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Homework answers / question archive / Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 3: MULTIPLE CHOICE 1)Who is responsible for the preparation and fair presentation of an entity’s financial statements in accordance with the PFRSs? Accountant                                                                         c

Mindanao State University - General Santos COURSE TITLE - ACCTG 001 PROBLEM 3: MULTIPLE CHOICE 1)Who is responsible for the preparation and fair presentation of an entity’s financial statements in accordance with the PFRSs? Accountant                                                                         c

Accounting

Mindanao State University - General Santos

COURSE TITLE - ACCTG 001

PROBLEM 3: MULTIPLE CHOICE

1)Who is responsible for the preparation and fair presentation of an entity’s financial statements in accordance with the PFRSs?

    1. Accountant                                                                         c. Auditor

 

    1. Management                                                                    d.      Government regulatory body

 

 

  1. The statement of financial position may be presented either showing current/non- current distinction (classified) or based on liquidity (unclassified). PAS 1 encourages a (an)
    1. Classified presentation                                                  c. combination of a and b

 

    1. Unclassified presentation                                            d. none of these

 

 

  1. Which of the following is a current asset?

 

    1. Deferred tax asset expected to reverse within 3 months from the reporting date
    2. Property, plant and equipment

 

    1. Non-trade note receivable due in 13 months

 

    1. Accounts receivable

 

 

  1. Which of the following statement is incorrect regarding the provisions of PAS 1?

 

    1. An entity is required to present separate sections of profit or loss and other comprehensive income
    2. Presenting an income statement or statement of profit or loss in addition to a statement of other comprehensive income is permitted when an entity elects to use the “two-statement” presentation.
    3. Presenting an income statement or statement of profit or loss alone without a statement of other comprehensive income is allowed.
    4. Presenting comprehensive income as a note disclosure only is prohibited.

 

 

  1. When a separate statement of profit or loss (income statement) is presented,

 

    1. it shall be displayed immediately before the statement presenting comprehensive income
    2. it shall be displayed immediately after the statement presenting comprehensive income
    3. it shall be displayed alone. The entity may opt not to present information on comprehensive income.
    4. Any of these.

 

 

  1. Which of the following is not correct when an entity opts to use the “two- statement presentation” of income and expenses?
    1. The separate income statement forms part of a complete set of financial statements and shall be displayed immediately before the statement presenting comprehensive income.
    2. The profit or loss section is not presented anymore in the statement presenting comprehensive income.
    3. The profit or loss section is required to be presented in the statement presenting comprehensive income.
    4. The separate statement presenting comprehensive income begins with the amount of profit or loss.

 

 

  1. Entity A reclassifies a gain that was previously recognized in other comprehensive income to the current period’s profit or loss. According to PAS 1, how should Entity A present the reclassification adjustment in the other comprehensive income section of the statement of comprehensive income?
    1. as an addition                                                                                    c. only at net of tax

 

    1. as a deduction                                                                                   d. none of these

 

 

  1. Which of the following is a current liability?

 

    1. Deferred tax liability

 

    1. An obligation for which the entity has an unconditional right to defer.

 

    1. A long-term obligation that becomes payable on demand because of a breach of loan agreement but the lender agrees before the balance sheet date to provide a grace period for the lender to rectify the breach.
    2. An obligation for which the entity has a conditional right to defer.

 

 

  1. According to PAS 1, items of other comprehensive income are presented according to the following groupings
    1. ordinary and extraordinary items

 

    1. by nature and by function

 

    1. those that are subsequently reclassified to profit or loss and those that are not
    2. continuing and discontinued operations

 

 

  1. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose all of the following, except
    1. the period covered by the financial statements.

 

    1. the reason for using a longer or shorter period.

 

    1. the fact that amounts presented in the financial statements are not entirely comparable.
    2. a quantification of the possible adjustments that would eliminate the effects of the longer or shorter reporting period.

 

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