Which of the following isNOT RUE the Statement of Financial Position and the Profit and Loss Statement?a) The Statement of Financial Position is prepared according to accrual basis, whereas the profit and Loss Statement is prepared according to cash basisb) Assets and their financial sources are presented on the Statement of Financial Positionc) The Statement of Financial Position is prepared as of a certain date, after which all the values may changed) The Profit and Loss Statement presents the revenues generated and expenses incurred and the period outcome during an accounting period

Financial statements are prepared by an entity with a view to evaluate the different aspects of…

Answered: Which of the following isNOT RUE the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following isNOT RUE the Statement of Financial Position and the Profit and Loss Statement?
a) The Statement of Financial Position is prepared according to accrual basis, whereas the profit and Loss Statement is prepared according to cash basis
b) Assets and their financial sources are presented on the Statement of Financial Position
c) The Statement of Financial Position is prepared as of a certain date, after which all the values may change
d) The Profit and Loss Statement presents the revenues generated and expenses incurred and the period outcome during an accounting period

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