Kindly answer the following items in problems 8-4 and 8-5. Problem 8-4 Multiple choice (PAS 1)1. The major financial statements include alla. Statement of financial positionb. Statement of changes in financial positionc. Statement of comprehensive incomed. Statement of changes in equity2. The major financial statements include all, excepta. Statement of financial positionb. Income statementc. Statement of cash flowsd. Statement of retained earnings, except3. What is the objective of financial statements?a. To provide information about the financial position,financial performance and changes in financialposition of an entity that is useful to a wide range ofusers in making economic decisions.b. To present a statement of financial position and astatement of comprehensive income.c. To present relevant, reliable, comparable andunderstandable information to investors.d. To present financial statements in accordance withall applicable standards.4. Financial statements must be prepared at leasta. Annuallyb. Quarterlyc. Semiannuallyd. Every two years5. When entity changed the end of reporting period longer orshorter than one year, the entity shall disclose all, excepta. Period covered by the financial statementsb. The reason for using a longer or shorter periodc. The fact that amounts presented are not entirelycomparabled. The fact that similar entities have done so156Pre1.2.3.4.5. ceptotsition,ancialnge ofand a= andwithr orceptely.Problem 8-5 Multiple choice (PAS 1)1. The operating cycle is measured atThe mean valuea.b. The median valueTwelve monthsC.d. Three years2. The operating cycle of an entityIs the time between the acquisition of materialsentering into a process and their realization in cash.b. Is time in converting accounts receivable into cash.Is a period of one year.C.d. Is the seasonal variation experienced by entities.a.3. An entity shall classify an asset as current under all, excepta. The entity expects to realize the asset or intends tosell or consume it within the normal operating cycle.b. The entity holds the asset for the purpose of trading.c. The entity expects to realize the asset within twelvemonths after the reporting period.d.Cash restricted to settle a liability for more thantwelve months after reporting period.4. An entity shall classify a liability as current, excepta. The entity expects to settle the liability within theentity's normal operating cycle.b. The entity holds the liability primarily for trading.The liability is due to be settled within twelve monthsafter the reporting period.c.d.The entity has a right to defer settlement for at leasttwelve months after reporting period.5. In the Philippines, the common practice is to present in thestatement of financial positiona. Current before noncurrent assets, current beforenoncurrent liabilities and equity after liabilities.b. Noncurrent before current assets, noncurrent beforecurrent liabilities and equity after liabilities.c. Current before noncurrent assets, noncurrent beforecurrent liabilities and equity after liabilities.d. Noncurrent before current assets, current beforenoncurrent liabilities and equity after liabilities.157

You have asked multiple questions, we can only solve first question as per guidelines. If you want…

Problem 8-4 Multiple 1. The major financial statements include all, except a. Statement of financial position b. Statement of changes in financial position c. Statement of comprehensive income d Statement of changes in equity

Problem 8-4 Multiple 1. The major financial statements include all, except a. Statement of financial position b. Statement of changes in financial position c. Statement of comprehensive income d Statement of changes in equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please provide solutions to sub parts 4 to 7
Kindly use PMT in your computations
Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…
PLEASE EXPLAIN EACH POINT STEP BY STEP
How do you make a two-dimensional columnar chart in excel?
what are the solutions for questions 4 & 5?
Can you please solve questions 5-15 of the problem above. Thank you.
I need the graph chart for this equation/ answe
Please provide the introductory part and answer for question D.
Use the information in the following table to answer the questions below
Can i have the steps in formula form please
8. Enumerate and explain the various application controls.