Under IAS 1/AASB 101 Which Format Is Subscribed for the Statement

question 11

Multiple Choice

Under IAS 1/AASB 101 which format is subscribed for the statement of financial position?

• A)Assets - Liabilities = Equity
• B)Assets = Equity + Liabilities
• C)Equity = Assets - Liabilities
• D)No one format is prescribed

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Definitions:

Loess

A fine, wind-deposited sediment that forms fertile soil, typically found in prairie regions.

Glaciers

Large masses of ice on land that move slowly over time, formed by the accumulation and compaction of snow, significantly influencing landscapes through erosion and deposition.

Glaciers

Large, slow-moving masses of ice formed from compacted layers of snow, which move under their weight and shape the land beneath.

Cirque

A bowl-shaped, steep-walled mountain basin carved by glaciation, often containing a small lake.