In Terms of Revenue Related Disclosures on the Face of the Statement

question 26

Multiple Choice

In terms of revenue related disclosures on the face of the statement of profit or loss and other comprehensive income:

• A) AASB 101 Presentation of Financial Statements requires revenue by category to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• B) AASB 118 Revenue requires revenue by category to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• C) AASB 101 Presentation of Financial Statements requires total revenue to be disclosed on the face of the statement of profit or loss and other comprehensive income.
• D) AASB 118 Revenue requires total revenue to be disclosed on the face of the statement of profit or loss and other comprehensive income.

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Definitions:

Annual Budget

A financial document that projects income and expenditures for a specific year.

Bureau of the Budget

A former agency of the U.S. government responsible for creating and managing the federal budget, now known as the Office of Management and Budget (OMB).

Executive Orders

Directives issued by the President of the United States that have the force of law, often used to manage the operations of the federal government.

Force of Law

The characteristic of laws, regulations, or legal decisions that makes them enforceable by the legal system, ensuring compliance through penalties for violation.