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.

Q: Which statement of financial position accounts are most affected by financing activities?   a.…

A: Changes in non current assets are reflected in cash flow from investing activities Changes in non…

Q: The following are the typical classifications used in a balance sheet:           a. Current assets…

A: Balance sheet shows the financial position of the organisation and it has three sections assets,…

Q: While accounting for provisions, contingent assets, and contingent liabilities if probability of…

A: A contingent asset is a prospective asset that may develop as a result of a gain that is contingent…

Q: Assets are usually reported at theira. appraised value.b. historical cost.c. current market value.d.…

A: Correct Option is “b”: Historical Cost. Assets are recorded in the balance sheet of the company at…

Q: Which statement is incorrect regarding presentation and disclosure of financial assets? a.…

A: Solution: The incorrect statement regarding presentation and disclosure of financial assets " The…

Q: PFRS 9, Financial Instruments deals with the measurement and classification of which of the…

A: Financial Instruments deal with the measurement and classification of financial assets, Financial…

Q: Choose the correct. On a statement of financial affairs, how are liabilities classified?a. Current…

A: Statement of affairs: It refers to a statement of the assets and liabilities of a company. A…

Q: Q7) Which of the following formula does NOT reflect the firm’s liquidity? Group of answer choices…

A: Liquidity is the ability to convert asset into cash. Liquidity is very important for any…

Q: 9. Which of the following statements is correct? The term non-current assets įncludes tangible,…

A: As per our protocol we provide solution to one question only but you have asked multiple questions…

Q: purpose of recognizing depreciation on the financial statements?  Is it designed to report PPE at…

A: Property, plant, and equipment (PPE) are long-term assets that are crucial to business operations.…

Q: On a classified statement of financial position, current assets are customarily listed? in the…

A: The balance sheet represents the financial position of the business on a particular date.

Q: Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for…

A: Similar features of balance sheet in IFRS and GAAP: GAAP encourages private firms to produce these…

Q: not a correct classification of assets in the statement of affairs

A: In the statement of affairs, assets are classified according to the nature of pledge created on them…

Q: Which of the following would not be classified as a current asset? Prepaid expenses Plant, property…

A: Current assets are those assets which are already in cash or can be converted into cash into short…

Q: 1. What amount should be reported hyperinflationary statement of financial position? as total assets…

A: Statement of financial position is one of the financial statements of a company, prepared at the end…

Q: Which of the following statements about IFRS and GAAP accounting and reporting requirements for the…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: q27 The classification and therefore subsequent measurement of financial assets depends on…?…

A: Financial assets are one of the form of liquid assets. It includes cash, stocks, shares, mutual…

Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…

A: In case of settlement accounting, transactions have to be recorded in the books of accounts of the…

Q: Which of the following is not a category of financial assets under GAM? Group of answer choices…

A: Financial Assets are to be classified in the following four categories: 1. Financial Assets at fair…

Q: TRUE OR FLASE? An entity must make the current and noncurrent presentation of assets and…

A: Assets are the resources owned by an entity either for sale (such as inventory) or for the future…

Q: Which of the following statements about IFRS and GAAP accounting and reporting requirements for the…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Which one of the following is used in the determination of the financial position of an entity? O A.…

A: solution : which one of the following is used in determination of the financial position of an…

Q: Explain what is meant by the term “Impairment” in relation to Non-Current assets and explain its…

A: Asset is impaired if its extended future incomes are not as much as its current conveying esteem. An…

Q: Which statement is incorrect regarding presentation and disclosure of financial assets?  Group of…

A: Solution: The incorrect statement regarding presentation and disclosure of financial assets is  "The…

Q: In accordance with PAS 1, which of the following gains or losses from reclassification of financial…

A: PAS 1 talks about Presentation of Financial Statements which presents the overall requirements for…

Q: On a statement of financial affairs, how are liabilities classified?a. Current and noncurrent.b.…

A: Statement of affairs: It refers to a statement of the assets and liabilities of a company. A…

Q: Distinguishing between current and non-current items on the balance sheet and presenting a subtotal…

A: A balance sheet of a company shows a company’s financial position at a particular point.…

Q: Which of the following statements best distinguishes the difference between real and financial…

A: Financial assets: Financial assets are those tangible assets which can be quickly converted into…

Q: The disclosure of a line item for Other current assets in the Statement of financial position would…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Other…

Q: Q11 Which of the following options is INCORRECT regarding financial assets and the subsequent…

A: Introduction: Financial assets are liquid assets such as inventory equity or bank deposits that…

Q: Within the statement of financial position where should the account non-controlling interest…

A: The statement of financial position shows the financial assets and liabilities of an enterprise. It…

Q: Which of the following are examples of changes in the gross carrying amount of financial instruments…

A: Here topic related with the credit risk management practices.  It is important for the entity to…

Q: Which of the following is not a financial statement? Multiple Choice All of the above are financial…

A: List of financial statements include the following: Income statement Balance sheet Statement of…

Q: prepare the Statement of Financial Position (SFP)

A: Balance Sheet is a type of financial statements on which the assets, liabilities and the equity are…

Q: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet…

A: The right answer  is option c . Account receivable & cash are current assets

Q: The following are the typical classifications used in a statement of financial position : a.…

A: A Statement of financial position is divided into three major categories: assets, liabilities, and…

Q: Which statement is incorrect regarding reclassification of financial assets? a) Reclassifications…

A: As per IFRS a) Reclassifications to FVTPL measurement category result to amounts recognized in…

Q: While accounting for provisions, contingent assets, and contingent liabilities if probability of…

A: A contingent liability or asset which has a chance of arising in future but are not present…

Q: n case of erroneous recording or omission of reportable segments , how does it affect the financial…

A: Financial reports are useful when it reflects a true picture of the financial health of the…

Q: PFRS 9 requires entities to measure their financial assets

A: PFRS 9 requires entities to measure their financial assets based on The contractual cash flow…

Q: Explain Liquidity and Solvency terms as they relate to the statement of financial position.

A: Ratio analysis is a technique used to gain insight into the company’s profitability, liquidity,…

Q: eposits held as compensating balances   a. if legally restricted and held against long-term credit…

A: Answer: Deposits held as compensating balances are the amount that are held by lender on account for…

Q: Out of which equation is NOT CORRECT ? Please remember to select "WHICH IS NOT CORRECT" Select one:…

A: Answer -  Total Liabilities = Total Assets - Shareholder's funds - Capital.  This equation is…

Q: Which of the following would NOT be classified as a current asset on a classified balance sheet?…

A: Current assets are those assets which are in cash or can be converted into cash into short period of…

Q: In which section of the statement of financial position should cash that is restricted for the…

A: Financial Position: The statement of financial position represents the financial information about a…