Under the Simplest Sample Format Provided in the Implementation Guidance

question 60

Multiple Choice

Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101, the final line in the statement of profit or loss and other comprehensive income is:

• A) profit/loss for the period.
• B) total comprehensive income for the period.
• C) profit/loss and other comprehensive income for the period.
• D) profit/loss after tax and comprehensive income.

---

Definitions:

Process Focus

A management approach that prioritizes the optimization and improvement of specific business processes to enhance overall efficiency and effectiveness.

Product Focus

A facility organized around products; a product-oriented, high-volume, low-variety process.

Goods

Items that are produced for sale or use, often tangible commodities.

Intermittent Process

A production process characterized by irregular or non-continuous production runs, often used for custom jobs or products with variable demand.