TRUE OR FALSE 1. A contingent asset is only be disclosed when it is probable and possible. 2. A contingent liability shall not be recognized in the financial statement but shall be disclosed only 3. A preference share that provides for mandatory redemption on a specific date or at the option of the holder is called equity instrument. All entities are not required to publish interim financial reports. Development is original and planned investigation undertaken with the prospect of gaining scientific or technical knowledge and understanding. 6. Interim financial reporting is the preparation and presentation of financial statements for a period of not less than one year. 7. Property being constructed or developed on behalf of third parties is considered as Investment Property. 8. Research is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved material, device, product, process, system or service, prior to the commencement of commercial production. 9. Segregation of assets that are "qualifying assets" from other assets in the statement of financial position is required to be disclosed. 4. 5.

TRUE OR FALSE 1. A contingent asset is only be disclosed when it is probable and possible. 2. A contingent liability shall not be recognized in the financial statement but shall be disclosed only 3. A preference share that provides for mandatory redemption on a specific date or at the option of the holder is called equity instrument. All entities are not required to publish interim financial reports. Development is original and planned investigation undertaken with the prospect of gaining scientific or technical knowledge and understanding. 6. Interim financial reporting is the preparation and presentation of financial statements for a period of not less than one year. 7. Property being constructed or developed on behalf of third parties is considered as Investment Property. 8. Research is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved material, device, product, process, system or service, prior to the commencement of commercial production. 9. Segregation of assets that are "qualifying assets" from other assets in the statement of financial position is required to be disclosed. 4. 5.

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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