The notes to financial statements of an entity shall I. Present information about the basis of preparation of the financial statements and the specific accounting policies used. II. Disclose the information required by Philippine Financial Reporting Standards that is not presented elsewhere in the financial statements. III. Provide additional information which is not presented on the face of the financial
7. The notes to financial statements of an entity shall
I. Present information about the basis of preparation of the financial statements and
the
specific accounting policies used.
II. Disclose the information required by Philippine Financial Reporting Standards that
is not presented elsewhere in the financial statements.
III. Provide additional information which is not presented on the face of the financial
statements but that is necessary for a fair presentation.
a. I , II and III
b. I and II only
c. I and III only
d. I only
8. The summary of accounting policies section of the notes to financial statements shall
describe
a. Only the measurement basis used in preparing the financial statements
b. Only the specific accounting policies followed by the entity
c. Both the measurement basis and accounting policies followed
d. Nature of the entity’s operations and its principal activities
9. An entity is required to disclose nonfinancial information. Which is not embraced in
this disclosure?
a. A description of the nature of the entity’s operations and its principal activities
b. The name of the parent entity and the ultimate parent of the group
c. Domicile and legal form of the entity, its country of incorporation and address
of the registered office.
d. Names and addresses of the corporate directors and officers
10. An entity shall disclose in the notes
I. The amount of dividends proposed or declared before the financial statements are
authorized for issue but not recognized as distribution during the period and the related
amount per share.
II. The amount of any dividends in arrears on non cumulative
a. I only
b. II only
c. Both I and II
d. Neither I nor II
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