In Terms of the Numbering of AASB Accounting Standards

question 12

Multiple Choice

In terms of the numbering of AASB accounting standards:

• A)AASB 1-99 are equivalent to the IFRSs issued by the IASB.
• B)AASB 101-199 are equivalent to the IFRSs issued by the IASB.
• C)AASB 1-99 address domestic issues such as director and executive disclosures and concise financial reports.
• D)AASB 101-199 address domestic issues such as director and executive disclosures and concise financial reports.

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Definitions:

Equitable Distribution

a principle aiming for a fair allocation of resources, wealth, or income among members of a society.

Efficient

Refers to the optimal use of resources to achieve the desired ends with minimal waste or effort.

Income

The amount of money received by an individual or entity in exchange for labor or through investments over a certain period.

Efficient Use

The utilization of resources in a manner that maximizes the production of goods and services.