Which of the Following Items, If It Exists, Does NOT

question 26

Multiple Choice

Which of the following items, if it exists, does NOT have to be presented as a line item on the face of a statement of profit or loss and other comprehensive income?

• A) revenue;
• B) closing inventory;
• C) profit or loss attributable to non-controlling interests;
• D) post-tax profit or loss of discontinued operations.

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Definitions:

Adequacy of Consideration

A legal principle assessing whether what is exchanged in a contract (goods, services, or money) is fair and of sufficient value.

Mistake as to Existence

A legal misunderstanding or error regarding the actual existence of a subject matter or condition of a contract.

Fraudulent Misrepresentation

A false statement made knowingly without belief in its truth or recklessly and without concern for its truth, which induces another party to enter into a contract.

Rescission

The act of cancelling a contract and returning all parties involved to their positions prior to the agreement, effectively nullifying the contract's obligations.