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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 6MC

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Similar questions

An entity shall present, either in the statement of comprehensive The following statements are correct, except: а. income or in the notes, the amount of dividends recognized as distribution to owners during the period. 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. 5.
Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.
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
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).
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.
It is the date when an entity's management authorizes the financial statements for issue, regardless of whether such authorization is for final issuance or for further approval by other parties. * Date of authorization of financial statements for issue O Financial reporting date O Balance sheet date O Valentine's date
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
Accounting estimates are those adopted by an entity in preparing and presenting its financial statements.TRUE or FALSE
How does this following assumptions relevant in the preparation of an entity’s financial statements: Accounting Entity Assumption Accural basis Assumption
AASB 101 indicates that when presenting a statement of financial position, an entity should: present all assets and liabilities as two groups and disclose their specific classifications in notes as per paragraphs 57-67. only present items on the basis of liquidity if that information is reliable and more relevant. If this is the case, assets should be discretely grouped into current and non-current classifications. present items broadly in order of liquidity if that information is reliable and more relevant than following paragraphs 66-76. always classify items as current and non-current.
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
Listed below are several types of pronouncements that the FASB issues. Following the lis is a series of descriptive statements. a. Statements of Financial Accounting Standards b. Interpretations c. Technical Bulletins d. Statements of Financial Accounting Concepts e. Guide for Imprementation _____ Establishes a theoretical foundation upon which to base fanancial accounting and reporting standards. _____ Provides clarification of conflicting or unclear issues relating to previously issued pronouncements. _____ FASB Q's and A's. _____ Establishes generally accepted accounting principles. _____ Provides guidance on accounting and reporting problems related to an underlying standard.