Which of the following statements is/are true? 1.A supplier of goods on credit is interested only in the statement of financial position, ie an indication of the current state of affairs. 2.The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to wide range of uses in making economic decisions.
A: 1 only
B: 2 only
C: Both 1 and 2
D: Neither 1 or 2
A: 1 only
B: 2 only
C: Both 1 and 2
D: Neither 1 or 2
举一反三
- The shareholder does not need a statement of financial position as only interested in future performance, while a supplier of goods on credit needs a statement of financial position, as they are only interested in the current state of affairs.
- Which of the following statements about financial statements and reporting standards is least accurate（） A: Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions. B: The objective of financial statements is to provide economic decision makers with useful information. C: Reporting standards ensure that the information in financial statements is useful to a wide range of users.
- Which of the following statements regarding the limitations of cost and management accounting information is/are true? A: 1 only B: 2 only C: 1 and 2 D: Neither
- Which of the following statements about financial statements and reporting standards is least accurate（） A: Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions. B: The objective of financial statements is to provide economic decision makers with useful information. C: Financial statements could potentially take any form if reporting standards didn’t exist.
- 中国大学MOOC: Recognition is the process of including within the financial statements items which meet the definition of an element according to the lASBsConceptual Framework for Financial Reporting.Which of the following items should be recognised as an asset in the statement of financial position of a company?