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9. Which of the following statements is correct? The term non-current assets įncludes tangible, intangible, and financial assets of a short-term nature. а. b. The operating cycle of an entity is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. С. Information about the expected dates of realization of assets and liabilities is useful in assessing the liquidity and 'solvency of an entity. d. An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency.

9. Which of the following statements is correct? The term non-current assets įncludes tangible, intangible, and financial assets of a short-term nature. а. b. The operating cycle of an entity is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. С. Information about the expected dates of realization of assets and liabilities is useful in assessing the liquidity and 'solvency of an entity. d. An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency.

FINANCIAL ACCOUNTING
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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9. Which of the following statements is correct? The term non-current assets įncludes tangible, intangible, and financial assets of a short-term nature. а. b. The operating cycle of an entity is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. Information about the expected dates of realization of assets and С. liabilities is useful in assessing the liquidity and 'solvency of an entity. d. An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency. The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature and grouped 10. Statement 1: into those that are in accordance with other PFRS/ IFRS. Statement 2: An entity shall disclose the amount of income tax relating to each item in other comprehensive income, including reclassification adjustments, either in the statement of profit o loss and other comprehensive income or in the notes. а. Only the first statement is correct. b. Only the second statement is correct. C. Both statements are correct. d. Neither of the statements is correct.
Transcribed Image Text:9. Which of the following statements is correct? The term non-current assets įncludes tangible, intangible, and financial assets of a short-term nature. а. b. The operating cycle of an entity is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. Information about the expected dates of realization of assets and С. liabilities is useful in assessing the liquidity and 'solvency of an entity. d. An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency. The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature and grouped 10. Statement 1: into those that are in accordance with other PFRS/ IFRS. Statement 2: An entity shall disclose the amount of income tax relating to each item in other comprehensive income, including reclassification adjustments, either in the statement of profit o loss and other comprehensive income or in the notes. а. Only the first statement is correct. b. Only the second statement is correct. C. Both statements are correct. d. Neither of the statements is correct.
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