Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. which of the following gives the best descripti

1. Which of the following gives the best description of the objective of financial statements...

50.1K

Verified Solution

Question

Accounting

image 1. Which of the following gives the best description of the objective of financial statements as set out by the International Accounting Standard Board's conceptual framework for financial reporting? A. To fairly present the financial position, performance and changes in financial position of an enterprise. B. To provide information about the value of the reporting entity to the users. C. To provide financial information about the reporting entity that is useful to the users in making decisions relating to providing resources to the entity. D. To provide all information about the reporting entity that users need. 2. Which of the following items should be recognised as an asset in the statement of financial position of an entity? A. A highly lucrative contract signed during the year which is due to commence shortly after the year end. B. A government grant relating to the purchase of an item of plant several years ago which has a remaining life of four years. C. A skilled and efficient workforce which has been very expensive to train. Some of these staff are still employed by the entity. D. A receivable from a customer which has been sold (factored) to a finance company. The finance company has full recourse to entity for any losses

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students