To Be Recognised in a Statement of Profit and Loss

question 31

Multiple Choice

To be recognised in a statement of profit and loss and other comprehensive income,an item must by nature be:

• A)either income,an expense or item of other comprehensive income.
• B)both income and a liability.
• C)either an asset or a liability.
• D)both a liability and a direct adjustment to equity.

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Definitions:

Customer Service

The assistance and advice provided by a company to those people who buy or use its products or services.

High-Wage Country

A country characterized by high average wages for its workers compared to the global average, often due to strong economies, advanced technologies, and high standards of living.

Feminine Culture

Cultural values that emphasize traits traditionally associated with femininity, such as cooperation, caring, and nurturing.

Collectivist

Prioritizing the group or community's needs and interests above individual desires, characteristic of cultures or organizations valuing cooperation over competition.