1. S1: IFRS requires that all notes should be clear, simple to understand andnontechnical in nature.S2: An entity is not required to disclose the names andaddresses of directors and officers. *A. Both statements are trueB. Both statements are falseC. Only statement 1 is trueD. Only statement 2 is true2. Which of the following is not a related party transaction? *A. Purchase an asset from a company's associate.B. Obtain a loan from another entity owned by the wife of the chief operating officer.C. 20% of the company's inventory were transferred to a subsidiary.D. Acquired a delivery truck from the father of the company's treasurer.E. None of them

IFRS refers to the International Financial Reporting Standards. They are accounting standards that…

Answered: 1. S1: IFRS requires that all notes…

1. S1: IFRS requires that all notes should be clear, simple to understand and nontechnical in nature.S2: An entity is not required to disclose the names and addresses of directors and officers. *

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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Question

1. S1: IFRS requires that all notes should be clear, simple to understand and
nontechnical in nature.S2: An entity is not required to disclose the names and
addresses of directors and officers. *
A. Both statements are true
B. Both statements are false
C. Only statement 1 is true
D. Only statement 2 is true
2. Which of the following is not a related party transaction? *
A. Purchase an asset from a company's associate.
B. Obtain a loan from another entity owned by the wife of the chief operating officer.
C. 20% of the company's inventory were transferred to a subsidiary.
D. Acquired a delivery truck from the father of the company's treasurer.
E. None of them

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