 End of Preview - Want to read all 6 pages? Access Now Unformatted Attachment Preview CPA REVIEW SCHOOL OF THE PHILIPPINES Mani la FINANCIAL ACCOUNTING AND REPORTING VALIX/VALIX/ESCALA/SANTOS/DELA CRUZ PAS 1 – PRESENTATION OF FINANCIAL STATEMENTS 1. The major financial statements include all, except a. Statement of financial position b. Statement of comprehensive income c. Statement of cash flows d. Statement of retained earnings 2. An entity shall present a. The statement of financial position more prominently b. The income statement more prominently
c. The statement of cash flows more prominently d. Each statement with equal prominence 3. When an entity changes the end of the reporting period longer or shorter than one year, an entity shall disclose all of the following, except a. Period covered by the financial statements. b. The reason for using a longer or shorter period. c. The fact that amounts presented in the financial statements are not entirely comparable. d. The fact that similar entities in the geographical area in which the
entity operates have done so. 4. An entity must disclose comparative information for a. The previous comparable period for all amounts reported. b. The previous comparable period for all narrative and descriptive information. c. The previous comparable period for all amounts reported, and for all narrative and descriptive information when it is relevant to an understanding of the current period’s financial statements. d. The previous two comparable periods for all amounts reported. 5. When the
classification of items in ... User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service. Studypool 4.7 Trustpilot 4.5 Sitejabber 4.4 CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDSPAS 1,PAS 2, PAS 7, PAS 8, PAS 10Quiz 2Name:Date:Section:Professor: JM Mercado1.The statement of financial position is useful for all of the following, excepta.To compute rate of returnb.To analyze cash inflows and outflows for the periodc.To evaluate capital structured.To assess future cash flows
2.Which of the following cannot be considered fair presentation? Get answer to your question and much more 3.Which entity is a going concern? Get answer to your question and much more 4.An entity shall prepare how many statement of financial position as a result of retrospectiveapplication, retrospective restatement and reclassification of items in the financial statements? Get answer to your question and much more 5.Which of the following must be included as a line item in the statement of financial position?a.Contingent assetb.Property, plant and equipment analyzed by classc.Share capital and reserves analyzed by classd.Deferred tax |
