An entity shall present, either in the statement of comprehensive 5. The following statements are correct, except: An entity shall present, either in the statement of comprehensiva income or in the notes, the amount of dividends recognized as distribution to owners during the period. а. The notes shall present information about the basis of preparation of the financial statements and the specific accounting policies b. used. An entity shall disclose in the summary of significant accounting policies the measurement basis used in the preparation of С. financial statements. d. For each component of equity, a reconciliation is made between the carrying amount at the beginning and the end of the period separately disclosing changes from profit or loss.

An entity shall present, either in the statement of comprehensive 5. The following statements are correct, except: An entity shall present, either in the statement of comprehensiva income or in the notes, the amount of dividends recognized as distribution to owners during the period. а. The notes shall present information about the basis of preparation of the financial statements and the specific accounting policies b. used. An entity shall disclose in the summary of significant accounting policies the measurement basis used in the preparation of С. financial statements. d. For each component of equity, a reconciliation is made between the carrying amount at the beginning and the end of the period separately disclosing changes from profit or loss.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 13MCQ

See similar textbooks

Similar questions

The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Is it true or not? When the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income, and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Conceptual Framework for Financial Reporting (CF).
Which of the following information is not specifically a required disclosure in relation to financial statements? a. Name of the reporting entity or other means of identification and any change in that information from the previous year b. Names of major shareholders of the entity c. Level of rounding used in presenting the financial statements d. Whether the financial statements cover the individual entity or a group of entities
Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
If an entity prepares restated financial statements in accordance with the requirements of IAS29, the gain or loss on the entity's net monetary position is shown in other comprehensive income. True False
Accounting estimates are those adopted by an entity in preparing and presenting its financial statements.TRUE or FALSE
Which TWO of the following are listed in the IASB Framework as ‘underlying assumptions’ regarding financial statements? A. The financial statements are prepared under the accrual basis B. The entity can be viewed as a going concern C. The financial statements are reliable D. Accounting policies are consistently applied A and B B and D B and C C and D
5. Which statement is correct concerning interim financial reporting?I. An entity shall apply the same accounting policies in its interim financial statements as are applied in the annual financial statements. II. If an entity’s interim financial report is in compliance with PFRS, that fact shall be disclosed.
For entities reporting financial statements on the basis of IFRS, what sources of guidance should such entities consider with regard to the selection and application of accounting policies? Be sure to cite specific authoritative literature to justify your answer. Don't
An entity shall clearly identify each financial statement and display all ofthe following, except A. Name of the reporting entityB. Names of the shareholdersC. The presentation currencyD. Whether the financial statements cover the individual entity or group of entities