AASB 101 Requires Which of the Following in Relation to the Classification

question 16

Multiple Choice

AASB 101 requires which of the following in relation to the classification of expenses?

• A)Expenses to be classified by either nature or function.
• B)Expenses to be classified by nature,unless classification by function is more relevant.
• C)Expenses to be classified by function,unless classification by nature is more relevant.
• D)Expenses to be classified by both nature and function.

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Definitions:

Responding

The act of replying or reacting to something, such as a question, situation, or stimulus.

Personal Preferences

Individual likes, dislikes, or choices that are specific to a person's tastes or desires.

Job Interview

A formal meeting between a job applicant and a potential employer to assess the applicant's suitability for a position.

Successful Preparation

The process of making ready or being made ready for use or consideration, especially in terms of achieving desired outcomes or success.