WorksheetsChapter 3 CFAS activity
Total questions: 10
Worksheet time: 3mins
An additional statement of Financial position is required when there is an error in the prior period that was discovered which warrants a retrospective restatement.
TRUE
FALSE
IAS 1 is the basis for presentation of projected financial statements
TRUE
FALSE
Banks are allowed to choose either Full PFRS or PFRS for SMEs in the preparation of their financial statements.
TRUE
FALSE
For the preparation of the Financial Statements, micro-entities are permitted to chose either PFRS for SEs or income tax basis.
TRUE
FALSE
SRC Rule 68 lays out the guidance for the preparation of Financial Statements in the Philippines
TRUE
FALSE
•Entities may increase their levels of accountability and transparency in response to the demands of stakeholders through the requirement of issuance of Sustainability Reports.
TRUE
FALSE
The quality of product and services offered as well as the value of the entity, are shown explicitly on the audited financial statements
TRUE
FALSE
The presentation currency should not be shown in the published financial statements since it is always presumed that the currency used in financial statements is the currency on which the entity is located.
TRUE
FALSE
IAS 1 states that an entity shall present a complete set of financial statements at least quarterly to exhibit an enhancing qualitative characteristic of timeliness
TRUE
FALSE
Offsetting is allowed only when a particular IFRS/PFRS permits such.
TRUE
FALSE
