4. The financial statements of Entity A shows line itemedescribed as "Other current assets," "Other noncurrenliabilities," and "Miscellaneous expenses." Which of thefollowing is correct?a. Entity A considers the items included in these line items adissimilar and cannot be included in material classes ofsimilar items and are also individually immaterial towarrant separate presentation.b. Entity A considers the items included in these line items asindividually material but with dissimilar nature onfunction.c. Entity A considers the items included in these line items ascomprising a material class of similar items.d. This manner of presenting items is unacceptable undePAS 1. 5. According to PAS 1, a complete set of financial statementsComplete set of financial statements5. According to PAS 1, a complete set of financial statemeincludes which of the following?a. Income tax returnFmancial StaITme151A Directors' reportsNotesd. All of these

Financial statements means the report which is prepared and disclosed by a business in order to…

4. The financial statements of Entity A shows line iteme described as "Other current assets," "Other noncurren liabilities," and "Miscellaneous expenses." Which of the following is correct? a. Entity A considers the items included in these line items a dissimilar and cannot be included in material classes of similar items and are also individually immaterial to warrant separate presentation.

4. The financial statements of Entity A shows line iteme described as "Other current assets," "Other noncurren liabilities," and "Miscellaneous expenses." Which of the following is correct? a. Entity A considers the items included in these line items a dissimilar and cannot be included in material classes of similar items and are also individually immaterial to warrant separate presentation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following are disclosed when there are related party transactions during the periods covered by the financial statements: Select the correct response: Doubtful debts recognized on the outstanding balances All of these Nature, terms and amount of the transaction and outstanding balances Nature of the related party relationship Which of the following cost formulas is not allowed under PAS 2? Select the correct response: Weighted average LIFO Specific identification FIFO
Reversing entries maybe used in unearned income when the original collection is recorded as a. Asset b. Liabilty c. Expense d. Income
Which is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua c. An unrealized revenue d. As a disclosure only
What is meant by the following terms? You should provide an example of each to support youranswer. (i) A Prepayment(ii) An Accrual(iii) Capital Expenditure(iv) Revenue Income.(v) Duality concept
(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?
The aounts reflected in the statement of financial position do not reflect the liquadation value of the assets. Which of the following concepts is this applicable to? A. Consistency B Materiality C Conservatism D Going-concern
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
Assets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B False
With reference to IAS 37, identify the correct statements from the following: I. A contingent asset should be disclosed by note if an inflow of economic benefits is probable. II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise. III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote. I and III only I, II and III II and III only I and II only
the document that facilitates the creation of financial and non financial claims for a coporation is called the?