The Approach Contained in IAS 1/AASB 101 to Determine a Company's

question 30

Multiple Choice

The approach contained in IAS 1/AASB 101 to determine a company's profit or loss is:

• A) the new approach.
• B) the operational approach.
• C) the all-inclusive profit approach.
• D) the profit or loss approach.

---

Definitions:

Assets

Economic resources owned or controlled by a business or individual, which are expected to produce value or benefit in the future.