Which of the Following Categories of Revenue Are Not Required

question 14

Multiple Choice

Which of the following categories of revenue are not required to be disclosed separately under AASB 118?

• A) Extraordinary items
• B) Interest
• C) Dividends
• D) None; all of the above are required disclosure

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Definitions:

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully completed units, based on the percentage completion of those units.

Conversion

The process of changing raw materials into finished products or turning prospects into customers, depending on the context.

Weighted-Average Method

A method of inventory valuation which calculates the cost of goods sold and ending inventory based on the average cost of all units available for sale during the period.

Equivalent Units

A concept in cost accounting used to express the amount of work done on partially finished goods in terms of fully finished units.