Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet b. Notes diafor c. Income statement d. All of these are required

1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet b. Notes diafor c. Income statement d. All of these are required

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 3RQSC: Match the following assertions with their associated description: (a) existence/occurrence, (b)...
See similar textbooks
icon
Related questions
Question
PROBLEM 2: FOR CLASSROOM DISCUSSION 1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet sior c. Income statement d. All of these are required 1o moits b. Notes 2. Which of the following statements correctly relate to the provisions of PAS 1? a. According to PAS 1, "cash and cash equivalents" shall always be presented as the first line item in the balance sheet. b. The term "balance sheet" may be used in lieu of the "statement of financial position" and the term "income statement" may be used in lieu of the "statement of profit or loss and other comprehensive income." c. An entity is prohibited from presenting extraordinary items in the financial statements but may disclose those items in the notes. Scanned with CamScanner Statement of Comprehensive Income 75 d. An entity may present its income and expenses in a single statement or in two statements. 3. Which of the following is not a component of other comprehensive income? a. A revaluation increase in an item of property, plant and equipment during the period. b. The difference between the return on plan assets and the interest on the plan assets. c. A decrease in the fair value of investment in FVOCI securities. d. The ineffective portion of a cash flow hedge.
Transcribed Image Text:PROBLEM 2: FOR CLASSROOM DISCUSSION 1. PAS 1 does not require the presentation of which of the following financial statements? a. Balance sheet sior c. Income statement d. All of these are required 1o moits b. Notes 2. Which of the following statements correctly relate to the provisions of PAS 1? a. According to PAS 1, "cash and cash equivalents" shall always be presented as the first line item in the balance sheet. b. The term "balance sheet" may be used in lieu of the "statement of financial position" and the term "income statement" may be used in lieu of the "statement of profit or loss and other comprehensive income." c. An entity is prohibited from presenting extraordinary items in the financial statements but may disclose those items in the notes. Scanned with CamScanner Statement of Comprehensive Income 75 d. An entity may present its income and expenses in a single statement or in two statements. 3. Which of the following is not a component of other comprehensive income? a. A revaluation increase in an item of property, plant and equipment during the period. b. The difference between the return on plan assets and the interest on the plan assets. c. A decrease in the fair value of investment in FVOCI securities. d. The ineffective portion of a cash flow hedge.
4. In which of the following instances may an entity make a reclassification adjustment? a. A revalued property is sold at a gain. b. The entity amends its retirement benefit plan resulting to a decrease in the present value of defined benefit obligation. c. An entity sells its investment in equity securities measured at FVOCI. d. A hedging relationship ceases and the entity transfers the related cumulative fair value changes accumulated in equity to profit or loss. 5. Total comprehensive income includes which of the following? a. Unrealized loss on FVOCI securities b. Unrealized loss on FVPL securities c. Profit or loss during the period d. All of these 6. An entity is required to present additional disclosures if the entity presents its expenses using the „a. Nature of expense method b. Function of expense method c. Either a or b d. Neither a nor b
Transcribed Image Text:4. In which of the following instances may an entity make a reclassification adjustment? a. A revalued property is sold at a gain. b. The entity amends its retirement benefit plan resulting to a decrease in the present value of defined benefit obligation. c. An entity sells its investment in equity securities measured at FVOCI. d. A hedging relationship ceases and the entity transfers the related cumulative fair value changes accumulated in equity to profit or loss. 5. Total comprehensive income includes which of the following? a. Unrealized loss on FVOCI securities b. Unrealized loss on FVPL securities c. Profit or loss during the period d. All of these 6. An entity is required to present additional disclosures if the entity presents its expenses using the „a. Nature of expense method b. Function of expense method c. Either a or b d. Neither a nor b
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
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
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS