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
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