Which Approach Is Contained in IAS 1/AASB 101, Requiring All

question 24

Multiple Choice

Which approach is contained in IAS 1/AASB 101, requiring all income and expenses to be included in the determination of profit?

• A) the operating approach.
• B) the comprehensive profit approach.
• C) the reporting method approach.
• D) the all-inclusive profit approach.

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Definitions:

Unconditioned Response

A natural, automatic reaction to a stimulus that occurs without any prior learning or conditioning.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children gain the ability to think logically about concrete events.

Intuitive

Relating to or using one's intuition, which involves understanding or knowing something instinctively without the need for conscious reasoning.

Appearances

The way that someone or something looks to others, encompassing physical presentation, clothing, and any other visual attributes.