The Approach Contained in IAS 1/AASB 101 to the Determination

question 64

Multiple Choice

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

• A) the new approach.
• B) the inclusive approach.
• C) the all-inclusive profit approach.
• D) the equity approach.

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Definitions:

Objective Facts

Information that is true, measurable, and observable, unaffected by personal feelings or interpretations.

Values

Fundamental beliefs or standards of behavior that guide decisions, actions, and evaluations in personal and social contexts.

Multiple Voting

A voting system where voters can cast multiple votes for a candidate or issue, often used to indicate the strength of preference in decision-making processes.

Consensus

A general agreement or shared decision among a group, often reached through collaborative and inclusive discussion.