AASB 1039 Specifies the Minimum Contents Required For

question 18

Multiple Choice

AASB 1039 specifies the minimum contents required for:

• A) a disclosing entity.
• B) interim financial reports.
• C) concise financial reports.
• D) a statement of changes in equity.

Recognize the accounting treatment for trade discounts and purchase discounts.

Identify the ownership and responsibility for freight costs in FOB shipping point and FOB destination terms.

Comprehend the role and recording of sales tax in accounting entries.

Understand the advantages of taking sales discounts for buyers.

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Definitions:

Scanning Objective

A low-power objective lens on a microscope used to scan the whole slide to find the specimen before using higher magnification.

Field Diameter

The visible area observed through the lens of a microscope or other viewing instrument.

Objective

Unbiased, not influenced by personal feelings or opinions in considering and representing facts.

Depth of Field

Depth of field is a photography term describing the distance between the closest and farthest objects in a photo that appear acceptably sharp.