An Exception to the AASB 107 Rule That Normally Gross

question 12

Multiple Choice

An exception to the AASB 107 rule that normally gross cash flows should be disclosed is:

• A) the refinancing of long-term loans
• B) some transactions of financial institutions
• C) items where the turnover is quick, the amounts are large, and the maturities are short
• D) both B and C

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Definitions:

Inferred

Something concluded or deduced based on evidence and reasoning rather than explicit statements.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.

Contradict

to assert the opposite of a statement made by someone, implying disagreement or denial.

Automates

The process of making an operation or procedure carried out without human intervention through the use of mechanical or electronic devices.