Which of the following isNOT RUE the Statement of Financial Position and the Profit and Loss Statement? a) The Statement of Financial Position is prepared according to accrual basis, whereas the profit and Loss Statement is prepared according to cash basis b) Assets and their financial sources are presented on the Statement of Financial Position c) The Statement of Financial Position is prepared as of a certain date, after which all the values may change d) The Profit and Loss Statement presents the revenues generated and expenses incurred and the period outcome during an accounting period

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 13MC: Which of the following is the correct order of preparing the financial statements? A. income...
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  • Which of the following isNOT RUE the Statement of Financial Position and the Profit and Loss Statement?
    a) The Statement of Financial Position is prepared according to accrual basis, whereas the profit and Loss Statement is prepared according to cash basis
    b) Assets and their financial sources are presented on the Statement of Financial Position
    c) The Statement of Financial Position is prepared as of a certain date, after which all the values may change
    d) The Profit and Loss Statement presents the revenues generated and expenses incurred and the period outcome during an accounting period
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