Under AASB 101, in the Statement of Financial Position, Companies

question 48

Multiple Choice

Under AASB 101, in the statement of financial position, companies are normally required to distinguish between:

• A)cash on hand and cash at bank.
• B)property and plant.
• C)current and non-current liabilities.
• D)current profit and retained profits.

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Definitions:

Save

To allocate income or resources for future use instead of immediate consumption, often by placing it in some form of a bank account or investment.

Real Estate

Property consisting of land and the buildings on it, along with its natural resources, generally classified as residential, commercial, or industrial properties.

Desirable Neighborhoods

Areas that are highly sought after by homebuyers and renters due to factors like safety, amenities, good schools, and proximity to employment opportunities.

Conspicuous Consumption

The purchase and use of goods and services to publicly display wealth rather than to meet basic needs.