1.1.4 The consistency concept requires that; A. Items that have been combined in the current financial period do not have to be combined in the same way in the next financial period. B. Some items are treated in the same way within an accounting period. C. Every single item in the statement of financial position only must be treated in the same way. D. All similar items are treated in the same way within an accounting period as well as from one year to the next year. 1.1.5 "Past financial performance" and "present financial position" refer to: A. Statement of profit or loss and other comprehensive income and the statement of financial position respectively. B. Statement of financial position and the statement of profit or loss and other comprehensive income respectively. C. Statement of profit or loss and other comprehensive income and the statement of changes in equity. D. Statement of profit or loss and other comprehensive income and the statement of cash flows. 1.1.6 In terms of international financial reporting standards, offsetting is allowed when: A. The items being offset are material. B. One of the items is not required or not allowed by the international financial reporting standards. C. The amounts being offset arise from transactions that are not similar in nature. D. It required by a statement of international financial reporting standard in accounting or when one of the items being offset is not material.
1.1.4 The consistency concept requires that; A. Items that have been combined in the current financial period do not have to be combined in the same way in the next financial period. B. Some items are treated in the same way within an accounting period. C. Every single item in the statement of financial position only must be treated in the same way. D. All similar items are treated in the same way within an accounting period as well as from one year to the next year. 1.1.5 "Past financial performance" and "present financial position" refer to: A. Statement of profit or loss and other comprehensive income and the statement of financial position respectively. B. Statement of financial position and the statement of profit or loss and other comprehensive income respectively. C. Statement of profit or loss and other comprehensive income and the statement of changes in equity. D. Statement of profit or loss and other comprehensive income and the statement of cash flows. 1.1.6 In terms of international financial reporting standards, offsetting is allowed when: A. The items being offset are material. B. One of the items is not required or not allowed by the international financial reporting standards. C. The amounts being offset arise from transactions that are not similar in nature. D. It required by a statement of international financial reporting standard in accounting or when one of the items being offset is not material.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1.1.4 The consistency concept requires that;
A. Items that have been combined in the current financial period do not have to
be combined in the same way in the next financial period.
B. Some items are treated in the same way within an accounting period.
C. Every single item in the statement of financial position only must be treated in
the same way.
D. All similar items are treated in the same way within an accounting period as
well as from one year to the next year.
1.1.5 "Past financial performance" and "present financial position" refer to:
A. Statement of profit or loss and other comprehensive income and the
statement of financial position respectively.
B. Statement of financial position and the statement of profit or loss and other
comprehensive income respectively.
C. Statement of profit or loss and other comprehensive income and the
statement of changes in equity.
D. Statement of profit or loss and other comprehensive income and the
statement of cash flows.
1.1.6 In terms of international financial reporting standards, offsetting is allowed when:
A. The items being offset are material.
B. One of the items is not required or not allowed by the international financial
reporting standards.
C. The amounts being offset arise from transactions that are not similar in
nature.
D. It required by a statement of international financial reporting standard in
accounting or when one of the items being offset is not material.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education