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If an entity paid ₦1,750,000 to its employees, how is the amount classified in the statement of cashflows?
A. Cash inflows from operating activities
B. Cash inflows from investing activities
C. Cash outflows from financing activities
D. Cash outflows from operating activities
E. Cash outflows from investing activities
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The accounting principle that requires financial statements information to be supported by evidence other than someone’s opinion or imagination is known as:
A. Consistency
B. Prudence
C. Accrual
D. Aggregation
E. Objectivity
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The IASB Conceptual Framework for Financial Reporting provides a conceptual underpinning of IFRS. The objective of general-purpose financial reporting forms the foundation of the conceptual framework.
Required:
a. Explain the objective of general purpose financial statements and the nature of the information in the statements. (6 Marks)
b. Define the following concepts and explain the significance of each on financial reporting.
i. Materiality (5 Marks)
ii. Consistency (5 Marks)
iii. Offsetting (4 Marks)
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Relevant financial information, according to the Conceptual Framework is
A. Capable of making a difference in the decisions made by users
B. Incapable of making a difference in the decisions made by users
C. Capable of making a difference in the performance of the company
D. Incapable of making a difference in the performance of the company
E. Capable of multiple interpretations
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
If an entity paid ₦1,750,000 to its employees, how is the amount classified in the statement of cashflows?
A. Cash inflows from operating activities
B. Cash inflows from investing activities
C. Cash outflows from financing activities
D. Cash outflows from operating activities
E. Cash outflows from investing activities
Find Related Questions by Tags, levels, etc.
The accounting principle that requires financial statements information to be supported by evidence other than someone’s opinion or imagination is known as:
A. Consistency
B. Prudence
C. Accrual
D. Aggregation
E. Objectivity
Find Related Questions by Tags, levels, etc.
The IASB Conceptual Framework for Financial Reporting provides a conceptual underpinning of IFRS. The objective of general-purpose financial reporting forms the foundation of the conceptual framework.
Required:
a. Explain the objective of general purpose financial statements and the nature of the information in the statements. (6 Marks)
b. Define the following concepts and explain the significance of each on financial reporting.
i. Materiality (5 Marks)
ii. Consistency (5 Marks)
iii. Offsetting (4 Marks)
Find Related Questions by Tags, levels, etc.
Relevant financial information, according to the Conceptual Framework is
A. Capable of making a difference in the decisions made by users
B. Incapable of making a difference in the decisions made by users
C. Capable of making a difference in the performance of the company
D. Incapable of making a difference in the performance of the company
E. Capable of multiple interpretations
Find Related Questions by Tags, levels, etc.
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