TRUE OR FALSE 1. The application of PFRSs, with additional discostire when necessary, is presumed to result in financial statements that achieve a fair presentation. 2. According to PAS 1, an entity shall make an explicit and unreserved statement of compliance with the PFRSs in the notes only if the entity complies with all the requirements of PFRSS. 3. PAS 1 encourages, but does not require, the presentation of the preceding year's financial statements as comparative information to the current year's financial statements. 4. According to PAS 1. assets and liabilities or income and expenses are offset, unless separate presentation is required or permitted by a PFRS 5. According to PAS 1, PFRSs apply to financial statements as well as to other information presented in an annual report a regulatory filing or another document. 6. According to PAS 1, the line item "Cash and cash equivalents" should always be presented first in the statement of financial position. 7. PAS1 prescribes an order or format of presenting items in the financial statements 8. An entity may omit the notes when presenting general purpose financial statements. 9. If profit or loss is P100 while other comprehensive income is P20, total comprehensive income must be P130. 10. PAS 1 encourages, but does not require the disclosure of an entity's domicile and legal form. its country of incorporation and the address of its registered office and a description of the nature of its operations and its principal activities.

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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TRUE OR FALSE 1. The application of PFRSs, with additional discostire when necessary, is presumed to result in financial statements that achieve a fair presentation. 2. According to PAS 1, an entity shall make an explicit and unreserved statement of compliance with the PFRSs in the notes only if the entity complies with all the requirements of PFRSS. 3. PAS 1 encourages, but does not require, the presentation of the preceding year's financial statements as comparative information to the current year's financial statements. 4. According to PAS 1. assets and liabilities or income and expenses are offset, unless separate presentation is required or permitted by a PFRS 5. According to PAS 1, PFRSs apply to financial statements as well as to other information presented in an annual report a regulatory filing or another document. 6. According to PAS 1, the line item "Cash and cash equivalents" should always be presented first in the statement of financial position. 7. PAS1 prescribes an order or format of presenting items in the financial statements 8. An entity may omit the notes when presenting general purpose financial statements. 9. If profit or loss is P100 while other comprehensive income is P20, total comprehensive income must be P130. 10. PAS 1 encourages, but does not require the disclosure of an entity's domicile and legal form. its country of incorporation and the address of its registered office and a description of the nature of its operations and its principal activities.

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