The Statement Concerning the Urgent Issues Group UIG)which Is Untrue

question 32

Multiple Choice

The statement concerning the Urgent Issues Group UIG) which is untrue is:

• A)It was established to give a quick solution to problems that confront accounting practitioners
• B)It was dissolved in 2006
• C)It issued draft accounting standards
• D)The publication dealing with the GST has been retained and issued by the AASB

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Definitions:

Transactions

Financial events that affect the financial position of a company, measurable in terms of changes in assets, liabilities, and equity.

Statement Of Owner's Equity

A financial statement that shows the changes in the ownership interest of a company over a period of time.

Balance Sheet

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement

A financial statement that reports a company's revenues and expenses over a specific period, resulting in a net profit or loss.