AASB 10 Consolidated Financial Statements,requires That Intragroup Transactions Be

question 8

Multiple Choice

AASB 10 Consolidated Financial Statements,requires that intragroup transactions be:

• A)eliminated on consolidation to the extent of the parent's interest in the subsidiary.
• B)adjusted for in the books of the parent and subsidiary to the extent of the parent's interest in the subsidiary.
• C)adjusted for in full in the books of the parent and subsidiary.
• D)eliminated in full on consolidation.

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Definitions:

Tandem Drive Axles

A pair of drive axles in a vehicle, typically trucks or buses, that work in conjunction to distribute the weight and increase the vehicle's traction.

Pusher Axle

A truck dead axle located in front of a drive axle that may or may not be a lift axle.

Highway Truck

A type of truck designed primarily for long-haul transportation on paved roads, optimized for fuel efficiency, comfort, and cargo capacity.

Steering Axle

The axle of a vehicle that includes the mechanism for steering, affecting the direction in which the vehicle travels.