Rewrite the following statements serially and state whether they are true or false. Match the item in column 'A' with the most appropriate item in column 'B' and rewrite.
Understand the Problem
The question consists of two parts. Part A requires the user to rewrite given statements to determine if they are true or false, while Part B involves matching items from one column to appropriate items in another column.
Answer
1. (i) False, (ii) False, (iii) True, (iv) False, (v) True, (vi) False, (vii) True, (viii) True, (ix) False 2. (i) Intangible Fixed Asset, (ii) Current Asset, (iii) Intangible Fixed Asset, (iv) Current Asset, (v) Financing outflow, (vi) Current Liability, (vii) Revenue statement Ratio
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(i) False (ii) False (iii) True (iv) False (v) True (vi) False (vii) True (viii) True (ix) False
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(i) Discount on issue of shares - Intangible Fixed Asset (ii) Staff advances - Current Asset (iii) Goodwill - Intangible Fixed Asset (iv) Temporary working capital - Current Asset (v) Preference Dividend paid - Financing outflow (vi) Calls received in advance - Current Liability (vii) Operating ratio - Revenue statement Ratio
Answer for screen readers
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(i) False (ii) False (iii) True (iv) False (v) True (vi) False (vii) True (viii) True (ix) False
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(i) Discount on issue of shares - Intangible Fixed Asset (ii) Staff advances - Current Asset (iii) Goodwill - Intangible Fixed Asset (iv) Temporary working capital - Current Asset (v) Preference Dividend paid - Financing outflow (vi) Calls received in advance - Current Liability (vii) Operating ratio - Revenue statement Ratio
More Information
The true or false answers help clarify misconceptions about financial statements and accounting practices, while the matching exercise reinforces understanding of key financial concepts.
Tips
A common mistake is misunderstanding the classification of financial terms, which can lead to incorrect matching or true/false determinations.
