Exam 17: The Statement of Comprehensive Income and Statement of Changes in E

An item must be outside the ordinary operations of the business or be of a non-recurring nature to be classified as an extraordinary item under AASB 101:

Estimations are frequently made in the income statement in relation to items such as bad debts, inventory obsolescence, an asset's useful life, and the expected pattern of consumption of economic benefits of depreciable assets. The effect of these estimations on the income statement is to:

Profit is not defined in the AASB Framework:

A statement displaying components of profit or loss is referred to in AASB 101 as a(n):

Discovery of an error from a prior period corrected retrospectively is an example of an item reportable under other comprehensive income.

Different measurement models affect the determination of income and expenses. The different measurement models include:

Which of the following is not required to be shown on the face of the income statement?

If the exercise (strike) price of a call option is greater than the current share price, the option is said to be 'in-the-money':

Hicks' notion of income is that:

Following are the items of income and expense recognised during the period by Murray LtD. Which of the following combinations identify all items permitted in AASB 101 "Presentation of Financial Statements" to be presented under other comprehensive income?

Government departments are now required to report in accordance with AAS 29 'Financial reporting by government departments'. The broad effect of the requirements of this standard is to:

When selecting a presentation format management must select the one that is:

An implication of the fact that traditional financial accounting is based on a model that emphasises property rights is:

All adjustments to equity other than those related to transactions with owners in their capacity as owners are disclosed in the Statement of Comprehensive Income (AASB 101):

The notes to the accounts that relate to income and expense should include:

The income statement satisfies the requirements of the Corporations Act 2001 for a 'profit and loss statement':

If it is found that an error had been made in a prior period.

When there is a change made to the useful life of an asset:

In establishing the classification of items in the income statement, the size of an item is an appropriate basis for establishing a separate classification (by nature or function) for it:

Total recognised income and expense is also defined as: