Which Statement Is Incorrect

question 1

Multiple Choice

Which statement is incorrect?

• A) Under AASB 101, assets and liabilities must not be set-off unless set-off is permitted or required by another accounting standard
• B) Between 1979 and 1999, there was no Australian accounting standard dealing specifically with the statement of financial position
• C) Under AASB 101, there is no materiality override
• D) None of the statements is incorrect

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Definitions:

Better Performance

An improvement in efficiency, accuracy, or quality of work or activity when compared to a previous level.

Positive Well-Being

Refers to a state of health, happiness, and prosperity, encompassing both physical and mental health.

Disappointing Event

An occurrence that falls short of expectations, leading to feelings of dissatisfaction or sadness.

Relationship

The way in which two or more concepts, objects, or people are connected, or the state of being connected.