Reference no: EM132950002
Problem 1: An entity must disclose comparative information for
a. The previous comparable period for all amounts reported
b. The previous two comparable periods for all amounts reported
c. The previous comparable period for all the amounts reported and for all the narrative and descriptive information
d. The previous comparable period for all the amounts reported and for all the narrative and descriptive information when it is relevant to an understanding of the financial statements of the current period
Problem 2: When the classification of the items in the financial statements is changed, the entity _____
a. Must not reclassify the comparative amounts
b. Can choose whether to reclassify the comparative amounts
c. Must reclassify the comparative amounts unless it is impracticable to do so
d. Must reclassify the current year amounts only
Problem 3: On December 2020, kooky company issued its statement f financial position. The following shall be classified as non-current, except for
a. Notes obtained with refinancing clause at the option of the borrower, due on April 2021
b. Investment on kooky company, wherein the kooky has 60% controlling interest
c. Service vehicle acquired 5 years ago shall fully depreciate on march 2021
d. Prepaid expense to be fully utilized withing the next 10 months
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