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5) Under PAS 1, an entity shall present a complete set of financial statements A....

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Accounting

5) Under PAS 1, an entity shall present a complete set of financial statements

A. including comparative information at least annually.

B. At least annually, with or without comparative information.

C. On as-needed basis, with or without comparative information.

D. At least every three years when there are limited users.

6) The presentation of comparative financial statements is

A. Encouraged by PFRSs

C. Not required by PFRSs but permitted due to industry standards

B. Required by PFRSs

D. A violation of PFRSs

7) Which of the following is not an implied objective of financial reporting?

A. To help allocate limited resources.

B. To influence the market price of shares traded in the stock exchange.

C. To reduce the risk of making economic decisions.

D. To report on the stewardship of enterprise resources.

10) Financial statements are a structured representation of the financial position and financial performance of

an entity. The objective of general purpose financial statements is to provide information about an entitys

(choose the incorrect statement)

A. Financial position

B. Cash flows

C. Valuation

D. Financial performance

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