The Correct Heading on a Statement of Profit or Loss

question 22

Multiple Choice

The correct heading on a statement of profit or loss and other comprehensive income made up for a twelve month period to 30 June 2014 is:

• A)As at 30 June 2014
• B)For the year ended 30 June 2014
• C)For the period ended 30 June 2014
• D)30^th June 2014

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Definitions:

Inflation

The tempo at which the prevalent prices for goods and services swell, erasing buying effectiveness.

Annual Interest Rate

The percentage of principal charged by the lender for the use of its money, calculated on an annual basis.

Overall Level of Prices

The overall level of prices refers to the average price of goods and services across the economy at a given time.

Consumer Spending

The total amount spent by consumers on goods and services within a particular period, driving a significant portion of economic activity.