Which of the following is ascertained from the income and expenses of an entity? A financial position B liquidity C financial performance D solvency
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Which of the following is ascertained from the income and expenses of an entity?
A financial position
B liquidity
C financial performance
D solvency
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- The financial performance og an entity is calculated byWhich one of the following is ascertained from the income and expenses of an entity A. Financial position B. Liquidity C. Financial performance D. SolvencyDiscuss the significance of the following assumptions in the preparation of an entity’s financial statements: Entity assumption Accrual basis assumption Going concern assumption Period assumption
- How are accounts payable treated to compute the net worth of abusiness entityWhich 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.Which of the following elements of financial statements is most closely related tomeasurement of financial position?a. Equityb. Revenuec. 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 valueMateriality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. Verifiabilitydescribe how to evaluate an entity's solvency using financial ratios .
- How does this following assumptions relevant in the preparation of an entity’s financial statements: Accounting Entity Assumption Accural basis Assumptionc. Distinguish between financial assets and real assets for each of the followingcharacteristics. i. Divisibility ii. Marketability iii. Holding period iv. Information availabilityDiscuss the significant of the following assumptions in the preparation of entity financial statement. Explain the importance. · Entity assumption · Accrual Basis assumption · Going concern assumption · Period assumption