Problem 3-3 Multiple choice (IAA), Which statement is incorrect regarding notes to financialstatements?a. IFRS requires specific note disclosures includingdisaggregation of inventories.b. IFRS requires a maturity analysis for receivables.IFRS requires that all notes should be clear, simpleto understand and nontechnical in nature.d. All of the choices are correct.2. Notes to financial statementsa. Must be quantifiable.b. Must qualify as an element.c. Amplify items presented in the financial statements.d. All of the choices are correct3. Which is a method of disclosing pertinent information?a. Supporting scheduleb. Parenthetical explanationc. Cross reference and contra itemd. All of these are methods of disclosing pertinentinformation4. The disclosure of accounting policies is important tofinancial statement users in determininga. Net income for the year.b. Whether accounting policies are consistently appliedfrom year to year.c. The value of obsolete goods in ending inventory.d. Whether the working capital position is adequate.5. The standard of full disclosure is best described by whichof the following?a. All information related to operating objectives mustbe disclosed in the financial statements.b. Information about each açcount balance appearing inthe financial statements is included in the notes.C. Enough information should be disclosed in order thata prospective investor can make a wise decision;.d. Disclosure of any financial facts significant enough to:influence the judgment of a primary user.

Name: Problem 3-3 Multiple choice (IAA), Which statement is incorrect regar
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Problem 3-3 Multiple choice (IAA), Which statement is incorrect regarding notes to financialstatements?a. IFRS requires specific note disclosures includingdisaggregation of inventories.b. IFRS requires a maturity analysis for receivables.IFRS requir