Under Paragraph 4, If an Entity Presents Both Consolidated and Separate

question 12

Multiple Choice

Under paragraph 4, if an entity presents both consolidated and separate financial statements, the AASB 133 disclosures need only be determined on the basis of:

• A) parent entity only
• B) subsidiary entities only
• C) consolidated information
• D) the entity has choice of either parent entity or consolidation

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Definitions:

Profit Sharing

A company policy where employees receive a portion of the company's profits in addition to their regular compensation.

Vicariously Liable

A legal principle where one party is held responsible for the actions or omissions of another, such as an employer for their employees.

Spare Time

The time that someone has free from their employment or other obligations, often used for relaxation or personal activities.

Serious Motor Vehicle

Refers to motor vehicles involved in substantial accidents or incidents that result in serious injuries or fatalities.