According to AASB 101 Presentation of Financial Statements,a Required Format

question 39

Multiple Choice

According to AASB 101 Presentation of Financial Statements,a required format for the presentation of the statement of profit or loss and other comprehensive income is:

• A)prescribed by the Corporations Act.
• B)not prescribed and no guidance is provided in the standard for a suitable format.
• C)not prescribed but guidance is provided in the standard for a suitable format.
• D)prescribed by the standard and further details are found in the Corporations Act.

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Definitions:

Shareholders

Investors in a corporation, who own the corporation.

Dividends

Payments made by a corporation to its shareholders, usually derived from profits.

Two-Tier Board

A corporate board structure consisting of two separate boards: the supervisory board and the management board, each with distinct responsibilities.

Corporate Veil

A legal concept that separates the personal liability of company owners, shareholders, and officers from that of the corporation itself.