Which of the following situation can be related to accrual concept while presentation of financial reports? I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. III. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. I and II only III and IV only I, II and IV only I, II, III and IV only EN

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Which of the following situation can be related to accrual concept while presentation of financial reports?
I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income
statement.
II. Provision for warranty claims presented in the financial statements.
II.
Dividend received from investments made in other company equity shares presented as per IAS 7.
IV. Prepaid expenses paid and made necessary adjustment in the books of accounts.
I and II only
III and IV only
I, II and IV only
I, II, III and IV only
03
EN
Transcribed Image Text:Which of the following situation can be related to accrual concept while presentation of financial reports? I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. II. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. I and II only III and IV only I, II and IV only I, II, III and IV only 03 EN
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education