If an entity prepares restated financial statements in accordance with the requirements of IAS29, the gain or loss on the entity's net monetary position is shown in other comprehensive income.    True False

An entity shall disclose for each reportable segment a measure of all of the following, except A. Net assets B. Total liabilities if such amount is regularly provided to the chief operating decision-maker C. Total assets if such amount is regularly provided to the chief operating decision-maker D. Profit or loss

How does this following assumptions relevant in the preparation of an entity’s financial statements:   Accounting Entity Assumption Accural basis Assumption

Is it true or not? When the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income, and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Conceptual Framework for Financial Reporting (CF).

When reviewing the financial statements and supporting notes of a reporting entity, is it possible to find out about all of the individual types of expenses and income that the entity has incurred or received? If not, how does management determine which expenses and income should be disclosed?

(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?

Financial

Define Income and methods of measuring it for internal reporting purposes.

12. Which of the following is correct regarding the use of terminology under IAS 1 Presentation of Financial Statements? a. Entities are required by IAS 1 to use the terms “other comprehensive income,” “profit or loss” and “total comprehensive income.” The use of the term “net income” is prohibited. b. Entities may use the terms “balance sheet,” “net income,” “income statement,” and “cash flow statement” to describe their financial statements and other terms provided they are not misleading. c. Entities are required by IAS 1 to use the term “statement of cash flows” in presenting the sources and uses of cash for a period. The use of the term “cash flow statement” is prohibited. d. Entities are required by IAS 1 to use the term “statement of financial position” in presenting its assets, liabilities and equity as of a given point of time. The use of the term “balance sheet” is prohibited.

The concept of capital maintenance chosen by an entity shall determine the accounting model used in the preparation of its financial statements.   TRUE OR FALSE