The Statement in Relation to AASB 108 and the Correction

question 24

Multiple Choice

The statement in relation to AASB 108 and the correction of prior-period errors that is incorrect is:

• A) Prior-period errors are material omissions from and misstatements in an entity's statement of financial position and associated notes
• B) The correction must not be included in the profit or loss for the period in which the error is discovered
• C) Comparative figures for prior periods need not be restated
• D) A retrospective correction must be made which will normally affect retained earnings in the current statement of financial position

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Definitions:

Cohesion

The tendency of a group to stay united while working towards goals and satisfying the emotional needs of its members.

Cohesion

The force that binds members of a group together, creating a sense of belonging and mutual support among its members.

Group Unity

The degree to which members of a group or team feel connected and committed to each other, often characterized by shared goals, mutual support, and coherence.

Tuckman's Group Development

A theory proposing that teams go through distinct stages: forming, storming, norming, performing, and adjourning.