1. These provide narrative description or disaggregation of items disclosed in the financial statements and information about items that do not qualify for recognition. a. Notes to Financial Statements b. Accounting Policies c. Nonfinancial Reports d. Disclosures
1. These provide narrative description or disaggregation of items disclosed in the
financial statements and information about items that do not qualify for recognition.
a. Notes to Financial Statements
b. Accounting Policies
c. Nonfinancial Reports
d. Disclosures
2. Which is not a purpose of notes to financial statements?
a. To present information about the basis of preparation of the financial
statements and the specific accounting policies used.
b. To disclose the information required by PFRS that is not presented elsewhere
in the financial statements.
c. To provide additional information which is not presented in the financial
statements but that is necessary for a fair presentation.
d. To provide information about the financial position, financial performance and
economic decisions.
3. Indicate the proper order of presenting the notes to financial statements.
I. Statement of compliance with PFRS
II. Other disclosures, such as
contractual commitments and other nonfinancial disclosures
III. Supporting information for items presented on the face of the financial
statements
IV. Summary of significant accounting policies
a. I, II, III and IVB
b. I, IV, III and II
c. I, III, IV and II
d. I, IV, II and II
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