The Order of Preference Set Out in AASB 108 for Reliance

question 1

Multiple Choice

The order of preference set out in AASB 108 for reliance on authoritative pronouncements as a guide to selecting an accounting policy when there is no specific Australian standard is:

• A) Related Australian Standards, International Accounting Standards, the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practices
• B) Related Australian Accounting Standards, the definitions, recognition criteria in the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practices
• C) Related Australian Standards and the Framework
• D) None of the above

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Definitions:

Dependent

A person who relies on another, especially a family member, for financial support.

Independent

Independent describes someone or something not influenced or controlled by others in matters of opinion, conduct, or other actions.

Convenience Sample

A non-random selection of participants from a population based on ease of access and availability, often used in exploratory research where representativeness is not a primary concern.

Probability Sample

A sampling method in which each member of the population has a known, non-zero chance of being selected, allowing for statistical inference to the larger population.