The Entity True Or False

I. True or False

1. The financial functioning comprises the acquirement, expenses and financing of an entity for a

menstruum of time. False

2. The financial position comprises the assets, liabilities and equity of an entity at a particular

moment in time. True

three. Cash flows are the cash receipts and cash payments arising from the operating, investing

and financing activities of the entity. True

4. Financial reports include only fiscal statements. False

5. The overall objective of fiscal reporting is to provide information that is useful for

decision making. True

6. Historical cost measurement footing is the most normally adopted past the entities in

preparing financial statements. True

7. Measurement is the process of determining the monetary amounts at which the elements of

financial statements are recognized and carried in the financial statements. True

viii. Equity the balance interest in the assets of the entity subsequently deducting all of the liabilities.

True

ix. Current cost is the amount of cash or cash equivalent that would accept to be paid if the same

or an equivalent asset was acquired currently. True

10. Financial reports include non only financial statements but besides other information such as

financial highlights, summary of important financial figures, analysis of financial statements and

pregnant ratios. True

11. A statement of financial position is a formal statement showing the 3 elements

comprising financial position, namely assets, liabilities and disinterestedness. True

12. Financial institutions do not supply goods or services within a clearly identifiable operating

cycle. True

13. All assets that are expected to be realized, serstwhile or consumed within the normal operating

cycle are not-electric current. Simulated

xiv. Nontrade receivables are classified as current assets if collectible within one year from the

terminate of reporting period, the length of the operating cycle notwithstanding. True

15. An intangible asset is an identifiable nonmonetary asset without physical substance. True

16. The purpose of notes to financial statements is to "provide the necessary disclosures

required by PFRS. True

17. Notes to financial statements provide narrative description of disaggregation of items

presented in the financial statements and data about items that do not qualify for

recognition. True

18. The notes to financial statements shall exist highly detailed, precise, complete and hands

understood by a reader who has a reasonable understanding of business affairs and is willing to

report the financial statements. True

19. Accounting policies are defined as "the scientific principles, methods, practices, rules,

bases and conventions adopted by an entity in preparing and presenting financial statements.

True

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The Entity True Or False,

Source: https://www.studocu.com/en-us/document/harvard-university/intermediate-accounting/assignment-1-answer-key/25525710

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