Financial Statements True or False Quiz
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Questions and Answers

According to PAS I, who is responsible for the preparation and fair presentation of an entity's financial statements?

  • The entity's management (correct)
  • PAS I itself
  • The entity's accountant
  • An external auditor

    • Which name is NOT an alternative name for the balance sheet as per the text?

  • Statement of financial position
  • Statement of changes in financial position (correct)
  • Statement of financial condition
  • None of the above

    • Under PAS I, when should deferred tax assets and liabilities be presented as current items?

  • If they are expected to reverse within 6 months
  • If they are expected to reverse within 24 months
  • If they are expected to reverse within 12 months (correct)
  • If they are expected to reverse within 18 months

    • According to PAS I, does it prescribe a specific order or format for presenting certain items in the financial statements?

    <p>No, it does not prescribe a specific order</p> Signup and view all the answers

    If an entity's total comprehensive income is P130 and its profit or loss is P120, what should be the value of other comprehensive income?

    <p>$10</p> Signup and view all the answers

    Is unclassified presentation of the statement of financial position encouraged by PAS I?

    <p>Yes, unclassified presentation is encouraged</p> Signup and view all the answers

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