IAS 1/AASB 101 Prescribes Which Format for the Statement of Financial

question 48

Multiple Choice

IAS 1/AASB 101 prescribes which format for the statement of financial position?

• A) Assets = equity + liabilities
• B) Equity = assets - liabilities
• C) Assets - liabilities = equity
• D) No one format is prescribed

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Definitions:

Non Est Factum

“It is not my act”—grounds for a court to declare a contract void because a party is unaware of the nature of the contract.

Misrepresentation

A false statement of fact that induces someone into entering a contract.

Damages

Monetary compensation that is awarded to a person as a remedy for harm or injury they have suffered due to another's actions.

Interface

A point where two systems, subjects, organizations, etc., meet and interact.