Under AASB 107,it Is Not True That

question 5

Multiple Choice

Under AASB 107,it is not true that:

• A) operating activities generally relate to transactions that are included in the income statement
• B) cash flows are classified into operating, investing and financing groupings
• C) each item in the externally presented income report that results in a cash flow is required to be disclosed separately in the cash flow statement
• D) none of the above is untrue

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Definitions:

Assignment

The transfer of rights or property from one party to another.

Delegation

The act of assigning responsibility or authority from one person or group to another.

Creditor Beneficiary

is a third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the third party.

Incidental Beneficiary

An incidental beneficiary is a third party who may benefit from a contract between two other parties, even though the benefits were not directly intended for them.