For Each Class of Provision, an Entity Is Required Under

question 12

Multiple Choice

For each class of provision, an entity is required under AASB 137 Provisions, Contingent Liabilities and Contingent Assets, to disclose the following information:
I The carrying amount at the beginning and end of the period.
II Amounts incurred and charged against the provision during the period.
III Comparative information.
IV Unused amounts reversed during the period.
V Additional provisions made during the period.

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

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Definitions:

Apartheid

The system of segregation of racial and ethnic groups that was legal in South Africa between 1948 and 1991.

White Collar

A description characterizing lower-level professional and management workers and some highly skilled laborers in technical jobs.

Lower-management

The level of management directly supervising frontline employees, responsible for day-to-day operational decisions and implementing higher management policies.

Socioeconomic Status

An individual's or family's economic and social position in relation to others, based on income, education, and occupation.