1. The presentation and disclosure requirement achieves all of the following, except An effective communication tool a. b. More relevant and faithfully represented financial information C. Understandability and comparability of information d. Financial position, financial performance and cash flows 2. It is the sorting of assets, liabilities, equity, income and expenses with similar characteristics. a. Classification b. Summarization c. Interpretation d. Recognition 3. All of the following can considered appropriate classification, except a. Current and noncurrent assets b. Current and noncurrent liabilities c. Ordinary shares and preference shares d. Offsetting asset and liability 4. Income and expenses are classified as a. Profit or loss and other comprehensive income b. Profit loss and retained earnings c. Retained earnings and other comprehensive income d. Ordinary and extraordinary 5. What is the new term to describe the income statement or statement of profit or loss together with the statement showing other comprehensive income. a. Income statement b. Statement of comprehensive income c. Statement of other comprehensive income d. Statement of financial performance
1. The presentation and disclosure requirement achieves all of the following, except An effective communication tool a. b. More relevant and faithfully represented financial information C. Understandability and comparability of information d. Financial position, financial performance and cash flows 2. It is the sorting of assets, liabilities, equity, income and expenses with similar characteristics. a. Classification b. Summarization c. Interpretation d. Recognition 3. All of the following can considered appropriate classification, except a. Current and noncurrent assets b. Current and noncurrent liabilities c. Ordinary shares and preference shares d. Offsetting asset and liability 4. Income and expenses are classified as a. Profit or loss and other comprehensive income b. Profit loss and retained earnings c. Retained earnings and other comprehensive income d. Ordinary and extraordinary 5. What is the new term to describe the income statement or statement of profit or loss together with the statement showing other comprehensive income. a. Income statement b. Statement of comprehensive income c. Statement of other comprehensive income d. Statement of financial performance
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 7C
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Kindly answer the following items in problems 7-1 and 7-2.
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