IAS 1/AASB 101 Defines a Complete Set of Financial Statements

question 41

Multiple Choice

IAS 1/AASB 101 defines a complete set of financial statements as comprising:

• A) a balance sheet, a profit or loss report, a statement of cash flows and a director's report.
• B) a statement of financial position, a statement of profit or loss and other comprehensive income for the period, a statement of changes in equity, a statement of cash flows , and notes comprising a summary of accounting policies and other explanatory information.
• C) a statement of financial position, a statement of profit or loss and other comprehensive income for the period, a statement of changes in equity and a statement of cash flows.
• D) a statement of financial position, a statement of profit or loss and other comprehensive income for the period, and a statement of cash flows.

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Definitions:

Suggest Strategies

The process of proposing plans or methods to solve specific problems or achieve objectives, typically within a business or organizational context.

Total Gain

The complete profit or advantage obtained from an investment or a series of transactions.

Stock-Purchase Plans

Corporate programs allowing employees to buy shares of the company's stock, often at a discount, as part of their benefits.

Performance Incentive

A reward system designed to enhance motivation and improve worker productivity by providing bonuses or other benefits linked to achievement of specific goals.