4. Which of the following statements is correct? I. An entity shall present separately each immaterial class of simila items. II. An entity shall present separately each dissimilar nature o: function unless they are immaterial. I only Both I and II а. с.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Choose the letter of the correct answer.

4. Which of the following statements is correct?
I. An entity shall present separately each immaterial class of similar
items.
II. An entity shall present separately each dissimilar nature or
function unless they are immaterial.
С.
Both I and II
a. I only
b. II only
d. Neither I nor II
Transcribed Image Text:4. Which of the following statements is correct? I. An entity shall present separately each immaterial class of similar items. II. An entity shall present separately each dissimilar nature or function unless they are immaterial. С. Both I and II a. I only b. II only d. Neither I nor II
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