Chapter 4 What is/are true about accounting standard? I. An accounting standard is a technical pronouncement that sets out the required accounting for particular types of transactions and events IL General purpose financial statements that comply with accounting standards should present fairly the financial position, financial performance and cash flows of an organisation IIL AASB is the body that set the Accounting standard in Australia IV. ASIC is responsible for the enforcement of accounting standard under the Corporation Act 2001 Answer one answer correct 9. Pleas two answers correct Topic three Topic three answers correct AASB All answers are corrects Property, plant and equipment Impairment of assets Cashfow statements AASB 116 AASB 101 AASB 112 AASB 1 16 10. Which of the followings definition is/are true in regard to current assets? I. It is expected to be realised or consumed in the entity's normal operating cycle IL It is held for generating profit for the firm Ill. It is expected to be realised within 6 months after the reporting date IV. It is cash only Answer Please answer all parts of the question hapter 4 8. What is/are true about accounting standard? I. An accounting standar d is a technical pronouncement that sets out the required accounting for particular types of transactions and nancial statements that comply with accounting standards should present fairly the financial position, le accounting standard under the Corporation Act 2001 events financial IIL AASB is the body that set the Accounting standard in Australia IV. ASIC is responsible performance and cash flows of an organisation for the enforcement of Answer two answers correct Please match topic to the AASB AASB Income tax Property, plant and equipment Impairment of assets AASB 116 AASB 101 AASB 112 AASB 116 AASB 136 10. Which of the followings definition is/are true in AASO I. It is expected to be realised or consumed in t AASD assets? l operating cycle held for generating profit for the firm Ill. It is expected to be realised within 6 months after the reporting date IV. It is cash only Answer two answers correct Please answer all parts of the question Chapter 4 8. What is/are true about accounting standard? . An accounting standard is a technical pronouncement that sets o ut the required accounting for particular types of transactions and events IL General purpose financial statements that comply with financial performance and cash flows of an organisation accounting standards should present fairly the financial position, IIL AASB Iis the body that set the Accounting standard in Australian ct 2091 IV. ASIC is responsible for the enforcemen t of accounting standard under the Corporation Act Answer Please match topic to the AASB Income tax Property, plant and equipment Impairment of assets Cashfow statements Topic AASB AASB 116 AASB 101 AASB 112 + AASB 116 10. Which of the followings definition is/are true in regard to current assets? I. It is expected to be realised or consumed in the entity's normal operating cycle IL It is held for generating profit for the firm IIL It is expected to be realised within 6 months after the reporting date IV. It is cash only Answer two answers correct three answers correct All answers are corrects lease a
