Multiple Choice
To be recognised in a statement of profit and loss and other comprehensive income,an item must by nature be:
A) either income,an expense or item of other comprehensive income.
B) both income and a liability.
C) either an asset or a liability.
D) both a liability and a direct adjustment to equity.
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Which of the following statements is not
Q26: The Conceptual Framework applies a balance sheet
Q27: Nominal or face value is the most
Q28: Items which have only sentimental or spiritual
Q29: The statement of profit or loss and
Q32: Which of the following statements is correct
Q33: In the absence of an Australian accounting
Q34: The recognition criteria for assets,liabilities,revenues and expenses
Q35: Outflows outside the ordinary course of business
Q36: Information in a company's financial statements is