IAS 1/AASB 101 Specifies That a Complete Set of Financial

question 62

Multiple Choice

IAS 1/AASB 101 specifies that a complete set of financial statements comprises which of the following?
I. Statement of cash flows
II. Statement of changes in equity
III. Statement of financial position
IV. Statement of profit or loss and other comprehensive income
V. Notes comprising a summary of accounting policies and other explanatory information.

• A) I, II, III and IV only
• B) II, III and IV only
• C) I, II, III, IV and IV
• D) III, IV and V only

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Definitions:

Serial Endosymbiosis Hypothesis

A theory suggesting that eukaryotic cells evolved from prokaryotic organisms through a series of symbiotic events.

Mitochondria

Organelles within cells that generate most of the cell's supply of ATP, used as a source of chemical energy, and also involved in other processes such as signaling and cellular differentiation.

Chloroplasts

Organelles found in plant cells and eukaryotic algae that conduct photosynthesis, capturing light energy to synthesize organic compounds such as glucose.

Photosynthetic Autotrophs

Organisms that can manufacture their own food through the process of photosynthesis, using light energy to convert CO2 and water into glucose.