Notes to the financial statement means: Notes must provide additional information that is not presented elsewhere in the financial statements. Notes must disclose any information required by IFRSS. Notes must present information about the basis of preparation of the financial statements. All of the listed choices

Notes to the financial statement means: Notes must provide additional information that is not presented elsewhere in the financial statements. Notes must disclose any information required by IFRSS. Notes must present information about the basis of preparation of the financial statements. All of the listed choices

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 57RSCQ

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Financial statement disclosures are used to convey additional information about the account balances inthe basic financial statements as well as to provide supplemental information. This information is disclosed, often parenthetically in the basic financial statements, or in disclosure notes that often includesupporting schedules.
State what you would expect to find in the Notes to general purpose financial statements giving its rationale ?
Which of the following is not a typical note included in the notes to financial statements? Group of answer choices A note describing the auditors’ opinion of management’s future financial plans A note describing the accounting rules applied in the financial statements A note describing possible financial obligations not included in the financial statements A note providing more detail about specific items shown in the financial statements
Additional choices D. Explanatory material and other information that are disclosed in the notes to the financial statements
Describe the purpose of the balance sheet and disclosure notes in the financial statement, give examples.
Discuss, using practical example how to the absence of double entry principles will affect the preparation of financial statement ?
Which statement is incorrect? a. Notes to financial statements provide narrative description or disaggregation of items disclosed in F/S and information about items that do not qualify for recognition. b. Notes to financial statements are an integral part of financial statements. c. Notes to financial statements amplify the items presented in the financial statements. d. Notes to financial statements is the best demonstration of the standard of adequate disclosure. e. none of the above
1. These provide narrative description or disaggregation of items disclosed in the financial statements and information about items that do not qualify for recognition.a. Notes to Financial Statementsb. Accounting Policiesc. Nonfinancial Reportsd. Disclosures 2. Which is not a purpose of notes to financial statements? a. To present information about the basis of preparation of the financial statements and the specific accounting policies used.b. To disclose the information required by PFRS that is not presented elsewhere in the financial statements.c. To provide additional information which is not presented in the financial statements but that is necessary for a fair presentation.d. To provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. 3. Indicate the proper order of presenting the notes to financial statements.I. Statement of compliance with PFRSII. Other disclosures,…
are adjusting entries so important for the truthfulness of the information presented in the financial statements?
Directions: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false The objective of the first reporting standard is to ensure that comparisons of financial statements between periods do not have a material impact on changes in accounting standards or provide adequate disclosures if those changes have a material impact on the comparison of financial statements between periods.
What exactly is intended by the statement that the financial statements make in their presentation?
The Framework issued by the IASB suggests that to show a true and fair view the information in financial statements should: A. Not be so drawn that it could mislead users B. Be an accurate and full record of transactions within each accounting period C. Be prepared on a consistent basis from year to year. D. Comply with Accounting Standards and possess suggested qualitative characteristics