Which of the Following Statements Is Incorrect

question 6

Multiple Choice

Which of the following statements is incorrect?
AASB 8 requires external revenue by product to be disclosed on an entity wide basis by all entities to which AASB 8 applies:

• A) unless the information has already been provided as part of the reportable segment information;
• B) unless the information is not available and the cost to develop it would be excessive;
• C) and must be calculated based on the financial information used to produce the entity's financial statements;
• D) unless providing such information would be considered to damage the entity's competitive advantage.

Differentiate between manufacturing and non-manufacturing costs in costing methods.

Analyze how inventory levels affect financial statements under variable and absorption costing.

Recognize the importance of capacity utilization in determining operating income and inventory valuation.

Understand the concept of manufacturing margin and contribution margin in variable costing.

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Definitions:

Aglycone

The non-sugar portion of a glycoside molecule, which becomes free when the glycosidic bond is hydrolyzed.

Anomeric Carbon

The carbon atom in a cyclic saccharide that is connected to two oxygen atoms, one in an ether linkage and the other in a hydroxyl group, and its configuration determines the alpha or beta form of the saccharide.

Glycoside

A molecule in which a sugar is bound to another functional group or molecule through a glycosidic bond.

D-Aldopentose

A type of aldopentose, which is a 5-carbon sugar with an aldehyde group, having the 'D' configuration.