AASB 101 Requires the Following Items to Be Disclosed Separately

question 23

Multiple Choice

AASB 101 requires the following items to be disclosed separately in the statement of profit or loss and other comprehensive income:
I Cost of sales.
II Revenue.
III Finance costs.
IV Share of the profit or loss from associates.
V Tax expense relating to extraordinary events.
VI Tax expense relating to ordinary activities.
VII Profit or loss.

• A) I, II, VI and VII only
• B) I, II, III and V only
• C) II, III, IV, VI and VII only
• D) I, III, V and VII only.

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Definitions:

Bond Discount Amortized

The process of gradually writing off the discount on bonds payable over the life of the bonds, affecting interest expense on the income statement.

Bond Premium Amortization

The process of gradually expensing the premium paid over the par value of a bond over its life.

Effective Yield

The total yield of a bond once all charges are factored in, expressed as an annual percentage.