0. The following stat To meet the objective, financial statements should provide information about an entity's assets, liability, equity, income and expenses, including gains and losses, contributions by and distributions to owners, and cash flows. а. b. Total comprehensive income represents the change in equity
0. The following stat To meet the objective, financial statements should provide information about an entity's assets, liability, equity, income and expenses, including gains and losses, contributions by and distributions to owners, and cash flows. а. b. Total comprehensive income represents the change in equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Choose the letter of the correct answer and explain.
![10. The following statements are correct, except:
To meet the objective, financial statements should provide
information about an entity's assets, liability, equity, income
and expenses, including gains and losses, contributions by and
а.
distributions to owners, and cash flows.
b. Total comprehensive income represents the change in equity
during a period resulting from transactions and other events,
other than those changes resulting from transactions with owners
in their capacity as owners.
c. The entity shall present with equal prominence all of the financial
statements in a complete set of financial statements.
С.
d. Reports and statements presented outside the financial
statements like financial review by management, environmental
reports, and value added statements are within the scope of PFRSI
IFRS.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F945e23a4-ab97-4b40-bebf-eb8e1e9643cf%2F468fb067-e1ed-4f3c-84bf-726a9ccc4313%2F0c5dm4w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10. The following statements are correct, except:
To meet the objective, financial statements should provide
information about an entity's assets, liability, equity, income
and expenses, including gains and losses, contributions by and
а.
distributions to owners, and cash flows.
b. Total comprehensive income represents the change in equity
during a period resulting from transactions and other events,
other than those changes resulting from transactions with owners
in their capacity as owners.
c. The entity shall present with equal prominence all of the financial
statements in a complete set of financial statements.
С.
d. Reports and statements presented outside the financial
statements like financial review by management, environmental
reports, and value added statements are within the scope of PFRSI
IFRS.
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