In Relation to the Impairment of Assets, AASB 136 Impairment

question 9

Multiple Choice

In relation to the impairment of assets, AASB 136 Impairment of Assets, requires the following disclosures for each class of assets:
I The line of the statement of profit or loss and other comprehensive income in which impairment losses are included.
II The amount of reversals of impairment losses during the period.
III The amount of impairment losses recognised directly in other comprehensive income.
IV The beginning and ending balances of any 'provision for impairment' account.

• A) I, II, III and IV
• B) I, II and III only
• C) II and IV only
• D) IV only.

Grasp the application and mechanics of job order cost accounting systems, including the treatment of overhead costs.

Learn the role and processing of time tickets and clock cards in attributing labor costs to jobs.

Comprehend the collection, allocation, and adjustment of factory overhead costs, including the treatment of overapplied or underapplied overhead.

Recognize the purpose and utility of job cost sheets and other cost accounting documents.

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Definitions:

Compliance

The act of conforming, acquiescing, or yielding, often to a set of rules, standards, or demands.

Resistance

The act of opposing or struggling against something that is perceived as a challenge or a threat.

Foot-In-The-Door

A persuasion technique where a small initial request is made in order to gain compliance with a larger request later.

Door-In-The-Face

A persuasion technique where a large, unreasonable request is made first, followed by a smaller, more reasonable request.