AASB 138 Requires Disclosure Of

question 17

Multiple Choice

AASB 138 requires disclosure of:

• A) the aggregate amount of research and development costs recognised as an expense during the period
• B) the amortisation methods used for intangible assets with finite lives
• C) a reconciliation of the opening and closing asset balances showing additions, revaluations, impairment losses and amortisation
• D) all of the above

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Definitions:

Accounts Receivable

Money owed to a company by its customers from the sale of products or services on credit.

Sales Discounts

From the seller’s perspective, discounts that a seller may offer the buyer for early payment.

Normal Debit Balance

The typical balance that an account should have, where asset and expense accounts usually have debit balances.

Accounts Payable

The short-term liabilities or obligations a company owes to suppliers for goods and services purchased on credit.