Choose the letter of the correct answer. 7.7 The following statements are correct, except:Other comprehensive income comprises items of incomeand expense, excluding reclassification adjustments, that arerecognized in profit or loss.а.b.Omissions or misstatement of items are material if they couldindividually or collectively influence the economic decisions ofusers.Assessing whether an omission or misstatement could influenceéconomic decisions of users, and so become material, requireconsideration of the characteristics of those users.С.Users are assumed to have a reasonable knowledge of businessand economic activities and accounting and a willingness to studythe information with reasonable diligence.d.

SOLUTION- FINANCIAL STATEMENT ARE FORMAL RECORDS OF FINANCIAL ACTIVITIES AND POSITION OF A BUSINESS…

7. The following statements are correct, except: Other comprehensive income comprises items of income and expense, excluding reclassification adjustments, that are recognized in profit or loss. а. b. Omissions or misstatement of items are material if they could individually or collectively influence the economic decisions of users. С. Assessing whether an omission or misstatement could influence economic decisions of users, and so become material, requires consideration of the characteristics of those users. d. Users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.

7. The following statements are correct, except: Other comprehensive income comprises items of income and expense, excluding reclassification adjustments, that are recognized in profit or loss. а. b. Omissions or misstatement of items are material if they could individually or collectively influence the economic decisions of users. С. Assessing whether an omission or misstatement could influence economic decisions of users, and so become material, requires consideration of the characteristics of those users. d. Users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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