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- IAS 1 – Presentation of Financial Statements 0%
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Question 1 of 10
1. Question
According to IAS 1, when preparing financial statements, management shall make an assessment of an entity’s ability to __________.
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Question 2 of 10
2. Question
An entity shall prepare its financial statements, except for the __________, using the accrual basis of accounting.
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Question 3 of 10
3. Question
An entity shall not offset assets and liabilities or income and expenses, unless required or permitted by an IFRS.
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Question 4 of 10
4. Question
An entity shall present a complete set of financial statements __________.
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Question 5 of 10
5. Question
Except when IFRSs permit or require otherwise, an entity shall present comparative information in respect of the preceding period for all __________ reported in the current period’s financial statements.
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Question 6 of 10
6. Question
If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is __________.
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Question 7 of 10
7. Question
Under which circumstances may an entity change the presentation and classification of items in the financial statements?
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Question 8 of 10
8. Question
Which of the following shall not be included in the statement of financial position?
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Question 9 of 10
9. Question
When an entity presents current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position, it shall classify deferred tax assets as current assets.
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Question 10 of 10
10. Question
Information about expected dates of realisation of assets and liabilities is useful in assessing __________ of an entity.
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