Which Statement Concerning Australian Accounting Standards Is Correct

question 20

Multiple Choice

Which statement concerning Australian accounting standards is correct?

• A) Current Australian accounting standards do not identify any particular categories of 'unusual' items for special disclosure in the income statement
• B) Current Australian accounting standards require activities that are attributable to transactions or other events outside the ordinary activities of the entity to be disclosed separately
• C) AASB 101 requires the separate disclosure of significant items
• D) None of the above is correct

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Definitions:

Implausible

Lacking a sense of plausibility or credibility; unconvincing.

Informative

Providing useful or interesting information or data.

Patterns Of Explanation

Structured frameworks or methods used to elucidate how or why certain phenomena occur, aimed at enhancing understanding through logical reasoning.

Plausible

Appearing reasonable or probable.