Financial Reporting Frequency and Sales Account Balances Quiz

DALL Company's net sales during the year was P238,500 according to the provided account balances.

A change in accounting policy should be accounted for as a change in accounting estimate when it is difficult to distinguish between the two.

In accounting, a complete set of financial statements should be prepared at least quarterly.

Relevance and faithful representation are considered enhancing qualitative characteristics of useful financial information.

According to the IASB's Conceptual Framework, an element is recognized in the financial statements when it provides useful information that meets the fundamental qualitative characteristics.

In accounting, ordinary share capital includes treasury shares that are acquired during the year.

Issuing additional shares at a higher price per share increases a company's ordinary share capital.

Acquiring treasury shares decreases a company's ordinary share capital.

The going concern assumption justifies the recognition of accruals and deferrals.

The going concern assumption justifies the classification of assets and liabilities as current or non-current.

A change in accounting policy is accounted for prospectively.

Supporting schedules on financial statements are provided by the income statement.