Multiple Choice
Which of the following statements relating to the presentation of the income statement by non-reporting entities is not true?
A) there is no prescribed format
B) the purpose of the income statement is to report the profit or
Loss for the entity for the reporting period.
C) income is usually more detailed and less aggregated than that prepared for a reporting entity
D) the income statement must be a GPFR prepared according to the AASB accounting standards
Correct Answer:
Verified
Correct Answer:
Verified
Q36: Which of these is not an income
Q37: The accounting standard that prescribes disclosure of
Q38: Which of these will be recorded as
Q39: The accounting standards require all reporting entities
Q40: The _ statement is prepared to calculate
Q42: Income accrued is income recognised _ the
Q43: For a retailing or manufacturing entity,profit is
Q44: When the value of an asset is
Q45: Increases in economic benefits during the accounting
Q46: Which of the following could be found