AASB 6 Is an Example Of

question 16

Multiple Choice

AASB 6 is an example of:

• A) an industry specific standard
• B) a not-for-profit standard
• C) a standard applicable to disclosing entities
• D) a differential reporting standard based on size based criteria

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Definitions:

Accounts Receivables

Sums due to a company from its customers for products or services rendered but not yet compensated for.

Investing Activity

Operations concerning the buying and selling of long-term assets and other financial investments that do not qualify as cash equivalents.

Suppliers

Entities or individuals that provide goods or services to another entity or individual, usually in a business-to-business context.

Time Period Assumption

An accounting principle that the life of a business can be divided into discrete time periods, such as months and years, for reporting purposes.