Additional Line Items to Those Disclosed in Accordance with Paras

question 9

Multiple Choice

Additional line items to those disclosed in accordance with paras 68 and Aus68.1 of AASB 101 may be included on the face of the statement of financial position when disclosure of these items is assessed to be relevant to an understanding of the entity's financial position.This assessment is based on which of the following?

• A) The nature and liquidity of assets
• B) The function of the assets within the entity
• C) The amounts, nature and timing of liabilities
• D) All of the above

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Definitions:

Trade-In Allowance

The amount credited to the buyer by a seller for the value of a traded item, reducing the cost of the new purchase.

Recorded

The action of documenting financial transactions in accounting records, ensuring accuracy and completeness of financial information.

Asset Improvements

Expenditures made to enhance the usefulness, performance, or lifespan of an asset without acquiring a new one.

Ordinary Maintenance

Routine upkeep and repairs necessary to keep equipment, buildings, and other assets in working order, distinct from major renovations or upgrades.