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1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet b. Notes diafor c. Income statement d. All of these are required

1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet b. Notes diafor c. Income statement d. All of these are required

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PROBLEM 2: FOR CLASSROOM DISCUSSION 1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet sior c. Income statement d. All of these are required 1o moits b. Notes 2. Which of the following statements correctly relate to the provisions of PAS 1? a. According to PAS 1, "cash and cash equivalents" shall always be presented as the first line item in the balance sheet. b. The term "balance sheet" may be used in lieu of the "statement of financial position" and the term "income statement" may be used in lieu of the "statement of profit or loss and other comprehensive income." c. An entity is prohibited from presenting extraordinary items in the financial statements but may disclose those items in the notes. Scanned with CamScanner Statement of Comprehensive Income 75 d. An entity may present its income and expenses in a single statement or in two statements. 3. Which of the following is not a component of other comprehensive income? a. A revaluation increase in an item of property, plant and equipment during the period. b. The difference between the return on plan assets and the interest on the plan assets. c. A decrease in the fair value of investment in FVOCI securities. d. The ineffective portion of a cash flow hedge.
Transcribed Image Text:PROBLEM 2: FOR CLASSROOM DISCUSSION 1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet sior c. Income statement d. All of these are required 1o moits b. Notes 2. Which of the following statements correctly relate to the provisions of PAS 1? a. According to PAS 1, "cash and cash equivalents" shall always be presented as the first line item in the balance sheet. b. The term "balance sheet" may be used in lieu of the "statement of financial position" and the term "income statement" may be used in lieu of the "statement of profit or loss and other comprehensive income." c. An entity is prohibited from presenting extraordinary items in the financial statements but may disclose those items in the notes. Scanned with CamScanner Statement of Comprehensive Income 75 d. An entity may present its income and expenses in a single statement or in two statements. 3. Which of the following is not a component of other comprehensive income? a. A revaluation increase in an item of property, plant and equipment during the period. b. The difference between the return on plan assets and the interest on the plan assets. c. A decrease in the fair value of investment in FVOCI securities. d. The ineffective portion of a cash flow hedge.
4. In which of the following instances may an entity make a reclassification adjustment? a. A revalued property is sold at a gain. b. The entity amends its retirement benefit plan resulting to a decrease in the present value of defined benefit obligation. c. An entity sells its investment in equity securities measured at FVOCI. d. A hedging relationship ceases and the entity transfers the related cumulative fair value changes accumulated in equity to profit or loss. 5. Total comprehensive income includes which of the following? a. Unrealized loss on FVOCI securities b. Unrealized loss on FVPL securities c. Profit or loss during the period d. All of these 6. An entity is required to present additional disclosures if the entity presents its expenses using the „a. Nature of expense method b. Function of expense method c. Either a or b d. Neither a nor b
Transcribed Image Text:4. In which of the following instances may an entity make a reclassification adjustment? a. A revalued property is sold at a gain. b. The entity amends its retirement benefit plan resulting to a decrease in the present value of defined benefit obligation. c. An entity sells its investment in equity securities measured at FVOCI. d. A hedging relationship ceases and the entity transfers the related cumulative fair value changes accumulated in equity to profit or loss. 5. Total comprehensive income includes which of the following? a. Unrealized loss on FVOCI securities b. Unrealized loss on FVPL securities c. Profit or loss during the period d. All of these 6. An entity is required to present additional disclosures if the entity presents its expenses using the „a. Nature of expense method b. Function of expense method c. Either a or b d. Neither a nor b
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