FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
  • 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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