Assignment: FINANCIAL ACCOUNTING Hyperinflationary financial statements require: a) Only balance sheet restatement b) Restatement using comprehensive income. c) No restatement d) Partial restatement price index for

Which of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflation

Which of the following statements is not correct regarding combined statement of financial position errors and income statement errors? a. It does not affect net income. b. It results to misstatement of the statement of financial position. c. It can be classified as counterbalancing errors and non-counterbalancing errors. d. It affects both real and nominal accounts.

Limitations of the balance sheet include the following, except Group of answer choices It is the basis for calculating many financial ratios Assets and liabilities are generally reported at historical cost Judgment and estimates are used in some cases The omission of items that have financial value

The following are discussed in the primary financial statement project, except: aggregation and disaggregation O b. presentation of financial position O c. unusual item O d. presentation of income statement

The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.

23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. Measurement

The main steps required in the preparation of a restated statement of financial position (in accordance with the requirements of IAS29) do not include:   The restatement of non-monetary items carried at historical cost The restatement of monetary items The restatement of each component of equity The restatement of non-monetary items carried at a valuation

It is acceptable under both Generally Accepted. counting Principles (GAAP) and   International Financial Reporting Standards (IFRS)   A.Last in First Out   Ob. Straight Line Method   C.Weighted Average Method   Od. Reducing Balance Method

Which of the following is not typically found on an Income Statement? A. Revenue B. Expenses C. Liabilities D. Net Income