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:

Sample

A group chosen from the larger population for the purpose of collecting statistical data through observation or questioning.

Population

The entire group of individuals or items that is the subject of a statistical analysis.

Nonresponse Error

The bias that occurs in survey statistics when individuals selected for the survey do not respond and their nonresponse is related to the measure of interest.

Data Collection

The process of gathering and measuring information on variables of interest in a systematic way.