information is not specifically a required disclosure in relation to financial statements

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

Q: A summary of the company’s significant accounting policies is a required disclosure. Why is this…

A: Disclosure of accounting policies: Disclosure of accounting policies means disclosing the accounting…

Q: Which of the following users of accounting verifies accounting information to check the Tax…

A: Regulatory agencies check whether the company is complying with all the tax compliance of the…

Q: When reviewing the financial statements and supporting notes of a reporting entity, is it possible…

A: Statement of changes in equity is a part of financial statements in which the transactions related…

Q: US generally accepted accounting principles are currently developed by which entity? B . Th e…

A: The accounting principles are the guidelines and rules which companies should follow while reporting…

Q: Evaluate the attributes of full disclosure in financial reporting, including the accounting…

A: FULL DISCLOSURE PRINCIPLE -  The full disclosure principle states that the information which is…

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

A: Answer is 'A'

Q: An entity defined as a 'disclosing entity' under the Corporations Act mus prepare interim financial…

A: The interim financial report is the performance report of the organization but for a shorter period…

Q: Entities desiring to issue equity or debt must provide a set of financial statements to any…

A: Corporation:   The form of business entity ,which is incorporated by state law into a separate…

Q: The notes to financial statements of an entity shall I. Present information about the basis of…

A: Notes to financial statements provide narrative description of items which are presented in…

Q: Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely…

A: Auditor's report is considered to be an very important tool particularly for companies as they…

Q: Which of the following audit objectives is to validate the assertion of existence? *   A. All…

A: Financial statement assertions, also known as management assertions, are a company's official…

Q: Form of conclusion : “In our opinion , the financial statements present fairly , in all material…

A: An independent auditor's official judgment on whether financial statements are presented fairly, in…

Q: Identify which of the following items are not included as part of general-purpose financial…

A:

Q: The official SSARS are applicable to engagements involvinga. Audited financial statements of public…

A:

Q: which of the following in not related to standards of reporting Select one: a. The report shall…

A: Report is a statement that is prepared by the auditor of the financial information. It includes the…

Q: be viewed as a going concern C. The financial statements are reliable D. Accounting policies are…

A: Only items that fit the definitions of an asset, a liability, or equity are recognised in the…

Q: What are the accounting and disclosure procedures for accounting policy changes

A: The accounting and disclosure procedures for accounting policy changes will be explained :

Q: The most important information about an entity generally shall be disclosed in a. Notes to the…

A: Financial statements shows the position of a company.  Balance sheet,  profit and loss statement ,…

Q: Accounting estimates are those adopted by an entity in preparing and presenting its financial…

A: Explanation: Accounting estimates is a approximate amount that is used for measurement when there is…

Q: When are companies required to file consolidated financials? How is it recorded?

A: Consolidated financial statements are required when one entity has effective control over another…

Q: Occasionally, public accounting firms are engaged to report on specified elements, accounts, and…

A: Step 1: Introduction to Financial Statements:Financial reports, or financial statements, are…

Q: How does this following assumptions relevant in the preparation of an entity’s financial statements:…

A: Assumption means the assertion which we take while preparing the financial statements.

Q: Which of the following audit objectives is to validate the assertion of classification? *   A.…

A: B. Income statement related items are appropriately recorded in the proper accounts in the statement…

Q: 2. Which of the following statements is correct? I An entity whose financial statements comply with…

A: In case of multiple parts, only first independent part shall be answered. Further parts need to be…

Q: For financial reporting, a reporting entity can be a single company, or it can be a group of…

A: Changes in reporting entity: It refers to a change when two or more entities comprise together into…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: Auditor’s need to be diligent

A: The auditor undertakes the audit of financial statements to express an opinion whether they…

Q: The notes to the financial statements should provide information: I. About the entity's accounting…

A: Notes to financial statements is very important part of financial statements.

Q: Which is an incorrect statement below? A. The name of the parent and the ultimate parent of the…

A: The related party is the party that is directly or indirectly related to the company for which the…

Q: The subject matter of information in auditing includes what? A. The financial statements of the…

A: Financial statements present the financial activities and position of a business or organization.…

Q: The following statement An entity presents on a net basis gains and losses arising from a group of…

A: Answer is POINT 'C'

Q: Choose the incorrect statement below: A. An entity shall select and apply different accounting…

A: As per IAS 8, Accounting Policies, Changes in accounting estimates and Errors, An accounting policy…

Q: The following information must be provided in the notes to the financial statements.

A: Notes to financial statements are important part of financial statements. This is also known as…

Q: Which one or more of the following is a company obliged to disclose when preparing financial…

A: Disclosures in the Financial Statements of the company :          The purpose of the financial…

Q: Choose the letter of the correct answer.

A: Financial statements refer to the recording of the business activities in the written format…