefits and minimize costs in relationships.

LMX

Leader-Member Exchange, a theory emphasizing the dynamic relationships between leaders and their team members, focusing on how these relationships influence organizational outcomes.

Authentic Leadership

A positive form of leadership that involves being true to oneself.

Self-Awareness

The conscious knowledge of one’s own character, feelings, motives, and desires, essential for personal development and growth.