FA – Nov 2021 – L1 – SA – Q10 – Financial Statement

This question tests the knowledge of the components of financial statements as per IAS 1.

Question

In accordance with IAS 1-Presentation of Financial Statements, which of the following is NOT a component of financial statements?
A. Statement of financial position
B. Statement of profit or loss and other comprehensive income
C. Statement of changes in equity
D. Statement of affairs
E. Statement of cashflows

Answer

Explanation:
The statement of affairs is not a standard component of financial statements under IAS 1. It is used in insolvency accounting but not in general financial statements.

Tags: Financial Statements, IAS 1, Multiple Choice
Level: Level 1

Topic: Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)
Series: NOV 2021

Uploader: Theophilus