In the Current Version of IAS 1/AASB 101 Presentation of Financial

question 39

Multiple Choice

In the current version of IAS 1/AASB 101 Presentation of Financial Statements, what is an acceptable alternative title for the statement of financial position?

• A) Profit and loss statement
• B) Income statement
• C) Balance sheet
• D) Financial statement

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Definitions:

Postconventional Level

A stage in Lawrence Kohlberg's theory of moral development where individuals make moral decisions based on universal ethical principles, beyond societal norms or laws.

Concrete Level

A term referring to tangible, specific objects or events, as opposed to abstract concepts or qualities.

Zone of Proximal Development

The difference between what a learner can do without help and what they can achieve with guidance and encouragement from a skilled partner.

Scaffolding

A technique used in education and cognitive development involving providing suitable supports to facilitate learning, allowing the student to achieve higher levels of comprehension and skill acquisition.