Under IAS 7/AASB 107 Which of the Following Is Required

question 42

Multiple Choice

Under IAS 7/AASB 107 which of the following is required to be disclosed in the notes attached to the statement of cash flows?

• A) The opening bank balance
• B) The closing bank balance
• C) Standby credit arrangements
• D) Proceeds from a share issue

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Definitions:

Bank Clearing Time

The process and time required for checks and other transactions to be processed through a bank or clearinghouse and the funds to become available.

Processing Time

The time required to complete a particular process, such as manufacturing or data processing.

Weighted Average Delay

The mean delay time, taking into account the importance or weight of each contributing factor to the overall delay.

Cheques

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a specific individual.