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:

Secondary Labor Market

Contains a disproportionately large number of women and members of racial minorities, particularly African and Hispanic Americans. Employees in the secondary labor market tend to be unskilled and lack higher education. They work in small firms with low levels of capital investment. Employment is insecure, earnings are low, and fringe benefits are meager.

Unskilled Employees

Refers to workers who possess no specific skills or qualifications and are often employed in labor-intensive or manual job roles.

Higher Education

Tertiary education provided by universities and colleges that leads to an academic degree or professional qualification.

Labor Market Segmentation

The division of the labor market into distinct sub-markets or segments, each with its own wage rates, conditions, and employment opportunities, often based on skill level, industry, or geography.