On the Statement of Financial Position, which of the following is true?Group of answer choicesA. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications.B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications.C. Assets, Liabilities, and Net Assets are reported by unrestricted and restricted classifications.D. Assets are reported as a total, and Liabilities and Net Assets are reported by unrestricted and restricted classifications.

When a donor offers cash to a nonprofit business enterprise, they will specify how a present is for…

Answered: On the Statement of Financial Position,…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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Define current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?
Which statement is incorrect regarding presentation and disclosure of financial assets? Group of answer choices FA@FVTPL are usually presented as current. The carrying amounts each category of financial assets shall be disclosed either in the statement of financial position or in the notes. FA@AC shall be presented as noncurrent. FA@FVTOCI are either current or noncurrent.
Which statement is incorrect regarding presentation and disclosure of financial assets? a. FA@FVTOCI are either current or noncurrent. b. FA@FVTPL are usually presented as current. c. The carrying amounts each category of financial assets shall be disclosed either in the statement of financial position or in the notes. d. FA@AC shall be presented as noncurrent.
Recognition is the process of: A. Capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements—an asset, a liability, equity, income or expenses B. Determining where an item should be presented in the financial statements C. Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics D. Adding together of assets, liabilities, equity, income or expenses that have shared characteristics
Distinguish between the terms classified, comparative, andconsolidated as they apply to financial statements. May agiven set of financial statements have more than one of thesecharacteristics?
Choose the correct. Which of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.
Outline the recognition criteria for the following elements of financial statements: Assets Liabilities Income Expenses
Explain the following measurement bases of the elements of financial statements andindicate how assets and liabilities are measured in each case:i. Historical cost ii. Current cost iii. Realisable value
Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non current assets and liabilities.
Which of the following items is required to be disclosed by geographic area?a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.
PFRS 9, Financial Instruments deals with the measurement and classification of which of the following items? * Impairment of assets Hedge accounting Financial assets Financial liabilities
The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.

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