Which of the Following Statements Relating to the Presentation of the Statement

question 55

Multiple Choice

Which of the following statements relating to the presentation of the statement of profit or loss by non-reporting entities is not true?

• A) There is no prescribed format.
• B) The statement of profit or loss must be prepared in accordance with the AASB accounting standards.
• C) The purpose of the statement of profit or loss is to report the profit or loss for the entity for the reporting period.
• D) Income is usually more detailed and less aggregated than that prepared for a reporting entity.

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Definitions:

Thoracic Cavity

The part of the body located between the neck and the abdomen, housing the heart and lungs within the rib cage.

Spiracle

An external respiratory opening found in some animals, including insects and some amphibians, used for breathing.

Partial Pressure

The pressure exerted by a single component of a mixture of gases, proportionate to its percentage in the mixture.

Pulmonary Capillaries

Tiny blood vessels in the lungs where gas exchange between the air and blood occurs.