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I only С. Both I and II а. II only d. Neither I nor II

I only С. Both I and II а. II only d. Neither I nor II

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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I only Both I and II С. а. II only d. Neither I nor II b.
Transcribed Image Text:I only Both I and II С. а. II only d. Neither I nor II b.
An entity can rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or 1. Which of the following statements is correct? 1. When an entity has departed from a requirement of PFRS/IFRS in prior period, and that departure affects the amounts in the financial statements for the current period, it shall make ulo necessary adjustments. II. An entity can rectify inappropriate accounting policies elure by disclosure of the accounting policies used or explanatory material. by notes or
Transcribed Image Text:An entity can rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or 1. Which of the following statements is correct? 1. When an entity has departed from a requirement of PFRS/IFRS in prior period, and that departure affects the amounts in the financial statements for the current period, it shall make ulo necessary adjustments. II. An entity can rectify inappropriate accounting policies elure by disclosure of the accounting policies used or explanatory material. by notes or
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