Which of the Following Statements Relating to the Presentation of the Income

question 41

Multiple Choice

Which of the following statements relating to the presentation of the income statement by non-reporting entities is not true?

• A)there is no prescribed format
• B)the purpose of the income statement is to report the profit or
• Loss for the entity for the reporting period.
• C)income is usually more detailed and less aggregated than that prepared for a reporting entity
• D)the income statement must be a GPFR prepared according to the AASB accounting standards

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Definitions:

Correct Verb

The appropriate action word used in a sentence that accurately expresses an action, occurrence, or state of being.

Underwater Earthquakes

Seismic events that occur beneath the surface of a body of water, which can potentially lead to tsunamis.

Volcanic Eruptions

The release of lava, ash, and gases from a volcano, which can have significant effects on the surrounding environment.

Correct Verb

The verb in a sentence that accurately matches its subject in number and tense, effectively conveying the action or state of being.