Under AASB 101, Financial Statements Must Be Prepared and Presented

question 30

Multiple Choice

Under AASB 101, financial statements must be prepared and presented at least:

• A) annually;
• B) half-yearly;
• C) each three months;
• D) at the end of each month of operations.

---

Definitions:

Consumer Goods

Products and services that are purchased for personal use or consumption.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.

Production Possibility Frontier

A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.

Increasing Opportunity Costs

The concept that the cost of forgoing the next best alternative increases as resources become more specialized in production.