Presentation & Preparation of FS

Turnover is another term for revenue.

• True

• False

Gross profit equals to sales revenue minus cost of sales

• True

• False

The title for the Statement of Profit or Loss might include the line "...as at 31 December 20X1."

• True

• False

The Statement of Changes in Equity describes the changes in paid up capital and reserves during the period

• True

• False

Long-term investments appear in the non-current asset section of the Statement of Financial Position

• True

• False

Dividend on redeemable preference shares is treated as administration cost

• True

• False

Interim dividend is dividend declared and paid to the shareholders at the end of the financial year

• True

• False

The statement of changes in equity is prepared before the statement of financial position

• True

• False

Fill in the blanks with the most suitable qualitative characteristics based on the given description of qualitative characteristics:

Information is available to users early enough to allow them to use it in their decision process

Fill in the blanks with the most suitable qualitative characteristics based on the given description of qualitative characteristics:

The information has been classifying, characterizing and presenting clearly and concisely within the context of decision to be made by users