The AASB 101 definition of current assets has made which term virtually obsolete?
A) Fixed assets
B) Inventory
C) Current assets
D) Non-current assets

Question

Quizplus · Accepted Answer

Fixed assets is a term that has become virtually obsolete due to the AASB 101 definition of current assets, as it emphasizes the distinction between current and non-current assets, leading to the use of the term "non-current assets" instead of "fixed assets."

The AASB 101 Definition of Current Assets Has Made Which