According to AASB 101 Presentation of Financial Statements,a Complete Set

question 13

True/False

According to AASB 101 Presentation of Financial Statements,a complete set of financial statements only comprises a statement of financial position,statement of profit or loss and other comprehensive income and a statement of cash flows.

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Definitions:

Accumulated Depreciation

The cumulative depreciation expense charged for a fixed asset since its initial use.

Fair Market Value

The price at which an asset would change hands between a willing buyer and seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset, over its useful life, up to the current date.

Salvage Value

The estimated value that an asset will realize upon its sale at the end of its useful life, used in calculating depreciation.