AASB 101 Presentation of Financial Statements Requires the Following Items

question 11

Multiple Choice

AASB 101 Presentation of Financial Statements requires the following items to appear on the face of the Statement of Changes in Equity
I The net amount of cash from the issue of any securities during the period
II The cumulative effect of changes in accounting policy and the correction of errors
III Each item of income or expenses that are required to be recognised directly in equity
IV Profit or loss for the period.

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

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Definitions:

Petty Cash Reimbursement

The process of refilling the petty cash fund to its set level after its funds have been used for small, incidental expenses.

Journal Entry

A record in accounting that represents a transaction with debits and credits documented in the appropriate accounts.

Streamline

To simplify or eliminate unnecessary steps in a process to increase efficiency and improve performance.

Purchasing Process

The sequence of steps followed by an organization to acquire goods or services, starting from the identification of the need to the receipt and approval of the item.