Quality Information That Can Be Used for a Variety of Purposes

question 48

Multiple Choice

Quality information that can be used for a variety of purposes is said to be ______.

• A) flexible
• B) economical
• C) relevant
• D) verifiable

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Definitions:

Operating Segments

Parts of a company that engage in business activities yielding revenues and incurring expenses.

AASB 136 Impairment of Assets

A standard issued by the Australian Accounting Standards Board detailing the procedures for ensuring that assets are carried at no more than their recoverable amount, and how to record any impairment losses.

Impairment Losses

Financial losses recognized when the carrying amount of an asset exceeds its recoverable amount.