Accounting Standard IAS 2/AASB 102

question 14

Multiple Choice

Accounting standard IAS 2/AASB 102:

• A) only allows the use of direct costing for external financial reporting purposes.
• B) allows the use of direct costing and absorption costing for external financial reporting purposes.
• C) only allows the use of absorption costing for external financial reporting purposes.
• D) does not allow the use of either direct costing or absorption costing for external financial reporting purposes.

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Definitions:

Advances

Progress or development in various fields or aspects, such as technology, science, medicine, or social practices, contributing to overall improvement or innovation.

Indo-European

Indo-European refers to a large family of related languages spread across Europe and Asia, believed to be derived from a common ancestral language spoken thousands of years ago.

Oceanic

Pertaining to the ocean; involving or situated in the ocean.

Samoan

Pertaining to the people, language, or culture of Samoa, a country comprising islands in the central South Pacific.