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WorksheetsFINANCIAL STATEMENTS
Total questions: 10
Worksheet time: 5mins
The typical set of financial statements of company consist of:
SOPL and SOFP
SOCIE
SOCF
Notes to the financial statements
All the above
Qualitative characteristics of useful financial information consist all the following except:
relevance
comparability
accrual basis
verifiability
Depreciation on motor vehicles should be classified under administration expenses
True
False
Salesmen's commission should be treated under:
other income
distribution cost
administrative expenses
finance costs
Interim dividend is dividend declared and paid in the middle of the financial year.
True
False
If the tax paid is greater than the tax expense, the amount of tax which has overpaid is known as:
Tax recoverable
Tax payable
Tax recoverable should be treated in the SOFP under
non-current assets
current assets
non-current liabilities
current liabilities
In the SOCIE, the company should disclosed all the following components except:
share capital
retained profits
general reserve
other income
Dividend payable to redeemable preference shareholders will not be classified as part of finance cost in the SOPL.
True
False
Final dividend payable will be disclosed in the SOFP under current liabilities.
True
False
