IAS 1/AASB 101 Specifies That the Statement of Changes in Equity

question 50

Multiple Choice

IAS 1/AASB 101 specifies that the statement of changes in equity must disclose how many of the following items?
$\bullet$ Total comprehensive income for the period.
$\bullet$ A reconciliation between carrying amount at the beginning and end of the period for each item of equity.
$\bullet$ Contributions by and distributions to owners, disclosed separately.

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Raw Materials

Basic substances in their natural, modified, or semi-processed state used as inputs to a production process for manufacturing goods.

Raw Materials Inventory

Goods and materials that are used in the manufacturing process to be converted into finished products, tracked in accounts as a current asset.

FOH Volume Variance

The difference between the budgeted and actual volume of production, affecting fixed overhead costs.

FOH Budget Variance

The difference between the actual factory overhead costs and the budgeted or standard overhead costs allocated for a period.